Nuinsco Acquires Gold Project in Lake of the Woods Region

Tuesday, Mar 09, 2010

Nuinsco Resources Limited (www.nuinsco.ca) today announced it has optioned a claim package, collectively referred to as the Olympian Project, that hosts numerous previously identified gold occurrences. The project area lies 5 km northeast along strike from the Kenora region's most significant past producer, the Wendigo Mine.

"Adding the Olympian Project to our portfolio allows Nuinsco to draw upon its considerable experience in the Lake of the Woods region having already made two significant gold discoveries there: the Cameron Lake Deposit near Sioux Narrows in 1983 and the Rainy River 17 Zone near Emo in 1995," said Paul Jones, President. "We intend to begin a work program immediately, quickly leading to diamond drilling."

The Olympian Project is easily accessible by gravel road from paved Highway 71 about 28 km southeast of Kenora. Mineralization consists of a series of gold, silver and copper-bearing veins traced for up to 800 metres and hosted by mafic metavolcanic rocks. A number of reports are available which show multi-gram gold grades from these veins. The past producing, geologically similar Wendigo Mine produced 67,423 oz gold, 14,762 oz silver, and 1.886 million lb copper. The average gold grade of ore milled was 0.33 oz/ton (as reported in Ontario Geological Survey files).

The Olympian Project consists of 18 mining claims and three patented mining claims totalling 14.05 km2 extending approximately 7km between Hwy 71 and Witch Bay on Lake of the Woods. The claims were assembled through four option agreements with local individuals. Each option agreement consists of cash and shares, and gives Nuinsco the option to acquire a 100% interest. Each of the option agreements relating to the Olympian Project is subject to approval by the Toronto Stock Exchange.

To view Nuinsco Resources' Olympian Project Claim Map, please visit the following link: http://media3.marketwire.com/docs/Nuinsco%20Options%20Olympian%20Project%20FINAL%20-%20map.pdf

About Nuinsco Resources

Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration in world-class mineralized belts in Canada, Turkey and Egypt. In addition to its property holdings, Nuinsco owns approximately 9% of the outstanding common shares of Gold Hawk Resources Inc. (TSX VENTURE:GHK) and approximately 2% of the outstanding common shares of Victory Nickel Inc. (TSX:NI). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

Please visit the Company's website at www.nuinsco.ca.
Any historic exploration and drill results quoted herein were reported by previous operators and pre-date NI 43-101. The Company has not completed the work necessary to verify the historic results. As such, the Company is neither treating the historic results as NI 43-101 compliant nor as verified by a qualified person. The historic results should not be relied upon. This property requires considerable further evaluation which Nuinsco's management and consultants intend to carry out in due course.

Source: Marketwire