TORONTO, ONTARIO, Feb. 4, 2010 (Marketwire) -- Nebu Resources Inc. (the "Company") (TSX VENTURE:NBU) announces the acquisition of a 100% interest in a group of 11 historic patented mining claims adjacent to a past producing gold mine owned by Goldcorp Inc. ("GC") that is subject to an earn in agreement with Metals Creek Resources Corp. ("MC").
The new property now provides the Company with property adjacent to both the north and the south boundaries of the GC-MC property that includes the former producing gold mine known as the Nabob Mine. Some of the drill holes completed in 2009 by MC were essentially collared on the mutual boundary of the Nabob Mine property and the newly acquired Morin Property. Despite the proximity of the Morin Property to the Nabob Mine, there is no known history of diamond drilling near the property boundary and in fact only one drill hole has ever been reported to have been completed on the property, in the early 1980's as part of a regional exploration program.
A reference in a July 20, 2009 press release by MC indicated the discovery of significant gold mineralization assaying from 0.006 g/t to 64.4 g/t gold in 46 samples collected within altered porphyry over a 425 metre by 150 metre area located 1000 metres to the northwest of the Nabob Mine. While no specific location is given it may be that this area is located close to the Morin Property as historic maps show the outline of a porphyry body occurring very close to the southwest corner of the Morin claims.
The property also covers a 1.5 km interval of the easterly extension of the favourable mine stratigraphy of the Desantis Mine and the McEnaney Mine, the latter of which is located only 900 metres to the west of the west boundary of the Morin Property.
For a map of Nebu's Timmins West Properties, including the Morin acquisition, click on http://www.brmstatpack.com/lt/1003/1049/property-location-map-feb-04-10
A review of the available historic files at the MNDM files relating to the Morin Property indicate the presence of a historical shaft, pits, quartz veining and Au (gold). No additional information is available at this time.
Bruce Durham, Qualified Person for the Company commented: "the location of the property, being adjacent to the Nabob Mine and to the McEnaney Mine, and being located within Canada's largest gold camp, combined with its lack of a history of any significant exploration despite its known favourable geological setting, makes this an excellent, high priority exploration Project."
The Company has initiated a program of line cutting, magnetic and induced polarization surveying and expects to be in a position to commence drill testing of parts of the property within the next two months.
The property lies immediately to the north of the Nabob (Kennilworth) mine which operated between 1932 and 1964 producing just over 50,000 ounces of gold and is reported to still host a resource of 135,500 tons grading 0.25 ounces gold per ton in the North Zone and 600,000 tons grading 0.20 ounces gold per ton in the South Zone.
The McEnaney Mine to the west of the Morin was also known as the Hollinger Reserve Property The 200 foot shaft was completed between 1911 and 1914 The property is reported to host some 170,000 tons of ore of variable grade to the 300 foot level.
All technical information contained in this release is of historical nature and has not or could not be verified by the Qualified Person responsible for the release. Readers are cautioned to not rely on the information.
Terms of the Property Acquisition
Total consideration is $400,000, payable as follows: $200,000 on closing, $100,000 payable on the first anniversary and $100,000 payable on the second anniversary. At the vendor's option, they may elect to convert either or both of the $100,000 payments into 250,000 common shares of Nebu.
The 100% interest is subject to a 2% NSR, 1% of which Nebu can purchase for $1 million.
Mr. Bruce Durham P.Geo, a Qualified Person, is the Company's Qualified Person (QP) and is the non-independent Qualified Person responsible for the information contained in this press release. The Qualified Person is experienced in all aspects of the work completed, has visited the project site, examined the drill core samples reported and has verified that the reported results meet the Company's quality control standards.
About Nebu Resources Inc
Nebu is a junior exploration company now focused on gold exploration projects in Ontario. It also has an interest in several gold properties in the west Timmins area, and also in the Burntbush area of Ontario. Nebu currently has 50,819,116 common shares issued and outstanding.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.