Osisko Mining Corp.

Published : February 16th, 2012

Canadian gold producer Osisko Mining Corporation joins Global Geoscience

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PRESS RELEASE 12-01

 

Canadian gold producer Osisko Mining Corporation joins Global Geoscience to explore gold projects in Nevada, including Nubian's Excelsior Springs Gold project

 

 

February 16, 2012 - Vancouver, British Columbia - Nubian Resources Ltd. is pleased to announce that Global Geoscience Ltd (Global) and Osisko Mining Corporation (Osisko) have entered into a binding letter agreement covering Global's five gold projects in Nevada. Under the agreement and to earn a 45% interest, Osisko must fund all acquisition and exploration related expenditures on Global's five Nevada projects up to a cumulative total of US$8M over a maximum period of 4 years, which includes Nubian's Excelsior Springs Gold project. If Osisko then elects to increase its interest in Global's share of any project to 70% it will have the sole responsibility to fund the projects through to completion of a bankable feasibility study and in doing so shall receive an interest of 70% of Global's 70% interest in Excelsior. Nubian had reviewed the agreement between Global and Osisko and withdraw from its Right of First Refusal in favour of Osisko. Nubian will maintain a Right of First Refusal regarding any future development at Excelsior.  For more details regarding the agreement please refer to Global's news release at

http://www.globalgeo.com.au/media/announcements/2012/120214a.pdf

 

About Excelsior Springs

Nubian owns 100% of Excelsior Springs in Nevada covering 142 mining claims. Global holds an option to acquire a 70% interest in Excelsior by spending US$3 million over four years. In its first drill program at Excelsior in 2011, Global intersected significant gold mineralisation in shallow, wide spaced drilling over a strike length of 2.2 kilometres.

 

About Osisko Mining Corporation (TSX:OSK)

Osisko Mining Corporation is an emerging North American gold production company with a market capitalisation of over C$4.5 billion. Osisko owns and operates the largest open pit gold mine in Canada, the Canadian Malartic mine in Quebec, which it took from first drill hole to commercial production in six years. Forecasted gold production for 2012 is between 610 and 670 thousand ounces. Osisko is a pure gold company and is an active investor in greenfield exploration projects and opportunities.

 

About Global Geoscience  (ASX:GSC)

Global Geoscience is an Australian greenfield exploration company targeting gold, copper and silver on its mostly 100% owned projects in Nevada, Arizona and Peru. In 2011 Nubian entered into an agreement with Global Geoscience regarding its Excelsior Spring Project in Nevada. The Company successfully drilled 3,000m at Excelsior and it intends to follow-up with an additional drill programs in 2012.

 

About Nubian Resources (TSX-V:NBR)

Nubian Resources Ltd is a Canadian Junior Exploration company with interests in the USA and Africa. Effective 1st November 2011 Nubian acquired a portfolio of 9 properties situated in Nevada, Montana, New Mexico and Arizona, targeting gold, silver and copper. Part of the portfolio was Excelsior Springs, which Nubian previously leased. In 2012 the company plans to enhance the value of its property portfolio by conducting initial exploration on its property portfolio. The company has 7.2 M shares outstanding and working capital and receivables of 1 M USD.

 

 

"Global Geoscience Ltd has secured accelerated funding for a second stage of exploration at Excelsior Springs through an agreement with Osisko Mining Corporation, a successful Canadian gold mine developer.  This is promising news for the future of Nubian's 30% interest in the project", said Chief Executive Larry Treadgold.

 

"Larry Treadgold"

 

Larry Treadgold

CEO Nubian Resources Ltd.

 

 

 

 

 

 

 

Jeannette Durand   jeannette@nubianr.com  

Web Page:    www.nubianr.com

TSX Venture Exchange Disclaimer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Forward-Looking Statement Disclaimer

This News Release may include forward looking statements.. Statements in this News Release which are not historical facts are forward looking statements. Statements concerning the Company's plans, intentions, expectations, forecasts and estimates are intended to be and are hereby identified as forward looking statements.

Forward-looking statements may be identified by words including "plans", "intends", "expects", "forecasts", "estimates", "anticipates", "believes" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future plans, operations and business prospects, are based on assumptions, none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events, developments and results to differ materially from those indicated in the forward-looking statements. There can be no assurances that forward looking statements will prove to be accurate, and readers should not place undue reliance on forward-looking statements.

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Nubian Resources Ltd. | #202 Yale Court Plaza | 2526 Yale Court Rd | Abbotsford | British Columbia | V2S 8G9 | Canada
Data and Statistics for these countries : Canada | Mexico | Peru | All
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Osisko Mining Corp.

PRODUCER
CODE : OSK.TO
ISIN : CA6882781009
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Osisko Mining is a producing gold company based in Canada.

Osisko Mining holds various exploration projects in Argentina, in Brazil and in Canada.

Its main asset in production is MALARTIC in Canada and its main exploration properties are GOLDBORO, SLEITAT, JC - SMART SKARNS, HAMMOND REEF, MALARTIC CHL GOLD PROPERTY, DUPARQUET and CLEMENT LAKE in Canada, EL POTOSI and SANTA CLARA / CERRO BONITO in El Salvador, CERRO CONDORINI and COAL CREEK in Peru, CASTELO DOS SONHOS in Brazil and FAMATINA in Argentina.

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TORONTO (OSK.TO)FRANKFURT (EWX.F)
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