Nuinsco Receives Notice of Reassessment

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Nuinsco Receives Notice of Reassessment

posted on Mar 08, 2011 09:40AM

This doesnt Look Good

TORONTO, ONTARIO--(Marketwire - March 4, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca), today advised that it has received notices of reassessment in the aggregate amount of approximately $4.4 million from the Canada Revenue Agency ("CRA") related to transactions completed in 2006. The Company is in the process of carefully reviewing these reassessments and has consulted legal counsel in this regard. The Company intends to vigorously defend what it and its counsel believe to have been a correct filing position related to these transactions. The appeal process could be lengthy and while the Company believes that its position is correct, the ultimate outcome is unknown.

Read more: http://www.digitaljournal.com/pr/238646#ixzz1G1FYHJgD

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