Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

July 03, 2008 15:02 ET

Nuinsco Reports Further Positive Drill Results From Diabase Peninsula Uranium Project

Uranium results particularly significant given proximity to recently reported gravity lows

TORONTO, ONTARIO--(Marketwire - July 3, 2008) - Nuinsco Resources Limited (TSX:NWI) (www.nuinsco.ca) today announced further assays from its Diabase Peninsula uranium project with anomalous uranium levels that are typical of values at the margins of economic uranium deposits in Saskatchewan's Athabasca Basin. Of particular interest is hole ND-08-08, located near to recently reported gravity "lows" with characteristics similar to those associated with major Athabasca Basin uranium deposits such as Key Lake, Rabbit Lake, Midwest Lake and Sue (see news release dated June, 9, 2008).

The two drill holes, ND-08-07 and ND-08-08, were collared approximately 11 kilometres apart. ND-08-07 was drilled in an area about two kilometres north of the project's main target area to test for an interpreted cross-fault, while ND-08-08, the most northerly hole drilled to date, was collared to test a ground TEM geophysical conductor and possible faulting. ND-08-07 returned several anomalous uranium (U) results between 472.6 metres and 501.5 metres (discontinuously sampled), which peaked at 0.04% U (0.048% U3O8) within the basement graphite and sulphide bearing schists of the Cable Bay Shear Zone. DDH ND-08-08 produced anomalous uranium values, peaking at 0.02% U (0.029% U3O8), from 507 metres to 517 metres (continuously sampled) in sandstone and schists at the unconformity target horizon. These uranium results are typical of values at the margins of economic uranium deposits.

To view full drill results for holes ND-08-07 and ND-08-08, please visit http://media3.marketwire.com/docs/NuinscoTable.pdf. To view drill plans, please visit http://media3.marketwire.com/docs/NuinscoMaps.pdf. All analyses are conducted by the Saskatoon Research Council laboratory in Saskatoon.

"Of particular importance is the proximity of ND-08-08 to gravity lows interpreted to result from the presence of hydrothermally altered, desilicified, sandstone typically found in proximity to uranium mineralization in the Athabasca Basin," said Paul Jones, President. "The presence of uranium geochemistry along with strongly anomalous minerals such as arsenic, cobalt, nickel and boron near these gravity responses only serves to heighten the prospective nature of the geology. A drill rig remains on the property and we are in the process of determining our next steps for additional drilling at Diabase in 2008."

ND-08-07 and ND-08-08 were part of a $2.5 million winter work program, which included a 6,534 metre drilling program, conducted over 23 kilometres of strike along the prospective Cable Bay Shear Zone that underlies the entire property for 35km from north to south. Strongly anomalous uranium mineralization, peaking at 0.07% uranium (0.083% U3O8) in ND-08-01 at the unconformity, has been obtained from the drill core of this year's program (see news release dated June 6, 2008).

Exploration work on the 21,900 hectare Diabase Peninsula Project, located approximately five kilometres north of the southern boundary of Saskatchewan's Athabasca Basin, includes 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.

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.

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