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NUINSCONEWS
TSX
NWI
Vol. III, No. I
Annual Report Edition, May 2012
www.NUINSCO.ca
TSX
NWI
Restructuring
of Chibougamau
Mining Assets
Underway
Industry veteran Horst hired to lead CBay Minerals, fall public listing targeted
Exciting
Times Ahead
To our Shareholders
2011 was a fascinating year with many ups
and downs that have altered the face of the
Company in the near-term. At the start of the
year we put a lot of effort into our initiatives
in the Middle East North Africa (“MENA”)
region, particularly in Egypt; by year end
and into 2012, we had secured control of
the Chibougamau copper/gold assets and
our focus had turned to taking definitive
steps to move them forward and also to get
aggressive on our other Canadian projects.
Despite the revolution underway in Egypt
which has led to the current lack of political
direction and leadership, we continued to
evaluate and explore the Bukari and Umm
Samra projects in the Eastern Desert early in
2011, and with very encouraging results. This
work was fueled along the way by successes
in advancing the process of receiving full
tenure to the properties. We believed we were
on track to receive full tenure to Bukari and
Umm Samra, and were committed to the plan
of spinning off NuMENA Minerals Corp. as a
separate public company. To this end, we also
optioned a gold project in Sudan, within the
same geological domain as that underlying
the Eastern Desert.
continued on page 8
PLEASE SEE
LETTER TO SHAREHOLDERS
Chibougamau, Quebec
- The Chibougamau mining camp in northwestern
Quebec is one of Canada’s premier copper and gold producing regions. Nuinsco
and its 50% partner Ocean Partners Holdings Limited (“Ocean Partners”) are
fortunate to control a dominant asset position in this prominent camp, and
are rapidly moving forward to give these valuable assets the recognition
they deserve with a separate public listing in the fall of 2012.
C
E
O
N W I
“CBay Minerals Inc. (“CBay”) was created
by Nuinsco and Ocean Partners as a focused
company mandated to realize the significant value
of the exploration, mining and processing assets in
Chibougamau that were acquired last year,” said
René Galipeau, Vice-Chairman and CEO of Nuinsco
and Chairman of CBay. “Our goal is to list CBay on
the TSX later this year. It’s important to understand
that we are not selling the Chibougamau assets.
We are structuring them to extract the highest
value for our shareholders by getting market
recognition of that value through CBay. As a
major shareholder in CBay, the value of CBay as
a standalone public company will be reflected in
Nuinsco’s share price and help minimize dilution
when funding Nuinsco’s other exploration projects
in the future.”
To help achieve this goal, CBay took a
significant step forward earlier this year with the
hiring of Roland Horst as its Chief Executive Officer.
www.nuinsco.ca
Contents
Chibougamau Assets
(Canada)
COPPER/GOLD
1
CEO’s Letter to Shareholders
1
Nuinsco at a Glance
2
Chibougamau Assets
(Canada)
COPPER/GOLD
4
In Conversation With…Roland Horst
5
MENA Region
5
Prairie Lake Project
(Canada)
PHOSPHORUS/RARE METALS
6
Diabase Peninsula
(Canada)
URANIUM
7
Berta
(Turkey)
COPPER/GOLD
7
Corporate Information
8
Mr. Horst has over 35 years of mining industry
experience as a private and public company chief
executive officer, investment banker, corporate
banker and geologist.
The CBay assets incorporate eight past-
producing mines representing 75% of total copper
and gold production from the Lac Doré Complex
in northern Quebec. The Lac Doré Complex has
produced 47.6 million tons of ore containing 1.6
billion pounds of copper and 3.2 million ounces
of gold. In addition, the CBay assets include
development-stage properties like the ramp
acccessible, high-grade Corner Bay copper
deposit, an operational 3,000 ton per day mill and
permitted tailings facility and numerous exploration
properties throughout the Chibougamau mining
camp.
continued on page 4
PLEASE SEE
chibougamau
•
Letter to Shareholders
•
•
Copper/Gold
•