Nyah Resources Corp.

Nyah Resources Corp.

September 16, 2010 08:30 ET

Nyah Announces Postponement of Meeting

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2010) - Nyah Resources Corp. (TSX VENTURE:NRU) ("Nyah", or the "Corporation") announces its intention to request the consent to adjourn its annual and special meeting of shareholders to be held this morning, September 16, 2010 at 10:00 a.m. (the "Meeting"). The Meeting was scheduled to consider, among other things, the proposed business combination between the Corporation and Forbes & Manhattan (Coal) Inc ("Forbes Coal"). As Forbes Coal is continuing its discussions with the South African Reserve Bank in order to obtain the necessary approvals from the South African Reserve Bank for the acquisition by Forbes Coal of Slater Coal (Pty) Ltd., all as more particularly described in the management information circular of the Corporation dated August 20, 2010 (the "Circular"), the Corporation will request the consent to adjourn the Meeting until Monday, September 20, 2010 at 10:00 a.m. (Toronto time) at the offices of the Corporation. The annual and special business to be considered at the Meeting is set out in the Circular, available under the Company's profile on SEDAR at www.sedar.com

About Nyah Resources Corp.

Nyah is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol NRU. The Corporation currently has cash on hand of approximately $1.1 million. Nyah holds a 100% interest in two separate exploration claim blocks. The Agnew Lake North Uranium Property (the "Property"), which is the most advanced of the Corporation's claim blocks, consists of seven unpatented mining claims (1,575 ha equals 3,892 acres) located approximately 40 kilometres west of Sudbury, Ontario. The Property encompasses the past producing Agnew Lake Uranium Mine. The Agnew Lake Uranium Mine was operated by Kerr Addison Mines Ltd between 1977 and early 1983 and produced approximately 1.9 million pounds of uranium. The Property has substantial underground infrastructure in place, including a six compartment shaft to a depth of over 980 metres with development on several levels. A decline from surface to the 1,900 foot level was also developed. During the period of operation 2 mineralized zones were developed. In addition to the past producing uranium mine, the Property covers approximately six kilometres of favourable geology possibly containing uranium mineralized horizons. In addition, the Corporation holds claim blocks (Agnew Lake South) in the highly prospective Elliot Lake-Blind River uranium district.

As previously announced, Nyah has entered into an agreement with Valencia Ventures Inc. ("Valencia") for the sale to Valencia of the Agnew Lake properties held by Nyah in consideration of a cash payment of $500,000 and additional payments valued at $500,000 in cash or common shares of Valencia, at the election of Valencia. The sale of the Agnew Lake properties constitutes a non-arm's length transaction for the purposes of the TSX Venture Exchange as Nyah and Valencia have common directors and officers. For further information regarding Nyah, please visit the Corporation's website at www.nyahresources.com.

Cautionary Note Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Nyah and Forbes and its projects, statements regarding the prospects for the business of Forbes Coal, statements regarding synergies and financial impact of the proposed transaction, the terms and conditions of the transaction, the benefits of the proposed transaction, the costs of and capital for harvesting projects, harvesting expenditures, timing of future acquisitions of additional properties and applicable licences, requirements for additional capital, government regulation of the mineral exploration industry, environmental risks, acquisition of mining licences, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company (and the company resulting from the successful completion of the proposed transaction) to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.


Contact Information