Nuinsco Resources Limited

Nuinsco Resources Limited

July 19, 2011 13:11 ET

Nuinsco Provides Update on Status of Bukari Concession in Egypt

TORONTO, ONTARIO--(Marketwire - July 19, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) ( today provided an update on the status of final approval of the Bukari concession agreement that was approved by Egypt's State Council in February 2011.

"Nuinsco has been engaged in regular meetings with senior Egyptian political officials and with representatives from the Egyptian Mineral Resources Authority (EMRA) with respect to advancing the Bukari concession agreement through its final stage. The Company is receiving support in its efforts from the Canadian Embassy in Cairo and from the Egyptian Ambassador to Canada, and is also communicating with other groups seeking to finalize concession agreements in Egypt," said President Paul Jones.

While the Company has not yet received confirmation, the following recent report from Intellinews MENA Today, entitled "Egypt Plans to sign Three Agreements for Gold Exploration in Eastern Desert" stated as follows: "Egypt's General Authority for Mineral Resources has asked the ruling Supreme Council of Armed Forces for approval on signing three agreements for gold exploration in the country's Eastern Desert, Arab Finance business portal reported. Three companies from Egypt, Russia and Canada showed interest in gold exploration in the areas of Bokhariya (Bukari), Brameyah and Al Shazly, Abd Al Aal Hassan, deputy chairman of the authority, said. The agreements envisage total investment of at least USD 54mn in the exploration phase."

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.

Contact Information