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

VANCOUVER, April 13 /CNW/ - Nanika Resources Inc. (TSXV: NKA) and (FSE: C7X) is pleased to announce that discussions are continuing on plans for the joint venture subsidiary Canada Molybdenum Corp. with representatives of the Korean joint venture partners. Nanika's Chief Executive Officer, James Jacuta, stated that, "The meetings and discussions in the last couple of months have been, in my experience, the most favourable in recent years with our Korean partners". As a result of these favourable meetings and discussions it is anticipated that Nanika will continue further discussions with the Korean partners on plans and financing for "Lucky Ship" until June 30, 2011.

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 "Lucky Ship" Molybdenum Property has 24,812 meters of drilling in 94 holes that were completed 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.

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

Profil de l'entreprise

Nanika Resources Inc.

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