SOURCE: Nuinsco Resources Limited

July 11, 2006 11:08 ET

Nuinsco Announces Completion of Private Placement

TORONTO -- (MARKET WIRE) -- July 11, 2006 -- Nuinsco Resources Limited ("Nuinsco" or the "Company") (TSX: NWI) today announced the completion of its previously announced non-brokered private placement financing, raising gross proceeds of approximately $1.4 million. The Company issued an aggregate of 1,280,000 common shares and an aggregate of 2,470,000 "flow-through" shares for a price of $0.32 and $0.40, respectively, per share.

In connection with the financing, Nuinsco paid in aggregate approximately $40,180 to registered dealers who acted as finders for the financing.

Proceeds from the sale of "flow-through" shares will be used to fund exploration at the Company's Diabase Peninsula uranium property. Proceeds from the sale of common shares will be used for working capital and general corporate purposes.

About Nuinsco Resources

Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is prepared for production and focused on growth through uranium, nickel, copper, zinc and gold exploration and development in world-class mineralized belts in Canada and Turkey. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

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

  • For further information, please contact:
    Rene Galipeau
    Sean Stokes
    Nuinsco Resources Ltd.
    (416) 626-0470
    Email Contact

    Kelly Boatright
    The Windward Agency
    (866) 583-6300
    Email Contact