Nuinsco Enters Into Agreement to Sell Cameron Gold Project Royalty
TORONTO, ONTARIO -- (Marketwire) -- 09/20/12 -- Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX: NWI) today announced that it has entered into a royalty purchase agreement with an arm's-length third party to sell the Company's 3% net smelter return royalty (the "Royalty") on Coventry Resource Limited's ("Coventry") Cameron Gold Project located southeast of Kenora in northwestern Ontario for cash proceeds of $5.1 million.
Conditions to closing are typical for a transaction of this type, including completion of legal due diligence, regulatory approvals and receipt of required consents. The Company acquired the Royalty as part of its sale of the Cameron Gold Project to Coventry in 2010. Closing of the transaction is expected before the end of September, 2012.
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", including statements respecting the anticipated completion of the sale of the Royalty and the anticipated receipt of the proceeds therefrom, completion of legal due diligence, regulatory approvals and receipt of required consents. 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 of the purchaser of the Royalty to complete or be satisfied with its due diligence, failure by Nuinsco to obtain any necessary regulatory approvals or required consents, and failure of either Nuinsco and/or the Royalty purchaser to satisfy closing conditions.. 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/CBay Minerals
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
