Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

September 29, 2010 10:41 ET

Nuinsco Begins Field Exploration at Bukari Gold Concession in Egypt's Eastern Desert

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2010) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today announced that it has begun a field exploration program at the Bukari gold concession in the Eastern Desert of Egypt.

Nuinsco recently announced the signing of a concession agreement covering Bukari (see news release dated September 9, 2010) which, along with the Umm Samra gold concession, was granted during Egypt's 2009 International Bid Round administered by the Egyptian Mineral Resources Authority ("EMRA").

"We have established a solid presence and are comfortable doing business in the Middle East North Africa ("MENA") region," said René Galipeau, Vice-Chairman and CEO. "These Egyptian concessions, combined with our projects in Turkey, could be significant enough to consider building a new company focused on MENA countries to take advantage of other opportunities in this underexplored and highly prospective region and create meaningful value for our shareholders."

The program now underway at the Bukari gold concession includes identifying and excavating past gold producing sites, sampling and mapping in preparation for a systematic and comprehensive exploration and drilling program that will begin as soon as possible.

Both Bukari and Umm Samra are located in the Eastern Desert approximately 50 kilometres northwest of Centamin Egypt Limited's ("Centamin") flagship multi-million ounce Sukari Gold Mine (see map attached) which is projected to produce 160,000-170,000 ounces of gold in 2010 and is being expanded to increase production to about 500,000 oz per year over the next three years. Apart from work conducted by Centamin, very little exploration employing modern methods has been conducted and the region. Gold occurrences and deposits in the Eastern Desert have all of the hallmarks of highly productive gold producing domains of similar age in Central Asia, North and South America. Typically, such districts contain at least 1,000 tonnes of gold. Gold production from Eastern Desert gold occurrences during Pharaonic times is very difficult to accurately estimate, but production of several million ounces, and potentially significantly more, is considered possible.

Bukari encompasses 13 known gold occurrences dating to Pharaonic times. Historic exploitation consists of pits and trenches excavated to no more than several metres depth. Recent prospecting conducted through Nuinsco's 50%-owned Egyptian subsidiary Z-Gold Resources Limited produced a quartz vein grab sample from the Zeidoun occurrence on the Umm Samra concession that returned a value of 13.95 g/t gold, while several grab samples of quartz veins from the Bukari occurrence on the Bukari concession returned anomalous values up to 1.44 g/t gold. The average reserve grade at Centimin's Sukari Gold Mine is 1.15 g/t gold.

All exploration work is supervised by Paul Jones, President, who acts as QP under National Instrument 43- 101 and has reviewed and approved the contents of this news release.

About Nuinsco

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, Turkey and Egypt. In addition to its property holdings, Nuinsco owns common shares in Gold Hawk Resources Inc. (TSX VENTURE:GHK), Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

Please visit the Company's website at www.nuinsco.ca. Should you wish to receive Company news via email, please email robin@chfir.com and specify "Nuinsco Resources" in the subject line.

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 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.

To view the map included with this release, please visit the following link: http://media3.marketwire.com/docs/nwiMAP929.pdf

Contact Information

  • Nuinsco Resources Inc.
    Rene Galipeau or Sean Stokes
    416.626.0470
    416.626.0890 (FAX)
    admin@nuinsco.ca
    or
    CHF Investor Relations
    Robin Cook
    416.868.1079
    416.868.6198 (FAX)
    robin@chfir.com