Nuinsco Resources Ltd. Elects Not to Pursue Full Tenure on Egyptian Gold Concessions

Decision Reflects Unsettled Political & Social Situation and Resulting Negative Market Perception

TORONTO, ONTARIO -- (Marketwire) -- 03/28/12 -- Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX: NWI) (www.nuinsco.ca) today announced that the Company has advised its partner in its Egyptian subsidiary Z-Gold Resources Limited ("Z-Gold"), that the board of directors has elected not to participate further in Z-Gold's attempt to obtain full tenure on the Bukari and Umm Samra gold concessions in the Eastern Desert of Egypt.

"In 2009 Z-Gold successfully bid on two gold concessions and since that time has done field exploration and advanced the process to receive full tenure on these concessions. While the exploration results were positive and well-received by the market prior to Egypt's political revolution in early 2011, it has become apparent that recent political events have changed the market's perception and valuation of exploration properties in Egypt and other Middle East North Africa ("MENA") region countries," said Rene Galipeau, Vice-Chairman and CEO. "As a result, Nuinsco will not continue to participate in the process to obtain tenure of the Bukari and Umm Samra concessions in Egypt. Nuinsco is fortunate to have a variety of attractive projects to focus on, especially with the recent acquisition of the Chibougamau assets in Quebec."

The Company continues to believe in the potential of Egypt's mineral resources and will consider participating in future bidding for concessions in Egypt, assuming that stability returns to the area. Management has been very impressed with the professionalism exhibited by the leadership of the Egyptian Mineral Resources Authority and their willingness to provide assistance and guidance throughout this period. Given the political issues impacting the region, Nuinsco's previously announced plan to spin off NuMENA Minerals Corp. ("NuMENA") as a public vehicle focused on projects in the MENA region have been put on hold pending a return of investor confidence to the MENA region.

"Through its involvement in Egypt, Nuinsco has established strong personal and business relationships with governments and local officials and has obtained valuable experience and knowledge of the MENA region. It is hoped that the next round of bidding for Egyptian gold concessions will reflect revised valuations and that the business environment in the MENA region will have stabilized by that time," added Mr. Galipeau. "Until the international political and social environment sorts itself out, Nuinsco will refocus its activities. Management will maintain a watch in Canada and internationally for exceptional projects where the financing environment for exploration is strongly supported by the government and investment community."


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 Turkey. 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 juliet@chfir.com and specify "Nuinsco Resources" in the subject line.


Forward-Looking Information: This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information including the expected use of proceeds. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, 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 the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from estimates and assumptions; uncertainties relating to the availability and costs of financing needed in the future; failure to establish estimated mineral resources; fluctuations in commodity prices and currency exchange rates; inflation; recoveries being less than those indicated by the testwork carried out to date (there can be no assurance that recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production); changes in equity markets; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company's activities; the uncertainties involved in interpreting geological data; and the other risks disclosed under the heading "Risks and Uncertainties" and elsewhere in the Company's annual information form dated March 31, 2011 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.



Contacts:

Nuinsco Resources Limited
Rene Galipeau or Sean Stokes
416.626.0470
416.626.0890 (FAX)
admin@nuinsco.ca
www.nuinsco.ca

CHF Investor Relations
Juliet Heading
416.868.1079 X239
416.868.6198 (FAX)
juliet@chfir.com