TORONTO, ONTARIO--(Marketwire - Feb. 21, 2008) - Nuinsco Resources Limited ("Nuinsco") (TSX:NWI) (www.nuinsco.ca) today announced that Campbell Resources Inc. ("Campbell") (TSX:CCH)(OTCBB:CBLRF) is successfully addressing the groundwater issue at the Corner Bay copper project. Campbell expects that development in ore will be initiated shortly. Nuinsco holds a 50% carried interest in Corner Bay, and is entitled to 50% of cash flow.
"Campbell is committed to mitigating the groundwater inflow at Corner Bay as quickly as possible and is doing just that," said Nuinsco Vice-Chairman and CEO Rene Galipeau. "Corner Bay will be Nuinsco's first producing mine and the processing of high-grade ore from Corner Bay, along with increasing production from Copper Rand and the Merrill Island pit, will be another step forward in Campbell's strategy to maximize mill throughput and lower overall unit costs."
Development will soon be initiated at both the 55 metre and 75 metre levels simultaneously. Development of the main ramp will also continue. To date, 465 meters of the main ramp have been developed to a depth of 85 meters.
At a 3% Cu cut-off, Corner Bay has measured and indicated resources of 446,000 tonnes averaging 5.58% Cu (181,000 @ 5.07% Cu measured and 265,000 @ 5.93% Cu indicated); inferred resources total 1,441,000 tonnes averaging 6.76% Cu (Ref.: GEOSTAT Technical Report, July 2006, available on SEDAR at www.sedar.com).
Ore from the Corner Bay mine will be trucked approximately 45 kilometres and processed at Campbell's Copper Rand mill near Chibougamau, Quebec. Following extraction of a 42,000 ton bulk sample, Phase II anticipates mining an additional 500,000 tons of ore grading 4.5% copper over the following three years. Corner Bay remains open at depth, where drilling has returned intercepts grading up to 9.27% copper over 6.7 metres at 1,200 vertical metres, attesting to the potential for significant expansion of resources. An exploration drilling program is planned for 2008 to further test the extension at depth. Nuinsco completed its earn-in of a 50% carried interest in the Corner Bay project in July of 2007.
About Nuinsco Resources
Nuinsco is focused on identifying mineral investment opportunities worldwide using its exploration programs and operating and financial expertise to crystallize value for its shareholders. In addition to its property holdings in Canada and Turkey, Nuinsco owns approximately 22% of the outstanding common shares of Victory Nickel Inc. (TSX:NI) and approximately 11% of the outstanding common shares of gold and copper producer Campbell Resources Inc. (TSX:CCH). 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.
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Nuinsco Resources Limited
Nuinsco Resources Limited