Nebu Resources Inc.

Nebu Resources Inc.

November 24, 2009 12:11 ET

Nebu Quadruples Land Position at North Denton

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2009) - Nebu Resources Inc. (the "Company") (TSX VENTURE:NBU) is pleased to announce the acquisition of a strategic land position adjacent to the Denton North Property where the Company's exploration program is presently ongoing. The new property is contiguous to the north and west of the area being drill tested by Nebu and is adjacent to properties held by Lakeshore Gold Inc. (formerly West Timmins Mining Inc. property prior to the recent merger) and Melkior Resources Inc.

The Denton North Project borders the north part of the Lakeshore Gold Inc. land position approximately 35 km west of the main part of the prolific Timmins, Ontario gold camp.

The new property (to be known as the "North Denton Extension"), consists of 28 unpatented mining claim units covering an area of some 1120 acres underlain by a geological environment thought to be favorable for the discovery of gold mineralization in environments similar to those being evaluated by the Company and also by its neighbors, Lakeshore Gold Inc. and Melkior Resources Inc.

There is no record of any significant exploration work having been undertaken on the area of the new acquisition, and the Company plans to commence exploration activities on the property immediately.

Nebu has the right to earn up to a 100% interest in the claims to which this release pertains by making payments totaling $200,000 and issuing 680,000 shares to the vendors by the third anniversary of the agreement. The vendors will retain a net smelter royalty of 2%, 50% of which may be purchased by the Company for $1,000,000.

Recent drilling on the North Denton property reported in a release dated November 12, 2009, included assay values of up to 8.45 g/t gold over a 5.9 metre (19.3 foot) interval in a quartz sulphide vein zone in volcanic terrain.

In addition, the Company reported gold mineralization at the contact of, and within a felsic intrusive rock type, that assayed assayed up to 17.12 g/t gold over 1.1 metres, averaging 5.96 g/t gold over 4.0 metres. That felsic intrusive body and a part of the favorable contact continues on to the newly acquired property.

The Company continues to await additional assay results for drill hole DE-09-4 that contained sightings of visible gold (Press Release Nov 12/09) and expects to be in a position to release additional drill results by the end of the month.

Brian Murray, President and CEO commented, "This property addition fits with our goal to become a key player in the West Timmins Camp. We know that investors are looking for high quality junior companies who have the ability to provide them with exceptional gains. We will continue to use our expertise in the area to secure key ground and to effectively explore the properties for the benefit of our shareholders."

OTHER NEWS - In additional news, the Company is pleased to announced it has engaged Contact Financial, based in Vancouver, to develop and execute a comprehensive marketing and investor communications plan ("Fast Focus") to help raise awareness in conjunction with the existing communications strategy designed and run by Current Market Communications based in Toronto, over a 4-month renewable term, subject to TSX Venture Exchange approval.

Contact Financial is a Vancouver-based strategic marketing and communication firm that will increase Nebu's exposure to industry stakeholders and investors. Contact Financial will be responsible for providing advice to the company with respect to corporate development, producing and distributing effective marketing communication tools, and increasing investor awareness.

Under the renewable agreement, Contact Financial will receive a fee of $24,000 for an initial term of four months and $6,000 per month, on a month-to-month basis, following. Contact Financial will further receive 225,000 incentive stock options with an exercise price to be determined during the month of December 2009.

Bruce Durham, P. Eng., is the qualified person under the definitions established by National Instrument # 43-101 and is the person responsible for the technical content of this release.

Nebu Resources Inc. is a junior exploration company focused on gold exploration in Ontario, Canada, in 3 specific and distinct areas: West 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 47,041,063 common shares issued and outstanding.

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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 the contents of this release.

Contact Information

  • Nebu Resources Inc.
    R. Brian Murray
    (416) 985-7810
    Nebu Resources Inc.
    John V. Hickey
    (416) 903-6649
    Clark Kent
    (647) 519-2646
    Contact Financial
    Keir Reynolds
    (604) 689-7422