Nuinsco Resources Limited

Nuinsco Resources Limited

October 17, 2014 15:26 ET

CBay Continues with Tailings Management Improvements in Chibougamau

Work Will Improve Existing Infrastructure and Make Ready for Future Use

TORONTO, ONTARIO--(Marketwired - Oct. 17, 2014) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) ( today announced that work has commenced at CBay Minerals Inc. ("CBay") tailings management area ("TMA") in Chibougamau, central Quebec, in order to upgrade the facilities for future use. CBay is 50%-owned by Nuinsco and 50%-owned by Ocean Partners Investments Limited and is a dominant player in Quebec's Chibougamau mining camp with assets including a mill/concentrator of up to 2800 tonne-per-day capacity and an associated tailings facility, eight past-producing copper/gold mines, three potential near-term copper producers and a 38,850 ha land position with excellent exploration potential. Approximately 75% of the total historic Chibougamau camp production of 1.7 billion pounds of copper and 3.2 million ounces of gold was mined from ground held by CBay.

CBay plans to complete the TMA works during the month of October, 2014. The work includes a dam raise program and construction of an operational and emergency spillway. This work will enhance CBay's ability to restart milling operations quickly should production resume from any of its properties.

As previously reported (see press release dated 16 October, 2014), diamond drilling is also underway on the CBay Devlin project. Devlin is an easily-accessible, partially-developed, high-grade copper deposit located about 40km by road from the Copper Rand mill and TMA. Any resources developed at Devlin would supplement the copper resource (reported to NI 43-101 standard) that already exists on the nearby, 100% CBay-owned, Corner Bay deposit. Both Devlin and Corner Bay have the potential to provide feed to CBay's Copper Rand mill in Chibougamau following a short period of additional development.

About Nuinsco Resources Limited

Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares and a participating interest in cash flow from Victory Nickel Inc. (TSX:NI), and a 50% interest in CBay Minerals Inc. (50% Nuinsco, 50% Ocean Partners Investments Limited), a private company that is a dominant player in Quebec's Chibougamau mining camp with assets including a permitted mill and tailings facility, eight past-producing copper/gold mines, three potential near-term copper producers and a 96,000 acre land position. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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