Drilling Ongoing at Nuinsco's Berta Joint Venture in Turkey
TORONTO, ONTARIO -- (Marketwire) -- 08/13/12 -- Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX: NWI) (www.nuinsco.ca) today announced that the 7,500 metre diamond drilling program is underway on the Berta Project in Turkey. The work program is operated by the Company's joint venture partner Xstrata Copper Canada ("Xstrata"). The Berta Project is a copper porphyry and is reputed to be the largest copper anomaly in the Turkish Pontides metals belt - as such it is an attractive and prospective exploration target.
Up to nine diamond drill holes will be collared in a work program that follows up on the widespread and very anomalous copper mineralization identified in previous programs. The drilling will target areas not previously drilled but which are overlain by very strong copper-in-soil anomalies. Results from past drill programs conducted between 2005 and 2008 returned very positive results, including DDH SD-07-08 which intersected 710.9m grading 0.28% copper and 0.07g/t gold between 3.80m and 714.7m (see press release dated Apr. 25, 2007) and DDH SD-08-10 which returned 164.0m grading 0.20% copper and 0.06g/t gold between 250.5m and 414.5m (see press release dated Oct. 20, 2008).
"Berta has proven itself to be a very exciting project that merits further drilling," said Rene Galipeau, Nuinsco's Vice-Chairman and CEO. "We are pleased that Xstrata is moving ahead with the drill program this year, particularly in light of current industry cutbacks and cost-savings measures."
The Berta Property is located approximately 50 kilometres south of the Black Sea in northeastern Turkey, within the prolifically mineralized Tethyan-Eurasian Metalogenic Belt which hosts numerous ore deposits in several countries including Iran's Sarcheshmeh Mine, one of the world's largest copper mines at 1.2 billion tonnes grading about 1% copper. Paul Jones, President, acts as Nuinsco's Qualified Person under National Instrument 43-101 and has reviewed and approved the technical 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, 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, 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.
Contacts:
Nuinsco Resources Limited
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
