Nuinsco Resources Limited

Nuinsco Resources Limited

June 28, 2011 16:10 ET

Nuinsco & Ocean Partners Receive Court Approval to Gain Ownership of Chibougamau Mining Assets

Value Recognition from Suite of Exploration/Mining/Processing Assets Can Now Begin

TORONTO, ONTARIO--(Marketwire - June 28, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI), ( today announced a favourable decision from the Quebec Superior Court to allow the 50:50 joint ownership with Ocean Partners Holdings Limited ("Ocean Partners") of all exploration, mining and processing assets located in and near Chibougamau, Quebec and other assets (the "Assets") that were formerly owned by Les Ressources Campbell Inc. and Ressources MSV (2007) Inc. ("Campbell").

"This day has been a long time coming, and we are extremely pleased for our shareholders that we can finally put this process behind us and get on with the job of realizing the value of this historic mining camp," said René Galipeau, Vice-Chairman and CEO. "From the permitted mill and tailings facility, to the near-term copper production potential at the partially-developed Corner Bay deposit, to the exploration upside on virtually all the projects, including past producers, this land package has tremendous value which can now finally be understood and recognized by the market."

Chibougamau's Lake Dore Complex has a prolific production history. Since the 1950s the 18 separate Lake Dore Complex mines have produced 47.4million tons of ore containing 1.6billion pounds of copper and 3.4million ounces of gold. The Assets, now 100%-owned by Nuinsco and Ocean Partners, host seven of these past-producing mines representing 75% of this total past production. Additionally the Assets include two development-stage properties, an operational 3,000 ton per day mill and a permitted tailings facility. The Nuinsco/Ocean Partners property package includes:

Past Producing Mines: Nuinsco/Ocean Partners Property Package
MineProduction PeriodsProduction (tons)Cu Grade
Au Grade (oz/ton)Historic Resource
Portage Mine1959-976,212,9341.770.114Yes
Henderson 2 Mine1960-886,483,4791.60.041Yes
Henderson 1 Mine1960-711,818,9762.230.045Yes
Jaculet Mine1960-711,202,1191.930.055Yes
Copper Rand Mine1960-200816,445,4931.80.089Yes
Copper Cliff Mine1970-74951,8301.60.028Yes
Cedar Bay Mine1958-903,782,8501.570.091Yes

In addition to the past producers which have exploration upside noted above, the 11,000 hectare Nuinsco/Ocean Partners land package hosts two known significant exploration/development-stage properties – Corner Bay and the Dore Lake Ramp.

Corner Bay

Campbell began development of the high-grade Corner Bay deposit in 2007 for extraction of a 50,000 ton bulk sample. Development ceased in 2008 due to Campbell's deteriorating financial situation as a result of the worldwide financial crisis. A National Instrument 43-101-compliant estimate of resources at Corner Bay, dated July 12, 2006, is available under the Campbell Resources Inc. profile at

The Corner Bay deposit remains open to depth and possibly to the south. In addition to exploration upside, Corner Bay represents a source of mill feed for any future Chibougamau Camp mining plan and also has the potential to be a standalone mining operation.

Dore Lake Ramp

The Dore Lake Ramp was developed in 1991-92 by Westminer Canada Limited. The project currently contains a non-NI-43-101-compliant historic copper/gold resource and will likely be drilled in connection with deep drilling at Cedar Bay noted in the table above.

"It's important to remember that development of Corner Bay and mining at Copper Rand ceased not due to lack of mineral resources but rather to the global financial crisis. A collection of exploration/development/mining assets of this quality doesn't come along every day and it's very easy to see the tremendous value that this represents to Nuinsco shareholders," Mr. Galipeau said. "And this is over and above the value that a permitted concentrator and tailings facility brings to the table. Our goal is to work closely with the town of Chibougamau and the province of Quebec to revitalize this mining camp and bring to light this unrecognized value for local communities and Nuinsco shareholders."

Conference Call-Wednesday, June 29, 2011 at 11:00am/EST.
Nuinsco Management will be hosting a conference call on Wednesday, June 29, 2011 at 11:00am/EST to discuss the Chibougamau Mining Assets.
Dial-in details are:
Number: 416-340-2216 / 866-226-1792
N.B: Please connect at least 15 minutes prior to the conference call start time to secure a line. You will be put on hold until the conference call begins. Please quote "Nuinsco-Chibougamau."
Webcast details are:
N.B: Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the webcast.
Replay details are:
Number: 905 694 9451 / 800 408 3053
Passcode: 3378136
N.B: Available until July 7, 2011.

About Ocean Partners

Ocean Partners is a privately-held company with offices in the UK, USA, Canada, China, Mongolia, South Africa, Turkey and Zambia with additional representation by agents in Istanbul, Lima, Madrid, Melbourne, Moscow, New Delhi, Santiago and Tokyo.

Ocean Partners provides relationship-based trading services to miners and smelters of copper, lead and zinc concentrate as well as the secondary products of the base metal smelting industry (eg drosses, slags, reverts, residues). Ocean Partners also owns and operates copper, lead and zinc mines in Turkey as well as holding many exploration licenses there through its 50% shareholding in a local company.

About Nuinsco Resources Limited

Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on 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 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 tenure to properties and/or necessary permits and approvals from government authorities in Egypt and elsewhere, 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.

To view the Figure 1, please visit the following link:

Contact Information

  • Nuinsco Resources Limited
    Rene Galipeau
    416.626.0890 (FAX)

    Nuinsco Resources Limited
    Sean Stokes
    416.626.0890 (FAX)

    CHF Investor Relations
    Juliet Heading
    416.868.1079 X 239
    416.868.6198 (FAX)