Nirek Resources Inc.

Sails Capital Management Sarl

March 03, 2009 02:00 ET

Sails Capital and Nirek Resources Announce a Letter of Intent for a Joint Venture on Gold Property in Mexico

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

Under the terms of the LOI, SAILS and Nirek will be joint venture
partners with Nirek earning a 49% interest in the property. SAILS would earn a substantial block of shares in Nirek as well as investing from its Sails Commodities Fund (ISIN:LU0407351578) in the development of the property.

The property which is referred to as J.N.M. San Pedro, is registered with the Mining Agency in the State of Aquacalientes, Mexico. The property covers a large surface mass of 257,239 hectares which equates to over 990 square miles.

Historical geological work has reported mineralization with predominantly gold and silver values. The porphyry deposits of white quartz with silver sulfurs are lodged in numerous fractures. The SAILS and Nirek joint venture would undertake a preliminary exploration program to assess the resource potential based on today's standards.

Nirek is actively pursuing properties for option or joint ventures that have a minimum proven and probable resource of at least 200,000 ounces of gold. Due to nature of the portfolio that it is pursuing, Nirek has not picked up the option on the Kirana Mine which a recent geologist's report indicated was not in line with its strategic goals. After due diligence on the AMR Project Peru S.A.C. property Nirek terminated the Letter of Intent and the monies advanced by Nirek have been returned.

Nirek will perform its "due diligence" on the San Pedro gold property by having its geologist look at the historical data as well as conducting an on-site visit. Once the diligence is completed to Nirek's satisfaction, both Nirek and SAILS have agreed to expeditiously move to finalize an agreement.

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

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