Nuinsco Resources Limited announced that Victory Nickel Inc., the pure-play nickel company created under Nuinsco’s previously announced plan of arrangement, will begin trading on the TSX on February 6, 2007. Victory Nickel’s TSX ticker symbol will be Ni.
“The launch of Canada’s new nickel company is truly a victory for Nuinsco and its shareholders,” said Rene Galipeau, Chief Executive Officer. “A great deal of effort went in to creating Victory Nickel and I would like to extend my thanks to all of those who helped Nuinsco achieve this significant milestone. The time is right for a new Canadian nickel company and Nuinsco shareholders now have two well-financed growth companies to capitalize on a robust commodities market. With active exploration and development programs on all projects we expect a significant amount of news coming out of both Victory Nickel and Nuinsco as we move forward.”
Pursuant to the previously-announced plan of arrangement, Victory Nickel acquired Nuinsco’s interest in the Minago, Mel and Lac Rocher sulphide nickel projects, together with approximately $12,000,000 in cash. Nuinsco has retained a 25% interest in Victory Nickel, its Diabase Peninsula and Prairie Lake uranium properties and Cameron Lake gold deposit in Canada, the Berta copper-gold porphyry and Elmalaan copper-zinc properties in Turkey, approximately 11% of the outstanding shares of copper and gold producer Campbell Resources Ltd., and approximately $8,000,000 in cash.
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.
About Victory Nickel
Victory Nickel is a Canadian nickel company with over 600 million pounds of in-situ nickel in National Instrument 43-101-compliant measured and indicated resources at its Minago, Mel and Lac Rocher sulphide nickel deposits. Recently created from the nickel assets of Nuinsco Resources, Victory Nickel is a well financed pure-play nickel company focused on becoming a producer by developing its existing properties and evaluating opportunities to expand its asset base.
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.
Rene Galipeau or Sean Stokes
Nuinsco Resources Limited
Website: www.nuinsco.ca or www.victorynickel.ca
Source: Nuinsco Resources Limited