Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

November 09, 2006 11:29 ET

Nuinsco Ranks High In Race To Find Next Uranium Super Deposit

Diabase Peninsula project has all the right ingredients, says Northern Prospector Magazine

TORONTO, ONTARIO--(CCNMatthews - Nov. 9, 2006) - Nuinsco Resources Limited's ("Nuinsco")(TSX:NWI)(www.nuinsco.ca) Diabase Peninsula uranium exploration project has been named as a leader in the race to find the next uranium "Super Deposit" in Saskatchewan's Athabasca Basin by the Northern Prospector magazine. The Diabase Peninsula project was one of only two of 15 uranium projects that ranked in all seven "key criteria" used by the Northern Prospector to determine which projects are on target for a "super deposit find."

"This evaluation of drill programs in the Athabasca Basin by the Northern Prospector highlights all the reasons why Nuinsco chose Diabase Peninsula as its principal project for uranium exploration," said Paul Jones, Vice-President, Exploration. "While still at a grassroots stage, there's no question that Diabase is definitely in the right neighbourhood. The article correctly interprets that we are getting all the right indicators, and we will continue to systematically explore this highly prospective uranium project through 2007."

The Northern Prospector identified seven key criteria in evaluating a uranium prospect: proximity to an existing mine, depth to basement, faults/structure, proven graphitic conductors, alteration, zones of elevated uranium and uranium spikes near the unconformity. Nuinsco received good marks across the board, and was ranked first overall in the faults/structure category. According to the Northern Prospector: "Offset faults are a prime home for high-grade deposits. Drill results should confirm the existence of faulting and graphite. (Cameco's) McArthur River deposit is tucked within a 70 metre offset fault similar to the one interpreted at Nuinsco's Diabase Peninsula Project." The full article can be accessed at www.nuinsco.ca.

About the Diabase Peninsula Property

The 21,900 hectare Diabase Peninsula Property encompasses coincident, highly prospective, alteration and geophysical signatures which are indicative of possible uranium mineralization. Located on the western shore of Cree Lake approximately five kilometres north of the southern boundary of the Athabasca Basin where sediment cover is relatively thin at 300 metres to 400 metres. The Diabase Peninsula property overlies the graphite-bearing Cable Bay Shear Zone which is considered to be an important potential host for uranium mineralization in this part of the Athabasca Basin.

Nuinsco is the operator, owns more than 50% of the Diabase Peninsula project, and is partnered with Trend Mining Company of Denver, Colorado (OTC:TRDM.OB). The project is being supervised by Paul Jones, V.P. Exploration for Nuinsco, who acts as QP under NI 43-101. Analysis of all samples was conducted by the Saskatchewan Research Council Analytical Laboratory in Saskatoon, Saskatchewan.

About Nuinsco Resources

Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is prepared for production and focused on growth through nickel, copper, zinc, uranium and gold exploration and development in world-class mineralized belts in Canada and Turkey. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historical 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, nickel 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
    Rene Galipeau
    (416) 626-0470
    or
    Nuinsco Resources Limited
    Sean Stokes
    (416) 626-0470
    Email: admin@nuinsco.ca
    Website: www.nuinsco.ca