Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

March 07, 2011 09:27 ET

More Impressive Results from Nuinsco's Bukari Gold Concession in Egypt

Gold Grades Up to 2.19 oz/t Obtained from Surface Sampling of Bukari One Gold Showing

TORONTO, ONTARIO--(Marketwire - March 7, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today released additional assays grading up to 2.19 oz/t (75.1 g/t) from surface sampling at its Bukari gold concession in the Eastern Desert of Egypt.

The 2.19 oz/t grab sample was recovered from the Bukari One occurrence, exceeding the highest grade sample, 1.24 oz/t (42.4 g/t), reported in the news release dated March 1, 2011. The Bukari One vein system has been traced for a minimum of 2.5 kilometres. In addition, samples grading up to 0.72 oz/t (24.6 g/t) were found at the Bukari North occurrence, which was discovered by Nuinsco geologists in November 2010. Bukari North has a minimum five kilometre strike length (see attached map).

"Clearly we are very pleased with the gold grades up to multiple ounces per ton we are discovering, and with having extended the known strike length of the Bukari One and Bukari North occurrences," said Paul Jones, President. "Also of significance is that the granodiorite host rocks to the high-grade quartz veins have also been shown to be gold bearing, with grades up to 1.79 g/t, as this could potentially indicate the existence of a bulk tonnage target."

The results reported below comprise all 176 samples taken from Bukari One and Bukari North to date, and include the eight samples reported in the news release dated March 1, 2011.

Bukari One Occurrence Rock Sampling Summary
                               
  Total Samples Au (g/t) Max Average g/t Au   Exceeding
0.3 g/t Au
  Exceeding
1.0 g/t
  Exceeding
3.0 g/t Au
  Exceeding
10 g/t Au
  Exceeding
20 ppm Au
  Exceeding
30 ppm Au
All Samples 103 75.10 2.45   55   31   16   4   2   2
All Quartz Vein Samples 66 75.10 3.35   39   27   15   4   2   2
Quartz Vein and Granodiorite 20 3.33 0.62   11   4   1            
Granodiorite 17 0.54 0.23   6                    
  103       56   31   16   4   2   2
                               
Bukari North Occurrence Rock Sampling Summary
  Total Samples Au (g/t) Max Average g/t Au   Exceeding
0.3 g/t Au
  Exceeding
1.0 g/t
  Exceeding
3.0 g/t Au
  Exceeding
10 g/t Au
  Exceeding
20 ppm Au
  Exceeding
30 ppm Au
All Samples 73 24.60 1.80   26   14   9   4   2    
All Quartz Vein Samples 36 24.60 2.22   13   8   6   2   1    
Shear Zones cutting granodiorite 12 11.35 1.62   6   3   2   1        
Granodiorite 11 1.79 0.39   4   1                
Quartz Vein and Granodiorite 4 0.38 0.17   1                    
Quartz Knots 6 0.02 0.01                        
Misc (including 1 tailings) 4 24.60 6.65   2   2   1   1   1    
  73       26   14   9   4   2    
                               

Bukari (1,480 Km2) and Umm Samra (790 Km2) are located about 50 kilometres northwest of Centamin Egypt Limited's flagship multi-million ounce Sukari Gold Mine which is being expanded to increase production to about 500,000 oz per year over the next three years. The concessions are easily accessible by paved highway. Nuinsco operates in Egypt through its subsidiary Z-Gold Resources Limited.

The samples were analyzed by ALS Chemex, at their laboratory in Rosia Montana, Romania, using their ME-MS61 method (four-acid dissolution, 48 element ICP-MS). Gold was assayed by the Au-AA25 method (fire assay-atomic absorption finish). All exploration work is supervised by Paul Jones, President, who acts as QP under National Instrument 43-101 and has reviewed and approved the contents of this news release. Grab samples are selective by nature and are unlikely to represent average grades on the property.

About Nuinsco Resources Limited

Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada, Turkey and Egypt. In addition to its property holdings, Nuinsco owns common shares in Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

Please visit the Company's website at www.nuinsco.ca. Should you wish to receive Company news via email, please email nadine@chfir.com and specify "Nuinsco Resources" in the subject line.

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 from government authorities in Egypt and elsewhere, 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.

To view the map included with this release, please visit the following link: http://media3.marketwire.com/docs/nwi307map.pdf

Contact Information

  • Nuinsco Resources Limited
    Paul Jones
    416.626.0470
    416.626.0890 (FAX)
    or
    Nuinsco Resources Limited
    Sean Stokes
    416.626.0470
    416.626.0890 (FAX)
    admin@nuinsco.ca
    or
    CHF Investor Relations
    Cathy Hume
    416.868.1079
    416.868.6198 (FAX)
    cathy@chfir.com