Nagambie Resources Ltd V.NAG

Primary Symbol: NGMBF

Metals & Mining Gold

Nagambie Resources Limited is an Australia-based natural resources exploration company. The principal activities of the Company include exploration for, and development of, gold, associated minerals including antimony, and construction materials in Australia, and the investigation and development of waste handling assets. The Company is focused on targeting epitherm alantimony-gold mineralized systems across 3,200 square kilometers of tenements in the Waranga Domain of the Melbourne Structural Zone, in Victoria, Australia. The Company's flagship project is the Antimony-Gold Project, which sits in proximity to the gold-antimony mines at Fosterville (Agnico Eagle) and Costerfield (Mandalay Resources). The Antimony-Gold Project is located at the 100% owned Nagambie Mine. Its Whroo Goldfields project is located approximately 130 kilometers (km) north of Melbourne. It also holds interest in Whroo Project, PASS Project, and Sand Project.

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Nagambie Resources Ltd

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Post by Clemmie70on May 31, 2008 9:23am

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Post# 15130405

Press coverage

The StarPhoenix

Published: Saturday, May 31, 2008

Thebuzz created by finding what appears to be a large seam of thermal coalin eastern Saskatchewan has created some market traction for aSaskatoon junior exploration company.

Peoplewho have invested in Wescan Goldfields Inc. (WGF on the TSX Venture)have seen their shares quadruple in value in the past month after thecompany announced it was seeking a land position 50 kilometresnortheast of the town of Hudson Bay, where Goldsource Mines Inc. ofVancouver created a national stir by finding bituminous coal afterdrilling holes in what it believed might be a kimberlite deposit.

Whilethe Vancouver-based Goldsource saw its stock jump 2,100 per cent sinceits announcement, Wescan has not stood still either, seeing its stockrise from below 20 cents a share to around 80 cents.

Earlierthis week, Wescan was provided with a "letter of comfort" fromSaskatchewan Energy and Resources, stating the majority of the coalpermit applications made on behalf of Wescan are "first in line" andwill be given priority. Wescan states the land mass of those priorityclaims totals 2,300 square kilometres, with some of that land partiallysurrounding the Goldsource land.

Inthe past month, the discovery of high-grade thermal coal in easternSaskatchewan has twice been on the front page of The Northern Miner,the national weekly newspaper that covers Canada's mining companies.

Allof the activity so far is based on Goldsource's reporting of coresamples from two holes drilled this winter that showed a coal seam atleast 25 metres thick, the equivalent depth of a seven-storey building.

Priorto getting interested this spring in the coal play, Wescan Goldfieldshad exploration projects in both gold and uranium in northernSaskatchewan. Its Jojay gold project is in the La Ronge gold belt.

Mostof Wescan's mineral properties were spun off a portfolio of goldproperties that were owned by Shore Gold Inc. when that company movedfour years ago to concentrate on its Fort a la Corne diamond play.