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Nuinsco Resources Limited: Nuinsco and Temex Report Drill Results

^{Published on 2009-02-26 15:28:02, Last Modified on 2009-02-26 15:30:02 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Feb. 26, 2009) - Nuinsco Resources Limited ("Nuinsco" or "the Company")(TSX:NWI)([ www.nuinsco.ca ]) and partner Temex Resources Corp. (TSX VENTURE:TME)(FRANKFURT:TQ1) ("Temex") today announced that anomalous uranium ("U") mineralization greater than 100 ppm U was reported in seven holes of the 12-hole, 1,386 metre diamond drilling program conducted on the Marijane Lake and Huston Lake Uranium Properties (the "Claims") in December, 2008.

The program tested targets within three distinct radiometric anomaly areas identified from a helicopter-borne radiometric and magnetic geophysical survey conducted in May, 2008. Ten holes were drilled on the Huston Lake Property. Of these, nine tested an airborne radiometric anomaly five kilometres in length, from which follow-up prospecting had returned up to 3,240 ppm U from grab samples of felsic dykes and/or sills interpreted to be extensions of the uranium bearing Marijane Lake Batholith. Six of these holes returned anomalous uranium mineralization, with the most significant results reported being from drill hole THL-08-01 which returned 1,170 ppm U and 1,510 ppm U within an interval of 663 ppm U over 3.90 metres and drill hole THL-08-03 which returned 164 ppm U over 10.30 metres.

One of the holes drilled on the Huston Lake Property tested a broad radiometric anomaly over the Marijane Lake Batholith 10 kilometres to the south of the area described above from which limited prospecting had returned 1,450 ppm U from a grab sample. No anomalous uranium mineralization was intersected in the drill hole but this anomaly remains largely untested.

The other two holes drilled on the Marijane Lake Property intersected predominantly felsic intrusive rocks of the Marijane Lake Batholith where prospecting had identified anomalous uranium mineralization exceeding 200 ppm U over areas of up to 0.5 by 1.5 kilometres with individual grab samples reporting as high as 1040, 1360 and 1890 ppm U. Anomalous mineralization up to 122 ppm U within a broad interval of 8.70 metres was intersected in one of the holes.

In all holes, the entire length of the drill hole was sampled; 850 samples were sent for analysis to Loring Laboratories in Calgary, Alberta for analysis (see Note 1 below).

Nuinsco has the option to earn a 50% interest in the Claims by spending a total of $750,000 over a two year period and by making cash payments and share issuances to Temex (news release May 15, 2008). Nuinsco has completed the initial expenditure of $500,000 required by May, 2009 with the next stage of exploration program funding required by May 2010. Nuinsco may now elect to act as operator of the program, and is evaluating its options with regard to additional work going forward. Paul Jones, President acts as QP under NI 43-101 and has reviewed and approved the contents of this news release.

PDAC 2009

Nuinsco Resources Limited and Victory Nickel Inc. invite you to meet Michael Lambert, member of Canada's National Snowboard Team and one of the stars of the upcoming CTV/MTV Canada reality drama snowboard series Over the Bolts. Michael will be signing autographs on March 2nd and 3rd at the Victory Nickel (#3235) and Nuinsco (#2531) booths in the Investors Exchange at the PDAC Convention, March 1-4, Metro Toronto Convention Centre, South Building. Drop off your business card and enter for a chance to win a snowboard autographed by Michael and other members of Canada's National Snowboard Team.

About Nuinsco Resources

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 and Turkey. In addition to its property holdings, Nuinsco owns approximately 15% of the outstanding common shares of Victory Nickel Inc. (TSX:NI), approximately 13% of the outstanding common shares of precious and base metals producer Gold Hawk Resources Inc. (TSX VENTURE:CGK) and an interest in the Corner Bay copper project owned by Campbell Resources Ltd. (TSX:CCH). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

Note 1. Loring Laboratories procedure for uranium analysis: Sample preparation includes crushing, grinding and pulverizing of a representative sample to -150 mesh. The geochemical analysis procedure for preliminary detection of low levels of uranium employs a hydrochloric acid digestion of a 0.5 gram sample, followed by dilution to 10 ml. The solution is analyzed fluorometrically, with a 0.1 ppm detection limit for uranium; results are reported as ppm for uranium. The flourometric assay procedure used for the analysis of ore grade material employs a total digestion of the sample using a HNO3-HCl-HF-H2SO4 multi-acid digestion of a 1.0 gram sample, with a 0.001% U3O8 detection limit; results are reported as percent U3O8.

Please visit the Company's website at [ www.nuinsco.ca ]. Should you wish to receive Company news via email, please email [ catarina@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 historical 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.