Nyah Resources Inc.

Nyah Resources Inc.

January 21, 2008 09:01 ET

Nyah Resources Closes Qualifying Transaction and Commences Trading on TSX Venture

TORONTO, ONTARIO--(Marketwire - Jan. 21, 2008) - Nyah Resources Corp. (TSX VENTURE:NRU) ("Nyah" or the "Company") , www.nyahresources.com, is pleased to announce that it has completed a qualifying transaction and has effectively completed the reverse take-over of Carlaw Capital Inc. As a result of the transaction, Carlaw Capital has changed its name to Nyah Resources Corp. As of January 22, 2008, the shares of the Company will commence trading on the TSX Venture Exchange under the symbol "NRU".

Following the transaction, there are 50,817,225 common shares of the Company outstanding. The board of directors of the Company consists of Stan Bharti, George Faught, Amar Bhalla, David Gower and Richard Sutcliffe. For additional information regarding the transaction, please see the Filing Statement that is available under the profile of the Company on SEDAR at www.sedar.com.

Nyah holds a 100% interest in the Agnew Lake Uranium Property (the "Property"), consisting of seven unpatented mining claims (1,575 ha equals 3,892 acres) located approximately 40 kilometers 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 lbs of uranium from a combination of surface and in-situ leach during this time period. 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 five mineralized zones were identified of which only two zones were developed. In addition to the past producing uranium mine, the Property covers approximately six kilometers of favourable geology possibly containing uranium-mineralized horizons.

On December 7, 2007, the Company announced the completion of its Phase I exploration program, and the completion of the NI 43-101 Updated Review of, the Agnew Lake Uranium Property (the "Property"), as well as the initiation of the second phase of its exploration program ("Phase II").

As part of the Phase I exploration program, Nyah completed seven drill holes, totaling 1432 meters, on the Property to confirm historically identified uranium values and associated rare earth mineralization. Mineralization intersected in this program was consistent with historic resource and production grades and with styles of mineralization which have been identified by past workers on the property. Intersections ranged in width from 1 to 7 m. The best intersection was 5.354 lbs/ton U3O8 over 1 metre returned from NA07-03, which the company believes represents the 3 Zone as mined by the previous operators, Kerr Addison and Noranda. As well, a 7 m intersection in hole NA07-07 from 221 to 228 m grading 0.892 lbs/ton U3O8 (which included 1 m of 1.403 lbs/ton U3O8) is believed to represent a new zone which was not exploited by the previous operators. Intersections noted are not necessarily true widths.


The purpose of the Phase II Program is to further delineate mineralized zones 3 and 5 which were the most productive areas at the time of mine operation as well as targeting extensions to the known historical mined areas. In addition, the Company hopes the program will confirm the historic results, particularly the increasing grade at depth as noted in some of the historic reports and maps. This work will also lay the ground work for any upcoming development program if justified. The Company believes that information available suggests that the Property, including the area which was mined in the past, is under-explored.

The Phase II program is budgeted at approximately C$900,000 and is planned to consist of approximately 4,400 m of diamond drilling. Drilling commenced on November 4, 2007 and is expected to be completed within the first quarter of 2008.

Peter Karelse P.Geo., a consultant of the Company and a Qualified Person under National Instrument 43-101, has reviewed the scientific and technical information in this release.

About Nyah

Nyah is a private company incorporated under the laws of the Province of Ontario. There is no individual who directly or indirectly beneficially holds a controlling interest in or who otherwise controls or directs Nyah based on their shareholdings.

For further information regarding Nyah, please visit the Company's website at www.nyahresources.com.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Nyah does not assume any obligation to update the forward-looking statements unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings by Nyah with the Canadian securities regulators, which filings are available under the profile of the Company at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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