VANCOUVER, British Columbia, February 16, 2012 /PRNewswire/ --
Nubian Resources Ltd. is pleased to announce that Global Geoscience Ltd (Global) and Osisko Mining Corporation (Osisko) have entered into a binding letter agreement covering Global's five gold projects in Nevada. Under the agreement and to earn a 45% interest, Osisko must fund all acquisition and exploration related expenditures on Global's five Nevada projects up to a cumulative total of US$8M over a maximum period of 4 years, which includes Nubian's Excelsior Springs Gold project. If Osisko then elects to increase its interest in Global's share of any project to 70% it will have the sole responsibility to fund the project through to completion of a bankable feasibility study and in doing so shall receive an interest of 70% of Global's 70% interest in Excelsior. Nubian had reviewed the agreement between Global and Osisko and withdraw from its Right of First Refusal in favour of Osisko. Nubian will maintain a Right of First Refusal regarding any future development at Excelsior. For more details regarding the agreement please refer to Global's news release at
About Excelsior Springs
Nubian owns 100% of Excelsior Springs in Nevada covering 142 mining claims. Global holds an option to acquire a 70% interest in Excelsior by spending US$3 million over four years. In its first drill program at Excelsior in 2011, Global intersected significant gold mineralisation in shallow, wide spaced drilling over a strike length of 2.2 kilometres.
About Osisko Mining Corporation (TSX:OSK)
Osisko Mining Corporation is an emerging North American gold production company with a market capitalisation of over C$4.5 billion. Osisko owns and operates the largest open pit gold mine in Canada, the Canadian Malartic mine in Quebec, which it took from first drill hole to commercial production in six years. Forecasted gold production for 2012 is between 610 and 670 thousand ounces. Osisko is a pure gold company and is an active investor in greenfield exploration projects and opportunities.
About Global Geoscience (ASX:GSC)
Global Geoscience is an Australian greenfield exploration company targeting gold, copper and silver on its mostly 100% owned projects in Nevada, Arizona and Peru. In 2011 Nubian entered into an agreement with Global Geoscience regarding its Excelsior Spring Project in Nevada. The Company successfully drilled 3,000m at Excelsior and it intends to follow-up with an additional drill programs in 2012.
About Nubian Resources (TSX-V:NBR)
Nubian Resources Ltd is a Canadian Junior Exploration company with interests in the USA and Africa. Effective 1st November 2011 Nubian acquired a portfolio of 9 properties situated in Nevada, Montana, New Mexico and Arizona, targeting gold, silver and copper. Part of the portfolio was Excelsior Springs, which Nubian previously leased. In 2012 the company plans to enhance the value of its property portfolio by conducting initial exploration on its property portfolio. The company has 7.2 M shares outstanding and working capital and receivables of 1 M USD.
"Global Geoscience Ltd has secured accelerated funding for a second stage of exploration at Excelsior Springs through an agreement with Osisko Mining Corporation, a successful Canadian gold mine developer. This is promising news for the future of Nubian's 30% interest in the project," said Chief Executive Larry Treadgold.
CEO Nubian Resources Ltd
This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nubian Resources Ltd.