Nebu Quadruples Land Position at North Denton
25 November 2009 - 4:11AM
Marketwired
Nebu Resources Inc. (the "Company") (TSX VENTURE: NBU) is pleased
to announce the acquisition of a strategic land position adjacent
to the Denton North Property where the Company's exploration
program is presently ongoing. The new property is contiguous to the
north and west of the area being drill tested by Nebu and is
adjacent to properties held by Lakeshore Gold Inc. (formerly West
Timmins Mining Inc. property prior to the recent merger) and
Melkior Resources Inc.
The Denton North Project borders the north part of the Lakeshore
Gold Inc. land position approximately 35 km west of the main part
of the prolific Timmins, Ontario gold camp.
The new property (to be known as the "North Denton Extension"),
consists of 28 unpatented mining claim units covering an area of
some 1120 acres underlain by a geological environment thought to be
favorable for the discovery of gold mineralization in environments
similar to those being evaluated by the Company and also by its
neighbors, Lakeshore Gold Inc. and Melkior Resources Inc.
There is no record of any significant exploration work having
been undertaken on the area of the new acquisition, and the Company
plans to commence exploration activities on the property
immediately.
Nebu has the right to earn up to a 100% interest in the claims
to which this release pertains by making payments totaling $200,000
and issuing 680,000 shares to the vendors by the third anniversary
of the agreement. The vendors will retain a net smelter royalty of
2%, 50% of which may be purchased by the Company for
$1,000,000.
Recent drilling on the North Denton property reported in a
release dated November 12, 2009, included assay values of up to
8.45 g/t gold over a 5.9 metre (19.3 foot) interval in a quartz
sulphide vein zone in volcanic terrain.
In addition, the Company reported gold mineralization at the
contact of, and within a felsic intrusive rock type, that assayed
assayed up to 17.12 g/t gold over 1.1 metres, averaging 5.96 g/t
gold over 4.0 metres. That felsic intrusive body and a part of the
favorable contact continues on to the newly acquired property.
The Company continues to await additional assay results for
drill hole DE-09-4 that contained sightings of visible gold (Press
Release Nov 12/09) and expects to be in a position to release
additional drill results by the end of the month.
Brian Murray, President and CEO commented, "This property
addition fits with our goal to become a key player in the West
Timmins Camp. We know that investors are looking for high quality
junior companies who have the ability to provide them with
exceptional gains. We will continue to use our expertise in the
area to secure key ground and to effectively explore the properties
for the benefit of our shareholders."
OTHER NEWS - In additional news, the Company is pleased to
announced it has engaged Contact Financial, based in Vancouver, to
develop and execute a comprehensive marketing and investor
communications plan ("Fast Focus") to help raise awareness in
conjunction with the existing communications strategy designed and
run by Current Market Communications based in Toronto, over a
4-month renewable term, subject to TSX Venture Exchange
approval.
Contact Financial is a Vancouver-based strategic marketing and
communication firm that will increase Nebu's exposure to industry
stakeholders and investors. Contact Financial will be responsible
for providing advice to the company with respect to corporate
development, producing and distributing effective marketing
communication tools, and increasing investor awareness.
Under the renewable agreement, Contact Financial will receive a
fee of $24,000 for an initial term of four months and $6,000 per
month, on a month-to-month basis, following. Contact Financial will
further receive 225,000 incentive stock options with an exercise
price to be determined during the month of December 2009.
Bruce Durham, P. Eng., is the qualified person under the
definitions established by National Instrument # 43-101 and is the
person responsible for the technical content of this release.
Nebu Resources Inc. is a junior exploration company focused on
gold exploration in Ontario, Canada, in 3 specific and distinct
areas: West Timmins, Quest Lake in the Thunder Bay mining district
and Burntbush, Ontario, exploring the Ontario extension of the Casa
Berardi Deformation Zone. Nebu's shares are listed for trading on
the TSX Venture Exchange under the symbol NBU.V. Nebu currently has
47,041,063 common shares issued and outstanding.
Visit our website at www.neburesources.com.
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 the contents of this release.
Contacts: Nebu Resources Inc. R. Brian Murray (416) 985-7810
Nebu Resources Inc. John V. Hickey (416) 903-6649 CMC Clark Kent
(647) 519-2646 Contact Financial Keir Reynolds (604) 689-7422
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