Carlaw Capital Corp.

Nyah Resources Inc.

Nyah Resources Inc.

December 07, 2007 14:43 ET

Nyah Resources and Carlaw Announces Completion of Phase I Exploration Program and NI 43-101 Report, and Initiation of Phase II Exploration Program on the Company's Agnew Lake Uranium Project, Ont

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2007) - Nyah Resources Inc. ("Nyah" or "the Company") and Carlaw Capital Corp. ("Carlaw")(TSX VENTURE:CLW.P), a CPC listed on the TSX Venture Exchange (the "TSXV") under the symbol "CLW.P", are pleased to announce the completion of the Phase I exploration program at, and the completion of the NI 43-101 Updated Review of, the Agnew Lake Uranium Property (the "Property"). Nyah has initiated the second phase of its exploration program ("Phase II").


As part of the Phase I exploration program, Nyah completed seven drill holes on the Property to confirm historically identified uranium values and associated rare earth mineralization and has completed a NI 43-101 technical report on the Property which includes Nyah's Phase I drilling.

1432 metres of diamond drilling were completed encompassing seven holes. The first six holes targeted the 3 zone, with the last hole targeting the 5 zone. Mineralization intersected in this program was consistent with historic resource and production grades and with styles of mineralization which have been identified by past workers on the property.

Intersections ranged in width from 1 to 7 m. The best intersection was 5.354 lbs/ton U3O8 over 1 metre returned from NA07-03, which the company believes represents the 3 Zone as mined by the previous operators, Kerr Addison and Noranda.

As well, a 7 m intersection in hole NA07-07 from 221 to 228 m grading 0.892 lbs/ton U3O8 (which included 1 m of 1.403 lbs/ton U3O8) is believed to represent a new zone which was not exploited by the previous operators.

Peter Karelse P.Geo., Nyah's consultant and Qualified Person under NI 43-101, said "We are very encouraged by the results of Phase I and by the opportunity to better understand this significant uranium resource. Our ongoing Phase II drill and data compilation program is building on the results from Phase I. Together with our current understanding of the deposit, the Phase II program will lay the groundwork for a future resource evaluation program."


Nyah uses a QA/QC program on all aspects of its exploration. All samples were sent to ALS Chemex in Sudbury for processing. Samples were received, weighed, logged in and placed in a high-temperature drying oven crushed to 70% passing through a sieve at -2mm or better, and a 250 g sample pulverized to 85% less than 75 microns.

A 10 g portion of the pulp was shipped to the ALS Chemex analytical laboratory in North Vancouver, B.C., where a 0.25 g homogenized and blended sub-sample was subjected to digestion in a four-acid combination referred to as "near-total". The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma-atomic emission spectrometry ("ICP-OES"). Following this analysis, the results are reviewed for high concentrations of bismuth, mercury, molybdenum, silver and tungsten and diluted accordingly. Samples meeting this criterion are then analyzed by inductively coupled plasma-mass spectrometry ("ICP-MS"). Results are corrected for spectral inter-element interferences. The 48-element package includes thorium, uranium and yttrium. The detection range for uranium is between 0.1 and 10,000 ppm.

Nyah inserted a blank or one of two standards approximately every twentieth sample, The two certified standards were obtained from Canmet Mining and Mineral Sciences Laboratories, and are higher and lower grade uranium bearing material. These were placed into the sample stream at random approximately every twentieth sample.

Summary of Significant Drill Results, Phase I Program.

To view a table of the Summary of Results, 2007 Nyah Drilling, please visit the following link:

A NI 43-101 technical report on the property entitled "Technical Report on the Agnew Lake Uranium Property Hyman and Porter Townships, Sudbury Mining Division, Ontario" was completed by Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers dated October 26, 2007. The report includes Nyah's Phase I drilling as well as analysis of a work program carried out in 2005 by Ursa Major Minerals, including a three-hole 474 m drill program.

The report concludes that, although a qualified person has not done sufficient work to classify the historic resource estimate in accordance with NI 43-101 standards, it is believed that the Agnew Lake Mine likely contains a significant uranium resource, based on the historical estimates, including a proven and probable reserve estimate made at the end of 1983 at the end of mine operations of 5,803,000 tons (5,266,000 t) at a grade of 1.04 lb U3O8/ton. This historical estimate should not be relied upon or considered to be a current reserve estimate under NI 43-101. Further, the historically categorized proven and probable reserves are considered to be historical resources because the supporting economic analysis is considered to be outdated.

The 43-101 report also concluded that Nyah's proposed Phase II program was reasonable.


The purpose of the Phase II Program is to further delineate the mineralized zones 3 and 5 which were the most productive areas at the time of mine operation. Additionally the program will confirm the historic results specifically in terms of increasing grade at depth as noted in some of the historic reports and maps. This work will also lay the ground work for any upcoming development program if justified. The information available suggests that currently the Agnew Lake property, including the area which was mined in the past, is under-explored.
The program, budgeted at approximately C$900,000.00, is planned to consist of approximately 4,400 m of diamond drilling. Drilling commenced on November 4, 2007 and is expected to be completed early in the new year with assays to be received and compiled within the first quarter of the new year.


On July 11, 2007, the Company and Carlaw announced that they had entered into a letter of intent pursuant to which Carlaw would complete a business combination to acquire Nyah. On September 4, 2007, Carlaw and the Company issued another release outlining further particulars regarding the proposed transaction. Under the terms of the letter of intent, it is anticipated that Carlaw, Nyah and a newly-incorporated subsidiary of Carlaw ("Carlaw Sub") will enter into an amalgamation agreement (the "Amalgamation Agreement"), pursuant to which Carlaw Sub and Nyah will amalgamate which will result in Carlaw owning all of the issued and outstanding securities of the amalgamated entity. Pursuant to the amalgamation, holders of the issued and outstanding common shares of Nyah (each, a "Nyah Common Share") shall receive one common share in the capital of Carlaw (a "Carlaw Common Share") for each Nyah Common Share. As of the date hereof, there are 39,249,563 Nyah Common Shares issued and outstanding and 11,515,000 Carlaw Common Shares issued and outstanding.

Pursuant to the terms of the amalgamation, outstanding Nyah warrants and options will entitle the holders thereof to acquire Carlaw Common Shares on a one-for-one basis at the current exercise price.

In addition, pursuant to the amalgamation, Carlaw proposes to grant an additional 478,750 Carlaw Options to the proposed new directors and officers of the resulting issuer (the "Resulting Issuer").

An aggregate of 51,243,313 Carlaw Common Shares will be outstanding after the completion of the Proposed Transaction, of which 11,515,000 Carlaw Common Shares (22.5%) will be held by Carlaw shareholders. Following the completion of the Proposed Transaction and assuming that all of the outstanding options and warrants have been exercised, 70,021,126 common shares of the Resulting Issuer will be issued and outstanding on a fully diluted basis.

Following completion of the Transaction, it is anticipated that Carlaw will become a Tier I Issuer listed on the TSX Venture Exchange and change its name to Nyah Resources Inc.


Nyah holds a 100% interest in the Agnew Lake Uranium Property (the "Property"), consisting of seven unpatented mining claims (1,575 ha equals 3,892 acres) located in Hyman and Porter Townships, approximately 40 kilometers west of Sudbury, Ontario. The Property encompasses the past producing Agnew Lake Uranium Mine. The Agnew Lake Uranium Mine was operated by Kerr Addison Mines Ltd between 1977 and early 1983 and produced approximately 1.9 million lbs of uranium from a combination of surface and in-situ leach during this time period. The Property has substantial underground infrastructure in place including a six compartment shaft to a depth of over 980 metres with development on several levels. A decline from surface to the 1,900 foot level was also developed. During the period of operation 5 mineralized zones had been identified of which only zones 3 and 5 were developed.

At Agnew Lake, the uranium-rare earth mineralization is contained within a pyritic quartz-pebble conglomerate that unconformably overlies granitic rocks and shares depositional characteristics to the mineralization in the Elliot Lake area to the west of the Property.

In addition to the past producing uranium mine, the Property covers approximately six kilometers of favourable geology possibly containing uranium-mineralized horizons.

Nyah is a private company incorporated under the laws of the Province of Ontario. There is no individual who directly or indirectly beneficially holds a controlling interest in or who otherwise controls or directs Nyah based on their shareholdings. The head office and registered office of Nyah are located at 65 Queen Street West, 8th Floor, Toronto, Ontario, M5H 2M5.


Nyah shareholders are reminded of a special meeting to be held on Monday December 10, 2007 at 10:00 am (Toronto time) at 65 Queen Street West, 8th Floor, Toronto, Ontario to consider and approve the proposed amalgamation which will result in securities of Nyah being exchanged for securities of Carlaw.


Peter Karelse, P.Geo, who is independent of Nyah, is a Qualified Person under NI 43-101 and has reviewed the technical and scientific information in this press release.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Neither Carlaw nor Nyah assumes any obligations to update the forward-looking statements unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings by Carlaw with the Canadian securities regulators, which filings are available at


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