Nebu Resources Inc.
TSX VENTURE : NBU

Nebu Resources Inc.

March 11, 2011 17:11 ET

Nebu Announces Mallard Property Amendment Agreement

TORONTO, ONTARIO--(Marketwire - March 11, 2011) - Nebu Resources Inc. ("Nebu" or the "Company") (TSX VENTURE:NBU) announced that it has entered into an amendment agreement (the "Amended Agreement") to vary the agreement (the "Option Agreement"), pursuant to which the Company has an option to acquire 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 (the "Acquisition") (see press release dated February 22, 2011 available on SEDAR at www.sedar.com for further details of the Mallard Property). Pursuant to the Amended Agreement the parties have agreed to vary the Option Agreement so that Bruce Durham ("Durham"), one of the five vendors under the Option Agreement and a Non Arm's Length Party to the Company by virtue of being a director of Nebu, is no longer a party to the Option Agreement. Any obligation owed to or by, and any requirement for any consent or permission to be given to or by, Durham under the Option Agreement shall be of no further effect.

Pursuant to the terms of the Option Agreement as amended by the Amended Agreement, Nebu has the option to earn 100% interest in the Mallard 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 original four vendors. In addition, $200,000 of exploration expenditures must be completed by the second anniversary of the Option Agreement.

The Acquisition remains subject to the approval of the TSX Venture Exchange.

ABOUT NEBU RESOURCES INC.

Nebu Resources Inc. is a junior exploration company focused on gold exploration in Ontario, Canada, in 4 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