Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

January 19, 2011 12:52 ET

Nuinsco Begins Third Field Program on Gold Concessions in Eastern Desert New Gold

5 Km Strike Length of Bukari North Gold Zone Confirmed by Ground Exploration

TORONTO, ONTARIO--(Marketwire - Jan. 19, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today announced that a third program of field exploration has begun on the Company's Bukari and Umm Samra gold concessions in the Eastern Desert of Egypt.

The purpose of the third program of field work is to expand the base of knowledge on the concession areas (see map attached: http://media3.marketwire.com/docs/NWImap0119.jpg). The new gold vein system identified by Nuinsco and announced in December (see news release dated December 13, 2010) is located at the northern extremity of the Bukari 1 occurrence, has now been named Bukari North and its five kilometre strike length has been confirmed by Nuinsco's geological team.

"Our first order of business in this third field program is to confirm the existence and strike length of the Bukari North gold zone that we had recently identified using satellite imagery," said Paul Jones, President. "The Bukari North gold zone has now been traced by mapping and sampling for five kilometres along strike and comprises a system of quartz veins in narrow ductile shears cutting the same Precambrian age, medium grained granodiorite host rocks as Bukari 1."

In addition, the Bukari 1 gold occurrence has been revisited and work is now underway at Talat Gadalla, a previously identified and named gold showing on the Bukari Concession Area. A number of other of the 13 named, but essentially unexplored, gold occurrences on the Bukari Concession Area will be visited for initial evaluation. Several of these occurrences are sites of past gold production in Phaoronic, Roman and possibly Byzantine times.

The principle Bukari North vein system strikes 210° dips sub-vertically and occurs within a zone up to 100 metres thick. In places a second vein set strikes 165° and also dips sub-vertically. Individual veins consist of quartz ± calcite ± barite ± limonite within an often strongly weathered, soft, friable and bleached granodiorite host rock. In places, the veins and host granodiorite exhibit malachite and azurite mineralization. In several areas, trenches, deep pits and adits extending tens of metres underground have been discovered dating from Phaoronic and/or Roman mining periods. Approximately 70 samples have been taken from the Bukari North vein system to date, the results of which when available, will be used to guide future, systematic exploration.

Bukari (1,480 Km2) and Umm Samra (790 Km2) are located about 50 kilometres northwest of Centamin Egypt Limited's flagship multi-million ounce Sukari Gold Mine which is being expanded to increase production to about 500,000 oz per year over the next three years. The concessions are easily accessible by paved highway.

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.

For the benefit of shareholders, the Company has posted a review of its 2010 developments and plans for 2011 on its website at http://nuinsco.ca/pdf/CWB%281%29%20letter%20to%20shareholders%202010-2011%20final.pdf The Company was also featured on "Market Call Tonight" on BNN on January 7, 2011 http://watch.bnn.ca/#clip398463

About Nuinsco Resources Limited

Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on gold, uranium, rare metals, copper and zinc exploration in world-class mineralized belts in Canada, Turkey and Egypt. In addition to its property holdings, Nuinsco owns common shares in 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 nadine@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.

Contact Information

  • Nuinsco Resources Limited
    Rene Galipeau
    416.626.0470
    or
    Nuinsco Resources Limited
    Sean Stokes
    416.626.0470
    416.626.0890 (FAX)
    admin@nuinsco.ca
    www.nuinsco.ca
    or
    CHF Investor Relations
    Cathy Hume
    416.868.1079
    416.868.6198 (FAX)
    cathy@chfir.com