Nirek Resources Inc.

Sails Capital Management

February 24, 2009 10:14 ET

Sails Capital Management Creates Alliance With Nirek Resources

ONTARIO, CANADA--(Marketwire - Feb. 24, 2009) - Sails Capital Management Sarl("SAILS") presented a Letter of Intent (LOI) to Nirek Resources Inc. ("Nirek") (FRANKFURT:3N6)(Gold Warrant:CA6546411175) in respect to a San Pedro Gold Property in Mexico that is controlled by SAILS.

Sails Capital Management Sarl through its innovative and dynamic allocation and management strategy invests mainly in investment grade securities.

In addition, SAILS originate, fund, manage and source funding from asset-based transactions in the private and capital markets.

SAILS through its Sails Commodities Fund (ISIN: LU0407351578), has proposed to take a significant equity position in Nirek.

In exchange, Nirek will receive a significant interest in the San
Pedro gold property.

Further details on the proposed agreement and on the property will be announced shortly after the Letter of Intent has been approved by the Nirek Board of Directors.

About Nirek Resources Inc.

Nirek Resources Inc. ("Nirek") is a Canadian exploration company specializing on exploring for precious and base metals. The company is focused on acquiring gold and precious metal properties with proven reserves through a series of joint ventures, mine and property acquisitions.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings.

Outstanding Shares: 17,004,299

Contact Information