Nuinsco Resources Limited

Nuinsco Resources Limited

June 11, 2008 11:55 ET

Nuinsco to Acquire 100% of Berta Copper-Gold Property in Northeastern Turkey

Binding term sheet signed that will see exploration program accelerated immediately

TORONTO, ONTARIO--(Marketwire - June 11, 2008) - Nuinsco Resources Limited ("Nuinsco" or "the Company")(TSX:NWI)( today announced that it has entered into an agreement to acquire 100% ownership of the Berta copper-gold property in northeastern Turkey, which will enable the Company to immediately accelerate and expand the exploration program in 2008 and beyond.

Nuinsco and joint venture partner Xstrata Copper, one of the commodity business units within Xstrata plc (LSE:XTA)(ZSE:XTRZn.S), have signed a binding term sheet giving Nuinsco the right to acquire the 50% interest in the property held by Xstrata Copper. Nuinsco entered into an option and joint venture agreement with Xstrata Copper's predecessor Noranda Inc., in 2004, and earned its 50% interest in Berta during 2005. Since that time, surface sampling, geochemistry and geophysical programs have been completed, along with 2717.7 metres of diamond drilling.

"Acquiring 100% of the property and becoming the operator gives Nuinsco the ability to establish a more ambitious program to assess the vast potential of the mineralized Berta porphyry system," said Nuinsco President Paul Jones. "In 2007 we drilled a 710.9 metre hole (SD-07-08) grading 0.28% copper and 0.07g/t gold, and are currently following up with a two-hole diamond drilling program that began in April. As a result of this agreement, the 2008 drilling and surface program will be expanded through additional drilling and surface work to evaluate the economic potential of this underexplored but world-class property."

A diamond drilling program commenced in April, 2008 to assess the strongly anomalous copper and gold mineralization identified in sediments and volcanic rocks in the northern part of the Berta property. The first drill hole (SD-08-09), collared approximately 350 metres west of SD-07-08, is now complete (sulphide mineralization has been observed over significant intervals, assays are pending). Drilling of the second hole (SD-08-10, collared approximately 350 metres south of SD-08-07) has begun.

With completion of the agreement with Xstrata Copper, the drilling program will be expanded to incorporate other targets on the property, including further drilling near the centre of the Berta property, where hole SD-06-07 which returned substantially elevated molybdenum (Mo) values, peaking at 0.716% (7,160ppm) Mo within a drill interval from approximately 683.0 metres to the end of the hole at 813.7 metres. Elevated molybdenum results were also obtained from the bottom of hole SD-07-08, with numerous values exceeding 100 ppm Mo obtained between 713.2 metres and 771.5 metres. These elevated molybdenum values may signify proximity to the core of a porphyry mineralizing system (see news release dated April 25, 2007 for results from the 2007 drilling).

Under the terms of the agreement between Nuinsco and Xstrata Copper:

1) Nuinsco must incur not less than $2,000,000 in exploration expenditures and complete an independent Preliminary Assessment (scoping study) of the Berta property within four years of the execution of a formal option agreement.

2) Xstrata Copper will retain the right to Buy Back a 60% interest (the "Buy Back Right") in the Berta property if the Preliminary Assessment reveals a deposit with the potential to economically produce 100ktpa of contained copper for 10 years or more. To exercise the Buy Back Right, Xstrata must notify Nuinsco of its intention to exercise the Buy Back Right within 90 days of Nuinsco's Earn-In Date, pay to Nuinsco within 90 days of the Buy Back Notice Date an amount equal to two times the total Exploration Expenditures incurred by Nuinsco since the execution of a formal option agreement and make available to Nuinsco a Bankable Feasibility Study on the property within five years of notifying Nuinsco of the Buy Back.

3) If the Preliminary Assessment does not reveal a deposit with the potential to economically produce 100ktpa of contained copper for 10 years or more Xstrata Copper will not retain the Buy Back Right, but will retain a Right of First Offer over the sale or partial sale by Nuinsco of any interest in the Berta property.

4) If Xstrata Copper exercises the Buy Back Right of a 60% interest in the Berta Property, Nuinsco can elect to grant Xstrata Copper the right to increase that interest to 80% if Xstrata Copper funds all of its and Nuinsco's respective shares of the costs of development and other activities required to put a mine into production on the Berta Property. If Xstrata Copper agrees to fund Nuinsco's share of the production and development costs, Xstrata Copper will be repaid the costs of such funding from project cash flows prior to any distribution to Nuinsco.

The Berta property is located approximately 50 kilometres south of the Black Sea in northeastern Turkey, within the prolifically mineralized Tethyan-Eurasian Metalogenic Belt which hosts numerous ore deposits in several countries including Iran's Sarcheshmeh Mine, one of the world's largest copper mines at 1.2 billion tonnes grading about 1% copper. Berta is reputed to host the largest copper anomaly in the Turkish Pontides, covering 15 square kilometres and more than 1,000 metres of vertical elevation. P.L. Jones, President, acts as Nuinsco's Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this news 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

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.

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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.

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