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TORONTO, ONTARIO--(Marketwire - Nov. 4, 2010) - Nuinsco
Resources Limited ("Nuinsco") (TSX:NWI
- News; www.nuinsco.ca)
announced today that diamond drilling has begun at its Prairie Lake rare
metals project. The goal of the program is to expand the previously
identified 330-360 million tonne mineralized domain
outlined in an Exploration Target Mineralization Inventory (ETMI) containing
the rare metals niobium and tantalum, as well as rare earth elements (REE)
and other minerals.
"With interest in rare metals
expanding and world supply tightening, Nuinsco's
Prairie Lake project is an increasingly important and valuable asset,"
said Paul Jones, President. "We have already delineated a significant
tonnage hosting not only REEs but rare metals, phosphates and uranium and we
have shown that a high-value concentrate can be produced using low-cost
flotation. This drill program is designed to increase the known tonnage
incorporated in the ETMI as well as to help us better understand the
project's mineralization."
The minimum 3,500 metres of drilling (400-600m holes) is aimed at testing
the northward extension of the significant mineralized domain outlined in the
ETMI (see news release dated January 13, 2010) to depths not evaluated in
earlier drilling. The ETMI outlined the enormous mineral endowment of rare
metals and phosphorous at Prairie Lake in a domain of mineralized rock which
is open in all directions and encompasses just 12% of the Prairie Lake
intrusion's surface area.
Other ongoing work includes a
study, conducted by COREM, a research laboratory in Quebec City, to further
evaluate the mineralogy at the Prairie Lake project. To date these studies
have included a round of tests, using flotation, dense media and magnetic separation
methods, that demonstrate that it is possible to produce a concentrate
containing a suite of rare earth elements and grading up to 23.4% phosphorous
oxide (P2O5), which is used in high-value fertilizers. The concentrate also
contains 0.17% (1.7kg/tonne) niobium oxide (Nb2O5),
a high-value mineral used in steel alloys, superconducting magnets and the
aerospace industry (see news release dated February 4, 2010). Additional
metallurgical tests will evaluate the potential to produce a rare metal
concentrate.
Paul Jones, P.Geol., President of Nuinsco, acts as QP under NI 43-101 and has reviewed and
approved the contents of this press release. Readers are cautioned that 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.
About Prairie Lake
Located about 45km northwest of
Marathon, Ontario, and just 28km north of the Trans-Canada Highway, Nuinsco's Prairie Lake property covers the entire 2.8 km2
(at surface) Prairie Lake Carbonatite Complex. The
Prairie Lake Project hosts a near-surface historic resource of over 180,000 tonnes grading 0.09% U308 (1.656 lb/tonne)
and 0.25% niobium identified in limited exploration dating from the
mid-1960s. The Company has not completed the work necessary to verify the
classification of the mineral resource estimate. The Company is not treating
the mineral resource estimate as NI 43-101 defined resources verified by a
qualified person.
Further, an Exploration Target
Mineralization Inventory (ETMI) sets the target estimate for the two areas
drill-tested to date 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 phosphorous and niobium, the suite
of minerals of economic significance includes tantalum (Ta), uranium (U) and
rare earth elements (including lanthanum (La), cerium (Ce),
samarium (Sm), neodymium (Nd)
and yttrium (Y)).
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 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.
FORWARD-LOOKING STATEMENTS: The
historic resource estimate quoted herein is based on prior data and reports
obtained and prepared by previous operators and the Company. The Company has
not completed the work necessary to verify the classification of the mineral
resource estimate. The Company is not treating the mineral resource estimate
as NI 43-101 defined resources verified by a qualified person. The historical
estimate should not be relied upon. This property requires considerable
further evaluation which Nuinsco's management and
consultants intend to carry out in due course. 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
Cathy Hume
CHF Investor Relations
416.868.1079
416.868.6198 (FAX)
cathy@chfir.com |
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