Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

March 10, 2011 09:33 ET

Nuinsco Reports First Results from Trenching at Prairie Lake Rare Metals Project

Assays Continue to Expand Size, Potential Economic Significance of Multi-Commodity Deposit

TORONTO, ONTARIO--(Marketwire - March 10, 2011) - Nuinsco Resources Limited ("Nuinsco") (TSX:NWI) (www.nuinsco.ca) today reported first results from the trenching program conducted on its Prairie Lake project near Marathon, Ontario. Results include intersections grading up to 1,570 ppm Nb2O5 (niobium); a result that compares favourably with the Nb2O5 resource grade reported by Commerce Resources Corp. ("Commerce") (TSX VENTURE:CCE) at its Upper Fir carbonatite in BC. In addition to niobium, grades up to 5.040% phosphorous, 0.207% combined rare earth elements (REEs) and 23.7 ppm tantalum were intersected.

"These results continue to demonstrate the value of Prairie Lake given its significant endowment of a broad range of minerals," said Paul Jones, President. "Combined with its location adjacent to power; road, rail and shipping facilities (see photograph below); mineralization known to be amenable to upgrading by conventional low-cost flotation methods; and topography that makes the site easily mineable, Prairie Lake has all the attributes found in a prominent multi-commodity deposit."

The results tabulated below include values of up to 13.67% P2O5 and 0.356% Nb2O5 (2.49 kg Nb/tonne), and an intersection of 3.03% P2O5 and 0.157% Nb2O5 (1.10 kg Nb/tonne) over 46.5m.

From To Length P2O5
(Phosphorous)
%
Nb2O5
(niobium)
%
Ta2O5
(tantalum)
ppm
REEs
(La+Ce+Sm+Nd+Y)
ppm
0 96 96 5.040 0.067 14.5 1711.2
102 107.2 5.2 3.515 0.129 10.8 1662.3
111 136.5 25.5 2.552 0.144 7.2 1225.6
138 175.5 37.5 3.454 0.117 7.6 1234.7
240 286.5 46.5 3.028 0.157 23.7 1761.9
320 392 72 3.032 0.083 14.3 2067.5
402 414 12 1.745 0.079 4.2 713.2
416 466.5 50.5 2.020 0.104 8.6 832.9
472.5 505 32.5 2.514 0.076 16.7 1126.6

The 2010 program consisted of four trenches, ranging in length from 340m to 685m and totalling more than two kilometres. The trenching was done mainly in parts of the property that to date have seen little systematic sampling and which are not incorporated into the 330-360 million tonne National Instrument 43-101-compliant Exploration Tonnage Mineralized Inventory (ETMI1) announced January 13, 2010. The ETMI is based on a mere 12% of the total surface area of the Prairie Lake complex (Jim's Showing and the SW Zone only), and averages 3.5% to 3.7% P2O5 and 0.12% to 0.14% Nb2O5 (1.2 to 1.4 kg/tonne).

Additional assays from trenching and diamond drilling are pending, and Nuinsco is expanding its metallurgical program to evaluate production of a niobium concentrate. Testing so far has shown that a concentrate containing more than 23% P2O5 can be produced (see press release dated February 4, 2010).

All exploration work is supervised by Paul Jones, President, who acts as QP under National Instrument 43-101 and has reviewed and approved the contents of this news release.

1 The potential quantity and grade of the ETMI is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the discovery of a mineral resource.

About Nuinsco Resources Limited

Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in 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 nadine@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 statements due to the inherent uncertainty therein.

To view the map "Nuinsco's Prairie Lake Rare Metals Project" included with this release, please visit the following link:

http://media3.marketwire.com/docs/Nuinsco.pdf

Contact Information

  • Nuinsco Resources Limited
    Paul Jones
    416.626.0470
    416.626.0890 (FAX)
    or
    Nuinsco Resources Limited
    Sean Stokes
    416.626.0470
    416.626.0890 (FAX)
    admin@nuinsco.ca
    or
    CHF Investor Relations
    Cathy Hume
    416.868.1079
    416.868.6198 (FAX)
    cathy@chfir.com