Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

June 22, 2011 08:37 ET

Nuinsco Provides Update on Status of Receivership Proceedings With Respect to Assets Owned by Campbell Resources Inc.

TORONTO, ONTARIO--(Marketwire - June 22, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca), along with Ocean Partners Holdings Limited ("Ocean Partners") and a third company jointly owned by Nuinsco and Ocean Partners (collectively the "Companies"), today provided an update on the status of its ongoing motion in the Superior Court of the province of Quebec related to the Companies' efforts to acquire certain assets as secured creditors, including mining and processing assets, located in and near Chibougamau, Quebec (the "Assets") that were formerly owned by Les Ressources Campbell Inc. and Ressources MSV (2007) Inc. ("Campbell").

At a court hearing held on June 21, 2011, Société de développement de la Baie-James ("SDBJ") did not present a bid to acquire the Assets as it had previously indicated was possible (see news release dated May 25, 2011.) SDBJ did not oppose the motion to approve the Companies' bid to acquire the Assets; a final decision is expected to be rendered by the registrar at a hearing scheduled for Monday June 27, 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 www.nuinsco.ca. Should you wish to receive Company news via email, please email cathy@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 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

  • Nuinsco Resources Limited
    Rene Galipeau or Sean Stokes
    416.626.0470
    416.626.0890 (FAX)
    admin@nuinsco.ca

    CHF Investor Relations
    Cathy Hume
    416.868.1079
    416.868.6198 (FAX)
    cathy@chfir.com