Nuinsco Resources Limited

Nuinsco Resources Limited

September 09, 2010 11:31 ET

Nuinsco Finalizes Agreement on Egyptian Gold Concession

Field Exploration to Begin on Bukari Gold Property This Fall

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2010) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) ( today announced that it has finalized, through its Egyptian subsidiary Z-Gold Resources Limited ("Z-Gold"), a concession agreement with the Egyptian Mineral Resources Authority (EMRA) covering the Bukari gold Concession Area located in the Eastern Desert of Egypt.

"Finalizing this agreement with EMRA is a major step toward gaining tenure at Bukari," said Paul Jones, President. "Having a signed concession agreement enables Nuinsco to begin a gold exploration program, which is expected to commence with initial field work this fall in a region that has historically produced millions of ounces of gold, and where millions more are now in production."

The concession agreement, which incorporates a production-sharing agreement and exempts the Company from payment of all taxes, will now be reviewed by the Egyptian State Council before being passed into law by the Egyptian Parliament followed by grant of tenure. The entire process is expected to be finalized over the next several months.

Completion of this concession agreement will provide the framework to complete a second concession agreement on the Umm Samra gold property. Both Bukari and Umm Samra are located in the highly prospective Eastern Desert approximately 50 kilometres northwest of Centamin Egypt Limited's ("Centamin") flagship multi-million ounce Sukari Gold Mine (see map attached) which is expected to produce 200,000 ounces of gold in 2010. Apart from work conducted by Centamin, very little exploration employing modern methods has been conducted and the region can be considered frontier terrain. Gold occurrences and deposits in the Eastern Desert orogen have all of the hallmarks of those in highly productive gold producing domains of similar age, such other similar sized districts in Central Asia, North and South America. Typically, such districts contain at least 1,000 tonnes of gold. Historical gold production from Eastern Desert gold occurrences during Phaoronic 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 Phaoronic times. Historic exploitation consists of pits and trenches excavated to no more than several metres depth. Recent prospecting by Z-Gold produced a quartz vein grab sample from the Zeidoun occurrence on the Umm Samra property that returned a value of 13.95 g/t gold, while several grab samples of quartz veins from the Bukari occurrence on the Bukari property returned anomalous values up to 1.44 g/t gold.

Paul Jones, P.Geo., President of Nuinsco, is a QP for the Company under NI 43-101 and has reviewed and approved the technical content of this press 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 Should you wish to receive Company news via email, please email 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, "Z-GOLD BUKARI AND UMM SAMRA CONCESSION AREAS, EASTERN DESERT, EGYPT", please click on the following link:

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