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Nuinsco Begins Diamond Drilling on CBay Minerals' Chibougamau Gold Properties
Published : November 07, 2012

Program targets gold occurrences and geophysical targets on Portage Island

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TORONTO, ONTARIO--(Marketwire - Nov. 7, 2012) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (News - Market indicators) (www.nuinsco.ca) today announced that a minimum 1,500 metres of Diamond drilling has begun on CBay Minerals Inc.'s ("CBay") Portage Island gold properties in the Chibougamau mining camp in northern Quebec. The drilling will explore historic gold targets and new targets identified from a recently-completed induced polarization geophysical survey (see news release of October 17th, 2012).

"The near-surface exploration potential of Portage Island was identified in 1903 with the discovery of the McKenzie Vein, the Chibougamau camp's original gold showing," said Nuinsco President Paul Jones. "We see a good opportunity to expand on this historic gold-bearing structure that has been partially mined at depth (starting at 200m) from the nearby Portage Mine, where it was estimated to have graded 0.24 ounces gold per ton, and to investigate the other prospective gold targets on the island."

The McKenzie Vein has not been explored extensively at surface or along strike. Initial focus will be to evaluate along the 100m of surface exposure and interpreted strike length of 250m of the vein with the expectation of extending the domain further to the east, across Portage Island. In addition, drilling will also test the nearby Hematite Bay Gold Zone, where limited drilling was most recently done in the early 1990s when gold traded between US$330 and US$400.

Portage Island is located near to the Copper Rand mill and tailings facility (owned outright by CBay; CBay in turn is 50%-owned by Nuinsco) at the northeast end of the 96,000 acre CBay land package. Portage Island hosts the past-producing Henderson I, Henderson II and Portage copper/gold mines, and the McKenzie gold vein. In addition, the Portage Island claim group hosts numerous underexplored exploration targets, including the Baie du Commencement copper/gold zone, Hematite Bay gold and copper zones and two magnetite bodies - the Magnetite North and Magnetite South zones.

Paul Jones, President, acts as Nuinsco's Qualified Person 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 company that is focused on world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares in Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI), and a 50% interest in CBay Minerals Inc., a private company that is a dominant player in Quebec's Chibougamau mining camp with assets including a permitted mill and tailings facility, eight past-producing copper/gold mines and a 96,000 acre land position. 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 juliet@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, 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.



Nuinsco Resources/CBay Minerals
Paul Jones or Sean Stokes
416.626.0470
416.626.0890 (FAX)
admin@nuinsco.ca
or
CHF Investor Relations
Juliet Heading
416.868.1079 X239
416.868.6198 (FAX)
juliet@chfir.com
Data and Statistics for these countries : Canada | Turkey | All
Gold and Silver Prices for these countries : Canada | Turkey | All
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Nuinsco Resources Ltd

DEVELOPMENT STAGE
CODE : NWI.TO
ISIN : CA6709024021
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Financings of Nuinsco Resources Ltd
3/13/2012Completes Flow-Through Financing
8/30/2011Completes Flow-Through Financing
8/4/2011Completes Two Tranches of Flow-Through Financing
12/31/2010Announces Closing of Private Placement
Project news of Nuinsco Resources Ltd
4/19/2013(Diabase Peninsula)Commences Radon Survey on the Diabase Peninsula Property
2/27/2013(Berta)Receives Final Assays from Recent Drilling at Berta Project ...
8/13/2012(Berta)Drilling Ongoing at Nuinsco's Berta Joint Venture in Turkey
4/26/2012(Berta)Announces 2012 Drill Program at Berta Project in Turkey
2/14/2012(Diabase Peninsula)to Begin Drilling at Diabase Peninsula Uranium Project
6/28/2011& Ocean Partners Receive Court Approval to Gain Ownership of...
4/8/2011(Diabase Peninsula)Drilling Continues to Intersect Uranium at Diabase Peninsula...
3/1/2011(Bukari)Initial Field Program at Egyptian Concessions Yields Impress...
2/23/2011(Bukari)Identifies Four Kilometre Strike Length at Talat Gadalla Gol...
2/17/2011(Bukari)Receives Egyptian State Council Approval of Bukari Concessio...
12/22/2010(Prairie Lake - Nuinsco)Provides Update on Exploration at Prairie Lake Rare Metals P...
12/13/2010(Bukari)Expands Size of Bukari Gold Showing in Egypt's Eastern Deser...
11/10/2010(Diabase Peninsula)Begins Drilling at Diabase Peninsula Uranium Project
11/4/2010(Prairie Lake - Nuinsco)Begins Drilling at Prairie Lake Rare Metals Project
1/13/2010(Prairie Lake - Nuinsco): 330 to 360 Million Tonne Exploration Target Mineralization...
Corporate news of Nuinsco Resources Ltd
10/24/2013Successfully Upgrades Phosphorus Concentrate from Prairie La...
10/7/2013Begins Second Round of Drilling on CBay Minerals' Chibougama...
9/17/2013Announces Management and Board Changes
8/14/2013Announces the Passing of Director, George Archibald
8/1/2013Acquires Securities of Victory Nickel Inc., Files Early Warn...
6/26/2013: High REE Content Minerals Discovered at Prairie Lake
5/24/2013Adopts Advance Notice By-Law
5/2/2013Subsidiary CBay Minerals Acquires Devlin Copper Project in Q...
3/26/2013Enters Into Loan Agreement with Victory Nickel Inc.
3/13/2013to Produce Additional Prairie Lake Phosphorus Concentrate
2/13/2013Subsidiary CBay Minerals Options Perch River Copper Project
1/25/2013(Berta)Announces Results That Further Indicate Large Scale of Coppe...
1/15/2013Announces Additional Positive Drill Results From Chibougamau...
1/15/2013Announces Additional Positive Drill Results From Chibougamau...
1/15/2013Announces Additional Positive Drill Results From Chibougamau...
1/8/2013(Berta)Initial Drilling Results Further Demonstrate Scale of Berta ...
12/19/2012Enters Into $2.5 Million Loan Facility
11/7/2012Begins Diamond Drilling on CBay Minerals' Chibougamau Gold P...
10/17/2012Begins Ground Geophysics on CBay Minerals' Chibougamau Gold ...
9/26/2012Announces Exploration Program on CBay's Chibougamau Gold Pro...
9/17/2012(Corner Bay)Announces 43-101 Mineral Resource Estimate at CBay's Corner ...
7/30/2012(Diabase Peninsula)Drill Results at Nuinsco's Diabase Peninsula Uranium Project...
6/18/2012Prairie Lake Concentrate Demonstrates Excellent Marketabilit...
6/11/2012Prairie Lake Metallurgical Study Continues to Provide Impres...
5/14/2012and Other Canadian Uranium Explorers More Attractive to Chin...
3/28/2012Elects Not to Pursue Full Tenure on Egyptian Gold Concession...
2/22/2012Arranges Flow-Through Financing for Exploration in Quebec
2/22/2012Arranges Flow-Through Financing for Exploration in Quebec
2/7/2012Elects to Not Exercise Option on J. Tobrar Project in Sudan
2/7/2012Elects to Not Exercise Option on J. Tobrar Project in Sudan
1/23/2012Buys Back 2% Royalty Interest on Prairie Lake Property
11/30/2011Testing to Enhance Concentrate Production at Prairie Lake Ha...
11/14/2011& Ocean Partners Complete Transfer of Ownership of Chibougam...
10/26/2011Reports Significant Increase in ETMI at Prairie Lake Project
10/20/2011Reports Additional Drill Results From Prairie Lake Rare Meta...
10/6/2011(Diabase Peninsula)Drilling Intersects Further Uranium at Diabase Peninsula Pro...
7/18/2011Expands MENA Presence With Option on Gold Concession in Suda...
6/22/2011Provides Update on Status of Receivership Proceedings With R...
6/2/2011s Current Status of Projects and Initiatives
5/25/2011Provides Update on Status of Receivership Proceedings With R...
1/10/2011Announces Board Changes: T. Mike Young Resigns, Dr. J.M. Fra...
11/15/2010s Olympian Status, Activities at Other Projects
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