Alexander Nubia secures an extension to the term of its exploration licenses from the Government of Egypt
Alexander Nubia secures an extension to the term of its exploration licenses from the Government of Egypt
Toronto, Ontario CANADA, April 23, 2013 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), is pleased to announce the approval by the Egyptian Mineral Resource Authority ("EMRA") to extend the term for the exploration phase on the Fatiri and Abu Marawat concessions.
Alexander Massoud, Chief Executive Officer of the Company, said, "We are pleased with the support shown by the Ministry of Petroleum and EMRA. The extension to the exploration term is an important aspect in providing the Company due time to properly evaluate and advance the Fatiri and Abu Marawat concessions. We believe that this encouraging decision reflects the Ministry of Petroleum's and EMRA's commitments to the development of Egypt's mineral resource sector."
He further commented, "The positive drill and trench results at the Hamama volcanogenic massive sulphide deposit confirm the potential for a significant VMS deposit within the Arabian-Nubian shield. Successful development of this deposit will require a commitment from all stakeholders during these challenging times; securing the additional term for exploration of the licenses is an important step towards achieving this objective."
The award of the term extension to the licenses was a result of the Company's force majeure application to EMRA. The force majeure application was submitted to EMRA based on delays associated with the political transition in Egypt, operating environment and global market conditions that impact the rate at which the Company is able to explore its two concessions.
About Alexander Nubia International Inc.
Alexander Nubia International Inc. is an established Canadian mineral exploration company that has been operating in Egypt since 2007. It is committed to identifying, focusing on and advancing gold and base-metal projects in the Eastern Desert of Egypt. The Company holds two exploration concessions in Egypt: Abu Marawat and Fatiri, which cover areas of 1,027 km2 and 1,745 km2, respectively. The Company is focused on exploration within the Abu Marawat Concession, which contains its two main properties, the Hamama volcanogenic massive sulphide ("VMS") deposit and the Abu Marawat mesothermal vein deposit, with an NI 43-101-compliant inferred gold-copper-rich resource.
The Hamama VMS deposit is located in the Arabian-Nubian Shield, which is known for the quality of its VMS deposits. Positive first-stage drill results at Hamama intersected high-grade semi-massive and massive sulphide mineralization, a broad zone of VMS gossan at-surface containing high-grade gold and silver (a "gold cap"), and an extensive mineralized footwall stringer and breccia zone.
The Company holds a highly prospective land package with an established history of mining dating back to the Pharaonic era, with three historical gold mines and four major prospects. The land package is enhanced by excellent and nearby infrastructure, which includes access to highway and railway, a high-capacity electricity grid, and nearby major cities: Qena, on the Nile River, and Port of Safaga, on the Red Sea.
For more information on Alexander Nubia please contact:
A. Alexander Massoud
President and Chief Executive Officer
Egypt: +2 (0) 22 287 6914
Email: amassoud@alexandernubia.com
General Information
Canada: +1 (604) 727-1813
Email: info@alexandernubia.com
Cautionary Note Regarding Forward-Looking Statements
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 news release. The securities of Alexander Nubia International Inc. described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this release as a PDF, please click on the following link:
http://www.usetdas.com/pr/alexandernubia04232013.pdf
Source: Alexander Nubia International Inc. (TSX.V - AAN) http://www.alexandernubia.com
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