Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

June 06, 2008 08:30 ET

Nuinsco Reports First Drill Results From Winter Program at Diabase Peninsula

Results up to 1.83 lb/tonne uranium indicative of potential for unconformity-style mineraliztion

TORONTO, ONTARIO--(Marketwire - June 6, 2008) - Nuinsco Resources Limited (TSX:NWI)(www.nuinsco.ca) today announced that analytical results from the first nine holes of the most recent 18-hole diamond drill program at the Diabase Peninsula uranium project returned a 14.85 metre interval of anomalous uranium mineralization peaking at 0.07% uranium (0.083% U3O8), as well as a number of other anomalous uranium results and other key indicator geochemistry demonstrating strong and widespread evidence of a mineralizing event capable of producing unconformity style uranium mineralization on the property.

"The winter 2007-2008 drill program tested four widely separated target areas within the previously identified primary target area. The results received to date confirm that one of these target areas comprises a zone of up to 400 metres in strike length which has very high potential for the occurrence of significant uranium mineralization," said Paul Jones, President. "Additional assay results from this drill program are pending, as is a geophysical interpretation of a recently completed gravity survey that will help to target our next drill program. Elsewhere on the property other anomalous results remain to be followed-up and we are preparing for additional work."

The $2.5 million, 6,534 metre winter drilling program was conducted over 23 kilometres of strike along the prospective Cable Bay Shear Zone, a graphite and sulphide mineralized zone of deformed, permeable rock interpreted to be a prime exploration target. The occurrence of a number of factors commonly associated with uranium ore bodies in the Athabasca Basin, particularly in drill holes ND-07-04, ND-08-01 and ND-08-05, include:

- strongly anomalous uranium mineralization over 14.85 metres, peaking at 707ppm (0.07%) uranium (in ND-08-01) at the unconformity, typical of values at the margins of economic uranium deposits;

- strongly anomalous arsenic, nickel, cobalt and base metals, commonly occurring in association with uranium mineralization in the Athabasca Basin;

- abundant clay alteration (sericite and kaolin) associated with elevated uranium values and indicative of the passage of potentially mineralizing fluids; and,

- a distinct boron anomaly within the overlying sandstone, a feature characteristic of many uranium ore bodies in the Athabasca Basin.

To view full drill results for holes ND0609B, ND0701-04 inclusive and ND0801-0805 inclusive, please visit http://media3.marketwire.com/docs/DiabasedrillresultsJune608.pdf. To view drill plans, please visit http://media3.marketwire.com/docs/nuinscodrillplansJune608.pdf. All analyses are conducted by the Saskatoon Research Council laboratory in Saskatoon.

The 21,900 hectare Diabase Peninsula Project, located approximately five kilometres north of the southern boundary of Saskatchewan's Athabasca Basin, has seen an ongoing, comprehensive, exploration program that comprises 28 widely spaced drill holes totalling 11,205 metres. Nuinsco is the operator, currently owns an approximate 82% interest in the property and is partnered with Trend Mining Company of Hilton Head, SC (PINK SHEETS:TRDM). The project is being supervised by C.A. Wagg, Manager of Canadian Exploration for Nuinsco, who acts as QP under National Instrument 43-101 who has read and approved the contents of this press release.

Annual Meeting

Please join us at our Annual Meeting of Shareholders, to be held on June 12, 2008 at 4:00 pm, Toronto time at the Toronto Board of Trade, 1 First Canadian Place, Toronto, Ont. The meeting will also be webcast, and can be accessed at www.nuinsco.ca.

About Nuinsco Resources

Nuinsco is focused on identifying mineral investment opportunities worldwide using its exploration programs and operating and financial expertise to crystallize value for its shareholders. In addition to its property holdings in Canada and Turkey, Nuinsco owns approximately 22% of the outstanding common shares of Victory Nickel Inc. (TSX:NI) and approximately 11% of the outstanding common shares of gold and copper producer Campbell Resources Inc. (TSX:CCH). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

For further information, please visit www.nuinsco.ca.

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 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
    Paul Jones
    (416) 626-0470
    or
    Nuinsco Resources Limited
    Sean Stokes
    (416) 626-0470
    Email: admin@nuinsco.ca
    Website: www.nuinsco.ca