Nubian to Option Excelsior Springs PropertyBy Nubian Resources Inc., PRNE
Sunday, March 27, 2011
ABBOTSFORD, British Columbia, March 28, 2011 - Nubian Resources Ltd (TSXV: NBR) is pleased to announce that it has
signed a definitive agreement with Paradigm Minerals USA Corporation, a
wholly owned subsidiary company of Global Geoscience Ltd, a public company
listed on the Australian Securities Exchange (ASX: GSC), for the option to
earn a 70% interest in the Excelsior Springs Gold property in Esmeralda
County, Nevada. Nubian presently has a 100% lease on the property.
1. To earn a 70% interest Paradigm will be required to pay Nubian $100,000 USD cash and spend $3 Million USD on exploration over four years. Paradigm will solely fund and manage all exploration and property related costs on the property during the option phase.
The minimum exploration expenditure commitment required in the first year
is $150,000 USD and assuming results are satisfactory an additional amount of
$350,000 USD must be spent on exploration by July 31, 2012 a further $500,000
USD by December 31, 2013 and a further $2 Million USD by December 31, 2014 to
earn a 70% interest in the property. Nubian to receive $50,000 USD upon
signing and a further $50,000 USD once Paradigm exercises its option interest
in the property.
About the Excelsior Springs Property
The Excelsior Springs Gold Prospect, including the Buster Mine, is
located in westcentral Esmeralda County, Nevada approximately 50 miles WSW of
the Goldfield District which has a past production of +10 Million ounces
gold, The Tonopah District, with a past production of 2 Million ounces gold
and 100 Million ounces silver, lies approximately 65 miles to the northeast.
The property lies within the Walker Lane, a zone of regional-scale,
northwest-trending, strike-slip faulting, which hosts a significant number of
precious metal deposits. The Buster mine, the main past producing mine
located on the patented claims, has past production estimated at 18,000 tons
at 1.2 opt gold. The workings are still accessible through the Buster Shaft
which is 235 ft. deep.
In the past, a number of exploration companies have conducted drilling
programs on the property, and the results have begun to define an extensive
zone of gold mineralization. Drilling around the Buster and Upper shafts has
outlined the Buster mineralized zone approximately 1,000 feet-long and 200
The NI 43-101 report on Excelsior concludes that "based on the results of
previous drilling programs, the Excelsior Springs property should be
considered an advanced-stage exploration project having significant potential
to host one or more open-pittable gold deposits."
Ken Brook, B.Sc, M.Sc, RPG. a qualified person (QP) as defined by
National Instrument 43-101, supervised the preparation of the technical
information in this news release.
Signed "Graham Chisholm" Graham Chisholm President & CEO
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.
Graham Chisholm email@example.com Jeannette Durand firstname.lastname@example.org Office: +1-604-859-3007; Cell: +1-604-302-0746 Web Page: www.nubianr.com
Graham Chisholm graham at nubianr.com, Jeannette Durand jeannette at nubianr.com, Office: +1-604-859-3007; Cell: +1-604-302-0746
Tags: Abbotsford, British columbia, March 28, Nubian Resources Inc.