TORONTO, ONTARIO--(Marketwire - Feb. 23, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (News - Market indicators) (www.nuinsco.ca) today announced that field work conducted in January 2011 has identified a four kilometre strike length at the Talat Gadalla gold occurrence located on the Company's Bukari Concession Area in Egypt's Eastern Desert.
"More than 30 areas of historical gold production, including adits and shafts, were discovered at Talat Gadalla by Nuinsco field personnel. These workings, many of which extend to greater than ten metres depth, indicate the potential quality of the gold endowment given the considerable effort expended during Phaoronic, Roman and possibly Byzantine times to mine the area," said Nuinsco President Paul Jones. "All of the work we have done to date demonstrates that the Bukari Concession Area is a highly-prospective exploration target with known gold endowment and a surface expression of the gold mineralized areas that is substantially greater than initially thought. In our three programs to date, over 11 kilometres of quartz-vein mineralized strike length has been examined on three gold occurrences; at least ten other gold occurrences are located on the Bukari Concession Area and have yet to be examined in any detail."
Talat Gadalla is located about 15 kilometres north of the previously reported Bukari 1 and Bukari North gold occurrences (see news release dated January 19, 2011). The andesite host rock to the Talat Gadalla veining forms a prominent ridge into which a series of wadis (dry stream beds) have been cut. Of particular significance is the number of high gold grain counts yielded by sediment samples obtained from the wadis draining the Talat Gadalla ridge. Although historical in nature these data, reported by the Egyptian Mineral Resources Authority (EMRA) in the 1980s, validate the prospective nature of the Talat Gadalla gold target: up to 62 gold grains were identified in one particular sample and a number of samples contained 10 or more gold grains (see attached map).
Nuinsco operates in Egypt through its subsidiary Z-Gold Resources Limited. The Bukari Concession Area is located about 50 kilometres northwest of Centamin Egypt Limited's ("Centamin") flagship multi-million ounce Sukari Gold Mine which is being expanded to increase production to about 500,000 oz per year over the next three years.
"All exploration work is supervised by Paul Jones, President, who acts as QP under National Instrument 43-101 and has reviewed and approved the contents of this news release."
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada, Turkey and Egypt. In addition to its property holdings, Nuinsco owns common shares in Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
Please visit the Company's website at www.nuinsco.ca. Should you wish to receive Company news via email, please email nadine@chfir.com and specify "Nuinsco Resources" in the subject line.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals from government authorities in Egypt and elsewhere, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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