Nuinsco Resources Limited

Nuinsco Resources Limited

October 06, 2014 14:55 ET

Diamond Drilling to Begin Imminently at CBay's Devlin Property in Chibougamau

Program targets resource tonnes to add value in copper-gold mining camp

TORONTO, ONTARIO--(Marketwired - Oct. 6, 2014) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) ( today announced that diamond drilling is scheduled to begin imminently at the Devlin Property in Chibougamau, central Quebec. The drill program is designed with the objective of establishing a NI 43-101-compliant copper resource at Devlin.

The Devlin Property, held by CBay Minerals Inc. ("CBay") which is 50% owned by Nuinsco and 50% by Ocean Partners Investments Limited, is an easily-accessible, partially-developed, high-grade copper deposit that is well situated to provide copper ore to CBay's wholly-owned Copper Rand mill. Devlin is located about 10 kilometres west of CBay's 100%-owned, partially-developed Corner Bay copper deposit and about 40 kilometres by road from the Copper Rand mill and tailings management facility located near the town of Chibougamau.

An estimated 15 drill holes will be collared to evaluate the mineralized domain for volume, grade and continuity. A bulk sample was extracted at Devlin, however no NI 43-101 mineral resource currently exists. By focusing on increasing tonnes through drilling the Company feels this program has the potential to add value to all of CBay's assets in Chibougamau.

A 350-metre decline and over 600 metres of exploration drifts have been developed on the project by past operators. In 1982, a bulk sample of 16,330 tonnes grading 3.72% copper was processed at a mill in Chibougamau with recoveries reported in the mid-90% range. Using a 2.5% Cu cut-off Watts Griffiths and McOuat Limited ("WGM") estimated Devlin to contain proven and probable reserves of 146,000 tonnes at 3.38% copper, measured and indicated resources of 149,700 tonnes grading 3.95% copper and inferred resources of 90,700 tonnes grading 3.69% copper. (These are historic results reported by WGM in 1995. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources; the issuer is not treating the historical estimate as current mineral resources). The Devlin deposit, as defined to date, is within 100 metres of surface.

CBay is one of the largest landowners in Quebec's prolific Chibougamau mining camp. Approximately 75% of all copper and gold produced from the Chibougamau camp was mined from CBay's current land position. The additional claims (as reported in news release dated October 3, 2014) will enhance and protect the Devlin project which could be a near-term producing asset in the camp along with the Corner Bay and Perch River projects also owned by CBay.

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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