ABBOTSFORD, BC, March 28 /PRNewswire/ - Nubian Resources Ltd (TSXV: NBR) is pleased to announce that it has signed a definitive agreement with Paradigm Minerals USA Corporation, a wholly owned subsidiary company of Global Geoscience Ltd, a public company listed on the Australian Securities Exchange (ASX: GSC), for the option to earn a 70% interest in the Excelsior Springs Gold property in Esmeralda County, Nevada. Nubian presently has a 100% lease on the property.
- To earn a 70% interest Paradigm will be required to pay Nubian $100,000 USD cash and spend $3 Million USD on exploration over four years. Paradigm will solely fund and manage all exploration and property related costs on the property during the option phase.
The minimum exploration expenditure commitment required in the first year is $150,000 USD and assuming results are satisfactory an additional amount of $350,000 USD must be spent on exploration by July 31, 2012 a further $500,000 USD by December 31, 2013 and a further $2 Million USD by December 31, 2014 to earn a 70% interest in the property. Nubian to receive $50,000 USD upon signing and a further $50,000 USD once Paradigm exercises its option interest in the property.
About the Excelsior Springs Property
The Excelsior Springs Gold Prospect, including the Buster Mine, is located in westcentral Esmeralda County, Nevada approximately 50 miles WSW of the Goldfield District which has a past production of +10 Million ounces gold, The Tonopah District, with a past production of 2 Million ounces gold and 100 Million ounces silver, lies approximately 65 miles to the northeast.
The property lies within the Walker Lane, a zone of regional-scale, northwest-trending, strike-slip faulting, which hosts a significant number of precious metal deposits. The Buster mine, the main past producing mine located on the patented claims, has past production estimated at 18,000 tons at 1.2 opt gold. The workings are still accessible through the Buster Shaft which is 235 ft. deep.
In the past, a number of exploration companies have conducted drilling programs on the property, and the results have begun to define an extensive zone of gold mineralization. Drilling around the Buster and Upper shafts has outlined the Buster mineralized zone approximately 1,000 feet-long and 200 feet-wide.
The NI 43-101 report on Excelsior concludes that "based on the results of previous drilling programs, the Excelsior Springs property should be considered an advanced-stage exploration project having significant potential to host one or more open-pittable gold deposits."
Ken Brook, B.Sc, M.Sc, RPG. a qualified person (QP) as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
Signed "Graham Chisholm"
President & CEO
This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company.
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 release.
SOURCE Nubian Resources Ltd.