Nuinsco Resources Limited Announces Sale of Remaining Interest in CBay Resources
Nuinsco Resources Limited Announces Sale of Remaining Interest in CBay Resources
Toronto, Ontario (FSCwire) - Nuinsco Resources Limited (“Nuinsco” or “the Company”) today announced that it has sold its 7.5% interest in CBay Minerals Inc. (“CBay”) or total consideration of $400,000 to the sole other CBay shareholder Ocean Partners Investment Limited.
Management intends to use the proceeds from the sale of the Company’s CBay shares principally to acquire new mineral exploration properties and to facilitate the relisting of the Company’s shares on a Canadian stock exchange as soon as possible.
“While we consider the Chibougamau mining camp to be prospective for exploration and development we believe greater value can be generated for Nuinsco shareholders through the exploration of newly-identified projects and the re-listing of the Company’s shares,” said Paul Jones, CEO. “This transaction puts us on the road to achieving these goals.”
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on exploration for a variety of commodities in mineralized belts in Ontario and Saskatchewan.
Nuinsco Resources
Paul Jones, Sean Stokes
Phone: 416.626.0470
Fax: 416.626.0890
Email: admin@nuinsco.ca
Please visit the Company’s website at www.nuinsco.ca.