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Nyah Resources Decides Not to Proceed With Russo Forest Transaction

^{Published on 2009-12-18 06:30:28 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Dec. 18, 2009) - Nyah Resources Corp. (TSX VENTURE:NRU) ("Nyah" or the "Corporation") announces that it has decided not to proceed with the proposed reverse take-over (the "Transaction") of Nyah by Russo-Forest Corporation ("Russo-Forest"). As a condition of not proceeding with the Transaction, Nyah has also provided notice to Cash Minerals Inc. ("Cash Minerals") that Nyah has terminated its agreement with Cash Minerals regarding the sale to Cash Minerals of Nyah's Agnew Lake uranium assets.

Pursuant to the share exchange agreement between Nyah and Russo-Forest, Nyah has exercised its right to terminate the share exchange agreement as the proposed transactions were not completed prior to October 31, 2009. The Board of Directors is considering the available options to recover the $500,000 payment owed to Nyah by Russo-Forest pursuant to the share exchange agreement that relates to the inability to complete the transaction prior by October 31, 2009.

George Faught, the President and CEO of Nyah, commented, "It is unfortunate that we are not able to complete the proposed transaction with Russo-Forest. Nonetheless, Nyah remains an attractive vehicle with $1.3 million in cash, its uranium and rare earth properties in Ontario and a management team that intends to aggressively pursue opportunities to acquire undervalued assets. In addition, we have re-assayed previous drill holes at our Agnew Lake property for certain Rare Earth Elements and expect to announce the results of such tests shortly."

Board Appointment

The Corporation is pleased to announce the appointment of Bernie Wilson to the Board of Directors of the Corporation. The Corporation also announces the resignation of Richard Sutcliffe from the board of directors of the Corporation. The Board of Directors would like to formally acknowledge and thank Dr. Sutcliffe for his support and contributions to the Corporation over the past three years.

About Nyah Resources Inc.

Nyah is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol NRU. The Company currently has cash on hand of approximately $1.3 million.

For further information regarding Nyah, please visit the Company's website at [ www.nyahresources.com ].

Cautionary Note Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Nyah, outcome of Nyah's strategic review, possible outcome of assay testing and future exploration and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.