TORONTO, ONTARIO, Oct 22, 2008 (MARKET WIRE via COMTEX) -- Nuinsco Resources Limited (
CA:NWI:
news,
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profile) (
www.nuinsco.ca) today provided an update of ongoing activity at the Huston Lake/Marijane Lake uranium property. Huston Lake is part of a 50:50 joint venture with Temex Resources Corp. (
CA:TME:
news,
chart,
profile) (FRANKFURT: TQ1) ("Temex") covering both the Marijane Lake and Huston Lake properties located in southeastern Manitoba and northwestern Ontario.
As previously announced, a 2,705 line-kilometre helicopter-borne magnetic and radiometric geophysical survey was completed in May, 2008, which identified several hotspots within areas that had appeared as large regional anomalous areas. An extensive follow-up program is underway to field check airborne radiometric anomalies and prioritize targets for a preliminary diamond drilling program, slated to be conducted in December. Temex will act as the operator of the drill program.
Anomalies on the property occur in discrete zones ranging from 0.2 to 0.5 kilometres long to broad areas of higher radioactivity over several kilometres along the 45 kilometre strike length of the claim group. Mineralogical work has confirmed the primary uranium mineral uraninite and the secondary uranium minerals uranophane and boltwoodite from samples collected exhibiting powdery yellow staining, from which random grab samples returned values ranging from 0.047% to 0.130% U3O8.
Paul Jones, President, acts as Nuinsco's qualified person has reviewed this news release; Karen Rees, P. Geo., General Manager, is Temex's designated qualified person responsible for the preparation of this news release.
About Nuinsco Resources
Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is prepared for production and focused on growth through nickel, copper, zinc, uranium and gold exploration and development in world-class mineralized belts in Canada and Turkey. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
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.
Contacts:
Nuinsco Resources Limited
Rene Galipeau
(416) 626-0470
Nuinsco Resources Limited
Paul Jones
(416) 626-0470
Nuinsco Resources Limited
Sean Stokes
(416) 626-0470
Email: admin@nuinsco.ca
Website: www.nuinsco.ca
