TORONTO, May 4, 2015 (GLOBE NEWSWIRE) -- Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today announced the appointment of Mr. Kyle Appleby, CA, CPA as Chief Financial Officer of the Company. Mr. Appleby brings considerable financial experience to the Company and serves as the Chief Financial Officer of a number of TSX-V, OTC, AIM and CSE-listed companies in addition to Nuinsco.
An initiative being undertaken by the Company as a means to preserve its cash and property assets is the termination of personnel commencing June 29, 2015, except for Mr. Paul Jones, Chief Executive Officer. Mr. Jones will continue with the Company in that capacity and oversee administration, maintenance of exploration projects and the ongoing initiatives to advance them. After 29 June, the Company will engage personnel on a consultancy basis as needed in order to continue to manage its affairs and obligations. The Company intends to remain at its corporate office and maintain website, telephones and email communication with shareholders.
In a further effort to reduce costs in the immediate future the Company has also applied for the voluntary delisting of its common shares from the Toronto Stock Exchange ("TSX"). It is expected that the common shares will be delisted from the TSX at the close of trading on or about 11 May, 2015. The common shares are listed for trading exclusively on the TSX; the Company is not seeking an alternative listing at the present time, however, as noted above, the Board of Directors and CEO will continue to manage the Company's assets on behalf of shareholders.
About Nuinsco Resources Limited
Nuinsco is a multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares and a participating interest in cash flow from Victory Nickel Inc. (TSX:NI), and a 7.5% interest in CBay Minerals Inc. (7.5% Nuinsco, 92.5% Ocean Partners Investments Limited), a private company that is a dominant player in Quebec's Chibougamau mining camp with assets including a permitted mill and tailings facility, eight past-producing copper/gold mines, three potential near-term copper producers and a 96,000 acre land position.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.