Nanika Resources Inc. - Canada Molybdenum Corp. Joint Venture Meeting

VANCOUVER, Feb. 23 /CNW/ - Nanika Resources Inc. (TSXV: NKA) and (FSE: C7X) is pleased to announce that it will be holding meetings in Vancouver, British Columbia, on February 24 and 25, 2011 to discuss plans for the joint venture subsidiary Canada Molybdenum Corp. with representatives of the Korean joint venture partners in attendance.

The joint venture company "Canada Molybdenum Corp." is responsible for the continued exploration, development and mining right to the "Lucky Ship" molybdenum project located at the "Nanika Ridge" site approximately 85 kilometres southwest of the town of Houston, British Columbia. The rights to further develop the "Lucky Ship" property have been conveyed back to "Canada Molybdenum Corp." from Nanika. The "Lucky Ship" Molybdenum Property has 24,812 meters of drilling in 94 holes that were completed since 2006 under the operation of Nanika Resources Inc. The property has an indicated mineral resource of 65.66 million tonnes of average 0.064% Molybdenum or 92.6 million pounds of Molybdenum as per National Instrument 43-101 compliant reports. The shareholders of "Canada Molybdenum Corp." are currently Nanika Resources Inc. - 60%, Daewon Chemical Co. Ltd. - 21 %, Palm Clean Energy, Inc. - 9.5% and Heshbon Co. 9.5%.

Nanika also announces the grant of incentive stock options to purchase up to 1.8 million shares in Nanika at the price of $0.10 per share to directors, officers and consultants. The grant of options is for a term of five years and shall vest immediately pursuant to the vesting provisions and terms and conditions of the Company's stock option plan as approved by the shareholders of the Company at the most recent annual meeting.

About Nanika Resources Inc.

Nanika Resources Inc. is a TSX Venture listed mineral exploration and development company focusing on the advancement of its mineral properties, all of which are located within Canada.

On Behalf of the Board,

James D. Jacuta,

Chairman, President and CEO.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Nanika Resources Inc.

For further information:

Nanika Resources Inc. at 604-638-0699 or Toll Free at 1-866-580-0699

http://www.nanikaresources.com

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Nanika Resources Inc.

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