Nirek Resources Inc.

November 17, 2008 02:00 ET

Nirek's Progress Report: An Update

ONTARIO, CANADA--(Marketwire - Nov. 17, 2008) - Nirek Resources Inc. ("Nirek") (FRANKFURT:3N6)(Gold Warrant:CA6546411175) is pleased to provide an update on the company's ongoing corporate activities.


The Company engaged the services of Dr. Derek McBride (P.Eng. and Ph.D.) to evaluate the Eby-Otto property in the Kirkland Lake area. Dr. McBride, made a field trip to the property during the week of October 27. Nirek extended the terms of engagement to also evaluate its Kirana Mines claims near Kirkland Lake. Grab samples from both properties were left at Swastika Laboratories for assaying. Technical reports on both properties should be ready by December.

Flow-through Funds

Nirek is pleased to report that its recent Subscription Offer for "Super" Flow-through Shares for Canadian investors is meeting with continued acceptance. Under Canada's Mineral Exploration Tax Credit program, investors receive a tax credit of 100% deduction write-off for exploration expenses as well as an additional 15% federal tax credit for grassroots exploration. Nirek's current optioned properties are eligible.

Take-over Bids

Nirek's offer to acquire at least 20% of Ofek Capital Corp. on the basis of one (1) Nirek share for five (5) Ofek shares has been extended to December 1, 2008. With its share value holding up relatively well under difficult market conditions and with cash on hand, Nirek believes there are many public mining companies that have become significantly undervalued. Consequently Nirek is assessing three companies which have properties of merit and where it believes it can tender a compelling takeover bid.


Strategically, Nirek's Board's focus is to acquire properties that have geological assessments or 43-101 compliant technical reports indicating a minimum proven and probable resource of at least 200,000 ounces of gold. At present, Nirek is engaged in completing economic assessments before finalizing joint venture agreements on two such near term international producers of gold. Nirek is also involved in progressive discussions with the owners of property in the USA which has gold resource base significantly higher than its minimum criteria. An announcement of details, assuming negotiations and a property inspection are positive, should not be expected until late December 2008. In the meantime, Nirek will continue its grassroots exploration on its four Canadian properties.

Vice President of Corporate Development Named

Dave Coutts, a director of Nirek, has assumed this position. Mr. Coutts, a University of Western Ontario graduate with a Masters degree, has been involved in a variety of business startups over his 40 year career. Most recently, he has worked in the financial services sector in the area of public company securities and fundraising. He will primarily be responsible for exploration programs and takeovers.

While Nirek continues to keep its operational expenses at a minimum well it is increasing its budgets for consultants and contractors in order to advance its projects.

About Nirek Resources Inc.

Nirek Resources Inc. ("Nirek") is a Canadian exploration company specializing on exploring for precious metals. The company is focused on acquiring gold and precious metal properties with proven reserves through property acquisitions and joint venture.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings.

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