VANCOUVER, Feb. 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
http://www.globalgeo.com.au/media/announcements/2012/120214a.pdf
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.
"Larry Treadgold"
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.