Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

December 13, 2010 12:11 ET

Nuinsco Expands Size of Bukari Gold Showing in Egypt's Eastern Desert

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2010) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI), (www.nuinsco.ca) today announced the completion of additional field work at the Bukari gold concession in Egypt's Eastern Desert. The most recent program indicates that the strike length of the Bukari 1 vein system is considerably longer than previously thought, and also identified a previously unknown vein system which is interpreted to have a potential strike length of up to 5 kilometres based on satellite imagery.

The Bukari 1 vein system, determined in Nuinsco's earlier program to be gold bearing (see news release dated September 29, 2010) and to have a strike length of one kilometre, has now been traced for over 2.5 kilometres along strike as a series of veins striking 170° and dipping sub-vertically that, combined, comprise a zone up to 500 m thick. The Bukari 1 vein system is just one of 13 known named gold occurrences and sites of past production (Pharaonic and Roman periods). The previously unknown vein system identified by Nuinsco in the most recent site visit occurs just north of the Bukari 1 occurrence as it is currently known, strikes 210°and dips sub-vertically.

"The work we have completed to date demonstrates that the Bukari occurrence has significant dimensions and is a high-quality exploration target with known gold endowment," said Paul Jones, President. "The Eastern Desert is one of the world's least explored and most geologically attractive gold domains. Our presence in Egypt gives Nuinsco a solid platform to add projects to our Bukari and Umm Samra concessions that could form the basis for a significant standalone exploration company focused on this region."

The field work undertaken in this most recent program supplements the results of initial field examinations conducted in October during which mechanical and hand excavation of several known gold occurrences was followed by prospecting and reconnaissance mapping. The work to date is designed to characterize the gold mineralization and assist in the preparation of a systematic and comprehensive exploration program of mapping, channel sampling, geophysical surveys and drilling once full tenure is granted.

The Bukari Showing comprises a network of gold-bearing quartz ± calcite ± barite ± limonite veins in a system of shear zones hosted in Precambrian age granodiorite rock. The veins and adjacent host rocks at the Bukari showing are oxidized. The granitoid host rocks adjacent to the veins are strongly weathered, soft, friable, bleached, and locally display evidence of sulphide mineralization. In several areas, deep pits and adits have been discovered dating from Pharaonic and/or Roman mining periods. In one instance visible gold was identified in a dump of vein rock adjacent to historical mine workings.

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.

Bukari (1,480 Km2)and Umm Samra (790 Km2)are located about 50 kilometres northwest of Centamin Egypt Limited's ("Centamin") flagship multi-million ounce Sukari Gold Mine 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. The concessions are easily accessible by paved highway. Nuinsco operates in Egypt through its subsidiary Z-Gold Resources Limited.

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 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 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 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
    Paul Jones or Sean Stokes
    416.626.0470
    416.626.0890 (FAX)
    admin@nuinsco.ca
    or
    CHF Investor Relations
    Cathy Hume
    416.868.1079
    416.868.6198 (FAX)
    cathy@chfir.com