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Message: NEWS: New Island will not acquire Nugget Pond...

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red911

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NEWS: New Island will not acquire Nugget Pond...

posted on Aug 07, 09 05:43PM

Wondered why NIS-v wanted this back in the first place... they were the ones who sold it to Crew. Over reaction IMO today from CIBC seling over 800k shares at market right down to 5 cents... wow. What a good time to buy. Can't get them for less than 7 cents now. This is still one to stick with and will be buying more Monday. NIS-v is a gold producer via a 40% JV with a market cap of $3 million... nothing more to say.

This from June 1st NR is all that matters... this will pay off big very soon...

"New Island Resources Inc. has entered into a satisfactory agreement with Anaconda Mining Inc. regarding the shipment of Pine Cove ore to Crew Gold Canada Inc.'s Nugget Pond facilities and for the sharing of net cash flow on an equal basis."

red911

New Island will not acquire Nugget Pond

2009-08-07 15:21 ET - News Release

Mr. Harold Wareham reports

NEW ISLAND NOT PROCEEDING WITH THE NUGGET POND ACQUISITION

New Island Resources Inc. of St. John's, Nfld., as a result of being unable to reach satisfactory terms and conditions with Crew Gold Corp. relating to a milling agreement covering the use of the facility by Crew for custom milling ore for third parties during the period from closing to June, 2010, it will not be proceeding with the acquisition of the Nugget Pond facility as originally set out in Stockwatch on May 6, 2009.

New Island further advises that failure to proceed with the purchase of the mill should in no way affect Crew's existing contract with Anaconda Mining Inc. for custom milling of Pine Cove ore which is now in process and in which New Island has an interest.

We seek Safe Harbor.

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