Nuinsco Resources Limited

Nuinsco Resources Limited

December 19, 2008 17:00 ET

Nuinsco Announces Changes to Board of Directors

TORONTO, ONTARIO--(Marketwire - Dec. 19, 2008) - Nuinsco Resources Limited ("Nuinsco" or "the Company")(TSX:NWI)( today announced that Mr. Frank Crothers and Mr. Peter N. Thomson have regretfully resigned from Nuinsco's Board of Directors.

Mr. Crothers' resignation was precipitated by the pronouncement by proxy advisory service ISS RiskMetrics Group that no individual should sit on the board of more than six public companies. Mr. Crothers will remain on the board of Victory Nickel Inc. ("Victory Nickel"). At age 82, Mr. Thomson has resigned for personal reasons. Both Mr. Crothers and Mr. Thomson remain major shareholders of Nuinsco and Victory Nickel.

"Frank Crothers and Peter Thomson have been directors of Nuinsco since 1994 and associated with predecessor companies prior to joining the board. On behalf of Nuinsco I would like to express my sincere gratitude to Frank and Peter for their support, assistance and wise counsel over the years," said Nuinsco's Chairman Warren Holmes. "Their input is sure to be missed, however we are pleased that both will continue to be associated with Nuinsco as major shareholders and that Frank will continue his involvement at the board level with Victory Nickel."

About Nuinsco Resources

Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada and Turkey. In addition to its property holdings, Nuinsco owns approximately 15% of the outstanding common shares of Victory Nickel Inc. (TSX:NI), approximately 13% of the outstanding common shares of precious and base metals producer Gold Hawk Resources Inc. (TSX VENTURE:CGK) and a 50% interest in future cash flows from the Corner Bay copper project owned by Campbell Resources Ltd. (TSX:CCH). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

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FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historical fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government authorities, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Contact Information

  • Nuinsco Resources Limited
    Rene Galipeau
    (416) 626-0470
    Nuinsco Resources Limited
    Sean Stokes
    (416) 626-0470