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
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.
For further information:
Office: +1(604)859-3007
Jeannette Durand:
jeannette@nubianr.com
Web Page: http://www.nubianr.com