Nebu Resources Inc.
TSX VENTURE : NBU

Nebu Resources Inc.

May 16, 2011 09:30 ET

Nebu Provides Exploration Update and Will Attend the Timmins Big Event

TORONTO, ONTARIO--(Marketwire - May 16, 2011) - Nebu Resources Inc. ("Nebu") (the "Company") (TSX VENTURE:NBU) is pleased to update its current exploration activities and outline the Company's plans for the summer and fall of 2011.

The Company is presently completing the 9th and final hole of its initial drill program (see April 27, 2011 Press Release) on the highly prospective Mallard Property in Mallard Township, adjacent to the north of the Augen Gold Corp. ("Augen") Jerome Property and northwest of the Trelawney Mining and Exploration ("Trelawney") Cote Lake Property.

The total number of meters drilled for this initial program is approximately 1500 meters. Core is currently being logged and split and will be sent for assay.

The Company will be attending The Big Event in Timmins, Ontario on May 18th -19th (Booth: Arena 1, Front 5) and will be available to discuss the current drill program and the future programs planned for the Mallard Project and other properties.

Mallard Property

The Mallard Property covers 11,600 acres (290 mineral claim units) in Mallard Tp. in Ontario Canada. Most areas of gold mineralization on and near the property remain mostly untested, in part because gold mineralization in the area was first discovered in the 1930's when access was very difficult.

The property covers 9 kilometers of the large shear zone and geological terrain intruded by felsic intrusions. A number of northwest striking shears, quartz veins and gold occurrences have been reported on and near the property, none of which have been properly evaluated.

To view a map of the Mallard Property, click or cut and paste the following: http://neburesources.com/pdfs/NebuCompilationMap.pdf

The Company has the right to earn a 100% in the Mallard Property (the "Property), under the terms of an Option and Assignment Agreement (see Press Release dated February 22, 2011).

Summer 2011 Work Programs

In addition, during the summer and fall of 2011, the Company plans to commence a diamond drill program on its Hislop Bowman Property and begin a comprehensive ground program on its Burntbush Property in north-east Ontario.

Bowman/Hislop Property - Significant targets have been identified in the area to the west of the nearby historic Canadian Arrow Mine property recently optioned by Murgor Resources. Murgor's first drill hole at that historic gold producing property assayed 2.64 g/t gold over a core length of 59 metres.

Burtbush Property - The property consists of 53 mining claims containing 796 units covering a nominal 12,736 hectares in Bradette, Hurtubise, Kenning, Noseworthy and Singer townships, Ontario, a continuation of the Casa Berardi Deformation Zone. The Property is located approximately 30 km southwest of the Casa Berardi gold mine.

About Nebu Resources

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.V. Nebu currently has 60,123,976 common shares issued and outstanding.

Mr. Bruce Durham P.Geo, a Qualified Person, is the Company's Qualified Person (QP) and is the non-independent Qualified Person responsible for the information contained in this press release. The Qualified Person is experienced in all aspects of the work completed, 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.

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

    Nebu Resources Inc.
    John V. Hickey
    CFO
    (416) 637-2139

    Nebu Resources Inc.
    Clark Kent
    Current Market Communications
    (647) 519-2646
    www.neburesources.com