ABBOTSFORD, BC, Nov. 1, 2011 /CNW/ - Nubian Resources Ltd (TSX.V:NBR) is
pleased to announce the acquisition of a portfolio of nine exploration
properties situated in Nevada, Montana, New Mexico and Idaho, USA, from
Timber Wolf Minerals Ltd.
The portfolio consists of nine separate properties with unpatented
claims on gold and base metals targets which include Excelsior Springs,
Nevada and Worthing Canyon (Sedex), Idaho, where Nubian Resources Ltd
is the lessee. One additional property has been leased out and one
sold, subject to certain payment conditions.
The transaction includes Excelsior Springs in Esmeralda County, Nevada
over which Nubian entered into a lease agreement with Timber Wolf
Minerals in August 2010, and subsequently concluded a 30/70 Joint
Venture agreement with Paradigm Minerals (USA) Corporation (a
wholly-owned subsidiary of Global Geoscience Ltd., a public company
listed on the Australian Securities Exchange) regarding exploration of
the property. Updated promising drill results were reported in
September 2011. With the acquisition of the Excelsior Springs property,
Nubian becomes the sole owner of any Net Smelter Royalty due on the
unpatented claims of Excelsior, and on the other properties in the
Timber Wolf Minerals portfolio.
The transaction price for 100% ownership of the 217 unpatented claims on
the nine properties is USD $260,000. USD $100,000 will be paid on
closing of the transaction and the remainder is payable in 36 monthly
installments of USD $ 4,618 per month, including interest at 2.5% per
Nubian has also arranged a placement of $130,000 in principal amount of
convertible notes with its directors and officers. The notes will have
a term of 2 years, bear interest at 10% per annum compounded and
payable annually, and be convertible at the option of the holder into
common shares at a price of $0.18 per share. The offering remains
subject to Exchange approval.
Nubian still has property interests in the DRC and Zambia and is in the
process of re‐organizing the interests. The company has 7.2 million
shares outstanding; net cash and receivables of approx. CAD $1.1
million, and a Board with extensive mining and geological expertise.
For further information, please visit Nubian's website www.nubianr.com.
CEO of Nubian, Larry Treadgold comments: "The acquisition of the Timber
Wolf properties adds significant value and potential to the Nubian
portfolio. We will continue to identify and evaluate additional
properties that will be of value to Nubian and at the same time enhance
the value of existing properties by a strategic exploration program".
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.
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