Nebu Resources Inc.
TSX VENTURE : NBU

Nebu Resources Inc.

February 22, 2011 12:36 ET

Nebu Acquires Rights to Extensive Property Position in Trelawney and Augen Gold District

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2011) - Nebu Resources Inc. (TSX VENTURE:NBU) -

MALLARD PROPERTY

Nebu Resources Inc. ("Nebu" or the "Company") (TSX VENTURE:NBU) is pleased to announce the acquisition of the right to earn a 100% interest in an extensive, highly prospective land position (the "Mallard Property") adjacent to the north of the Augen Gold Corp.'s Jerome Property, and northwest of Trelawney Mining and Exploration Inc.'s Cote Lake Property.

Highlights:



-- The Mallard Property covers 11,600 acres (290 mineral claim units) in
Mallard Township
-- Covers the location of historic gold occurrences and the extensions of
historic gold occurrences
-- Diamond drilling on or very near the Mallard Property (exact locations
for some holes uncertain at this time) returned gold values of up to
0.20 ounces gold per ton over 7.1 feet (6.9 g/t over 2.2 meters) and
0.054 ounces gold per ton over 20.5 7 feet (1.9 g/t over 6.25 meters)
(Noranda - Beryl Resources)
-- One hole drilled to test a parallel gold zone approximately 366 meters
to the northeast on the Mallard Property assayed 0.155 ounces gold per
ton over a 12.6 foot core length (5.3 g/t over 3.84 meters)
-- Just east of the Mallard Property, historic drilling in 1959 intersected
gold mineralization that assayed 0.20 ounces per ton gold over a core
length of 13.5 feet (6.9 g/t over 4.11 meters)
-- Other parallel, northwest striking shears, quartz veins and gold
occurrences have been reported on and near the Mallard Property, none of
which have been properly evaluated
-- The Mallard Property covers 9 kilometers of the large shear zone and
geological terrain intruded by felsic intrusions
-- Extension of the shear zone between the two gold occurrence areas is
largely covered by overburden and has never been drill tested over the
4000 meter interval
-- Extensive areas of strong shearing, strong carbonate alteration and
quartz veining reported on and near the Mallard Property in limited
historic data
-- Most areas of gold mineralization on and near the Mallard Property
remain mostly untested
-- Historic ground geophysical surveys indicate the presence of
chargeability anomalies in the area of the historic gold occurrences
indicating the likely presence of significant accumulations of sulphide
mineralization in proximity of the gold occurrences
-- Several areas of known felsic intrusions similar to the main host to
gold mineralization on the Trelawney and Augen Gold properties to the
southeast
-- Comprehensive exploration program to commence immediately


Click on link to view map: http://neburesources.com/pdfs/NebuCompilationMap.pdf.

Terms of the acquisition

Nebu has the option to earn 100% interest in the entire 290 claims unit property by making a series of payments totaling $352,000 and issuing a total of 1,100,000 common shares of the Company to the group of five vendors, one of whom is a Non Arm's Length Party to the Company by virtue of being a director of Nebu. In addition, $200,000 of exploration expenditures must be completed by the second anniversary.

Bruce Durham, P. Geo. is a Qualified Person within the terms defined by National Instrument 43-101 and is the non-independent Qualified Person responsible for the information contained in this press release. Mr. Durham is experienced in all aspects of the work completed and has visited the project site. All technical data contained in this release is of a historical nature and as such should not be unduly relied upon.

OTHER MATTERS

Further, the Company announces that it is issuing a total of 2,000,000 options to officers, directors and consultants of the Company. The options entitle the optionees to acquire the common shares of Nebu at the price of $0.15 for a period of up to five years.

ABOUT NEBU RESOURCES INC.

Nebu Resources Inc. is a junior exploration company focused on gold exploration in Ontario, Canada, in four specific and distinct areas: Trelawney area, Timmins, Quest Lake in the Thunder Bay mining district and Burntbush, Ontario, exploring the Ontario extension of the Casa Berardi Deformation Zone. Nebu's shares are listed for trading on the TSX Venture Exchange under the symbol NBU. Nebu currently has 60,123,976 common shares issued and outstanding.

Visit our website at www.neburesources.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nebu Resources Inc.
    R. Brian Murray
    President & CEO
    (416) 985-7810
    or
    Nebu Resources Inc.
    John V. Hickey
    CFO
    (416) 637-2139
    or
    Nebu Resources Inc.
    Clark Kent
    Current Market Communications
    (647) 519-2646
    www.neburesources.com