Nuinsco Resources Limited

Nuinsco Resources Limited

September 17, 2013 08:30 ET

Nuinsco Announces Management and Board Changes

Paul Jones to become CEO and Director, Sean Stokes Executive Vice-President

TORONTO, ONTARIO--(Marketwired - Sept. 17, 2013) - Nuinsco Resources Limited ("Nuinsco" or the "Company")(TSX:NWI) ( today announced that its Board of Directors has approved several changes to the board and senior management structure.

Effective September 30, 2013, René Galipeau will step down as the Company's Chief Executive Officer. Coincident with this, Paul Jones will be named CEO and Sean Stokes will become Executive Vice-President. These changes will allow Mr. Galipeau to focus on his roles as Vice-Chairman, Director and Chief Executive Officer of Victory Nickel Inc., in which Nuinsco has a significant financial interest, as Victory Nickel advances its entry into the frac sand business.

At the same time Bob Wardell will resign as Chairman of the Board, remaining a director of the Company, and be succeeded in that role by Mr. Galipeau as non-executive Chairman. The Board of Directors thanks Mr. Wardell for his contribution as Chairman of the Board and is pleased that he will remain a Director. Mr. Jones has also been appointed to the Board of Directors, effective immediately.

"René has been associated with Nuinsco for over 20 years and has been vital in driving the Company forward during some very challenging times, creating value from assets that were not being recognized by the market and putting in place a cohesive and talented management team since taking on the role of CEO in June 2006," said Chairman Bob Wardell. "René's day-to-day presence will be missed but his guidance will remain as Chairman of the Board. Paul has been involved in numerous mineral discoveries during the course of his career and his expertise, combined with the varied talents that Sean brings, will enable the Company to take advantage of the many domestic and international opportunities that exist in the metals and mining sector today. We welcome Paul as CEO and look forward to his leadership as Nuinsco moves into the next phase of its development."

Mr. Jones has been associated with the Company since 1983, and was appointed President in October 2007. He holds a B.Sc. (Honours Geology) degree from Carleton University and has completed graduate level courses in economic geology/metallic mineral deposits as well as studies in economic theory and operations research. He is registered professionally with the Association of Professional Engineers, Geologists, and Geophysicists of the Northwest Territories (NAPEGG) and the Association of Professional Geoscientists of Ontario (APGO) and is a member of the Prospectors and Developers Association of Canada and the Society of Economic Geologists.

Mr. Stokes joined Nuinsco in 2006, and has been Vice-President, Corporate Affairs & Corporate Secretary since June 2008. He has over 25 years of business development, finance and communications experience with a broad range of publicly traded and private companies primarily in the metals and mining sector. In his new role Mr. Stokes, well advanced in obtaining his MBA designation, will work closely with Mr. Jones in a number of areas including business development, strategic planning, corporate finance and corporate administration.

About Nuinsco Resources Limited

Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares in Coventry Resources Limited (TSX VENTURE:CYY) and Victory Nickel Inc.(TSX:NI),and a 50% interest in CBay Minerals Inc. (50% Nuinsco, 50% Ocean Partners Investments Limited), a private company that is a dominant player in Quebec's Chibougamau mining camp with assets including a permitted mill and tailings facility, eight past-producing copper/gold mines, three potential near-term copper producers and a 96,000 acre land position. 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 historic 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 tenure to properties and/or necessary permits and approvals, 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
    Sean Stokes or Rene Galipeau
    416.626.0890 (FAX)

    CHF Investor Relations
    Cathy Hume
    416.868.6198 (FAX)