TORONTO, ONTARIO--(CCNMatthews - May 15, 2007) - Nuinsco Resources Limited ("Nuinsco")(TSX:NWI) (www.nuinsco.ca) today announced that diamond drilling equipment will immediately be mobilized to its 100% owned Prairie Lake uranium property in northwestern Ontario to follow up on recent surface sampling that returned uranium values ranging up to 0.08% U308 (1.656 lb/tonne). A minimum 1,500 metre drill program will begin this week, as part of a comprehensive assessment of the property that will also include a surface sampling program across the entire extent of the Prairie Lake Carbonatite Complex.
"At 2.79 km2, Prairie Lake represents an enormous uranium exploration target only made more prospective by the presence of niobium and tantalum mineralization throughout," said Paul Jones, Vice-President, Exploration. "Uranium is ubiquitous within the intrusion, and this drilling will help us to better define and understand the historic uranium resource on the property and this valuable asset in general."
The Prairie Lake uranium property hosts a near-surface historic (non-NI-43-101-compliant) resource of over 180,000 tonnes grading 0.09% U308 (and 0.25% niobium, used in nickel-, cobalt-, and iron-based superalloys for such applications as jet engine components, rocket subassemblies, and heat-resisting and combustion equipment) identified in limited historic exploration dating from the mid-1960s. All exploration to date has been to very shallow level leaving the depth potential open.
Approximately 15 holes are planned at widely separated sites around the Prairie Lake Carbonatite Complex. In addition to uranium, niobium and tantalum, other minerals of economic interest include apatite (containing phosphorous with agricultural applications) and wollastonite (ceramics). These will also be evaluated in the diamond drilling program. Exploration at the Prairie Lake property is being supervised by Paul Jones, Vice-President Exploration for Nuinsco, who acts as a Qualified Person under National Instrument 43-101. For updates on all of Nuinsco's and Victory Nickel's (TSX: Ni) projects, please see the quarterly news releases dated May 11, 2007 available at www.sedar.com and on the respective company websites at www.nuinsco.ca and www.victorynickel.ca.
About Prairie Lake
Located about 45 kilometres northwest of Marathon, Ontario, Nuinsco's Prairie Lake property covers the entire Prairie Lake Carbonatite Complex and is easily accessible off the TransCanada Highway. The Prairie Lake Carbonatite intrusion is a huge exploration target that forms a prominent circular hill elevated up to 75 metres above the surrounding terrain. It consists of a number of exotic rock types, notably an ijolite core surrounded by a rim of mixed carbonatite, silicocarbonatite and calcitic ijolite rocks that have intruded Archean biotite-quartz-feldspar paragneiss country rock. It is located in a broad "alkalic-carbonatite" petrologic province which extends north-northeast from Lake Superior, and anomalous uranium mineralization is widespread throughout the intrusion in association with the minerals pyrochlore, uranpyrochlore and betafite.
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.
The resource estimate quoted herein is based on prior data and reports obtained and prepared by previous operators and the Company. The Company has not completed the work necessary to verify the classification of the mineral resource estimate. The Company is not treating the mineral resource estimate as NI 43-101 defined resources verified by a qualified person. The historical estimate should not be relied upon. This property requires considerable further evaluation which Nuinsco's management and consultants intend to carry out in due course.
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, nickel 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nuinsco Resources Limited
Rene Galipeau or Sean Stokes