|
Nuinsco Resources Limited ("Nuinsco")(TSX:NWI - News; www.nuinsco.ca)
today reported that results from its previously announced trenching program
at the 100%-owned Prairie Lake Project in northwestern Ontario have been
delayed due to issues with the quality of results produced by the analytical
laboratory which rendered these results unusable. The analytical results are
promptly and regularly reviewed by a qualified professional acting on behalf
of Nuinsco on whose conclusions this decision has
been based. The first batch of samples from one entire trench has been
re-submitted for assay at another laboratory, and results will be released
upon the satisfactory completion of re-assaying.
This delay has not impacted the drill
program currently underway. It is proceeding according to schedule.
"The trenching program was designed
to expand our understanding of the geology of the Prairie Lake carbonatite in the northern and eastern parts of the
intrusive complex where no drilling has been conducted before," said
Paul Jones, President. "The delay in receiving the trench results is
disappointing and frustrating, however results from the minimum 3,500 metres of drilling that will be completed early in 2011
will be incorporated into the project data-set and will provide a basis for
updating the Exploration Target Mineralization Inventory
("ETMI")."
The 330-360 million tonne
National Instrument 43-101-compliant Prairie Lake ETMI(1) (see news release
dated January 13, 2010) is based on only 12% of the total surface area of the
Prairie Lake complex, demonstrating the huge scale and potential economic
significance of this multi-commodity deposit. The ETMI estimates known
mineralization at between 330 and 360 million tonnes
averaging 3.5% to 3.7% P2O5 and 0.12% to 0.14% Nb2O5 (1.2 to 1.4 kg/tonne). In addition to phosphorus and niobium, the suite
of minerals of economic significance at Prairie Lake includes tantalum,
uranium, rare earth elements, wollastonite and
carbonate.
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 gold, uranium,
rare metals, copper and zinc exploration in world-class mineralized belts in
Canada, Turkey and Egypt. In addition to its property holdings, Nuinsco owns common shares in Gold Hawk Resources Inc.
(TSX VENTURE:GHK - News), Coventry Resources
Limited (ASX:CVY - News) and Victory Nickel
Inc. (TSX:NI - News). 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.
(1)The potential quantity and grade of
the ETMI is conceptual in nature and there has been insufficient exploration
to define a mineral resource. It is uncertain if further exploration will
result in the discovery of a mineral resource.
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 necessary permits and
approvals from government authorities, 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.
Contact:
Paul Jones or Sean Stokes
Nuinsco Resources Limited
416.626.0470
416.626.0890 (FAX)
admin@nuinsco.ca |
|