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Nuinsco
Resources Limited ("Nuinsco" or "the
Company") (TSX:NWI - News; www.nuinsco.ca) today announced
that the Egyptian State Council has reviewed and approved the Concession
Agreement (the "Agreement") covering the Bukari
Concession Area, Eastern Desert, Egypt.
Approval
by the State Council signifies that the Agreement is in compliance with
Egyptian law and with Egypt's regulatory framework. The Agreement will now be
forwarded to the People's Assembly (Egyptian Parliament) for passage into
law, which will provide for tax-free status in Egypt and allow Nuinsco to proceed with its full exploration program.
Given recent events in Egypt, State Council approval of the Agreement demonstrates
that Egypt's civil service is functioning and indicates that Egypt is open
for business and remains committed to developing a modern mining sector and
attracting foreign investment in general.
"Passage
by the State Council is a significant milestone in the approval process and a
concrete indication of the Country's commitment to moving forward with
building a mining industry," said Nuinsco's
President Paul Jones. "We have developed a good working relationship
with the agencies governing Egypt's mining sector and are very pleased with
the progress we've made thus far. In anticipation of the Bukari
concession agreement's passage into law, a third program of field work was
completed in late January to prepare for a systematic and comprehensive
exploration program that will begin as soon as possible. We have yet to
receive an indication as to when the Agreement will be presented to the
People's Assembly for final approval."
The
purpose of the third program of field work was to expand the base of
knowledge on the concession areas (see map attached). Specifically, the Bukari 1 gold occurrence was revisited and a second
occurrence at Talat Gadella
was mapped and sampled. A number of the 13 named, but essentially unexplored,
gold occurrences on the Bukari Concession Area have
also been visited for initial evaluation. Several of these occurrences are
sites of past gold production in Pharaonic, Roman
and possibly Byzantine times.
Nuinsco
previously announced an expansion to 2.5 kilometres
of the known strike length of the Bukari 1
gold-bearing vein system and the identification of a previously unknown gold
vein system which is interpreted to have a potential strike length of up to 5
kilometres based on satellite imagery (see press
release dated December 13, 2010).
Bukari
(1,480 km(2)) and Umm Samra (790 km(2)) are located
about 50 kilometres northwest of Centamin Egypt Limited's 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. The
concessions are easily accessible by paved highway.
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 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.
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.
To
view a map of "Bukari and Umm Samra Concession Areas, Eastern Desert, Egypt,"
please visit the following link: http://media3.marketwire.com/docs/bukari217.pdf
Contact:
Rene Galipeau or Sean Stokes
Nuinsco Resources Limited
416.626.0470
416.626.0890 (FAX)
admin@nuinsco.ca
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