NUINSCONEWS
TSX
NWI
Vol. II, No. III
Fall Edition, October 2011
www.NUINSCO.ca
TSX
NWI
Chibougamau
Nuinsco & Ocean Partners Receive
Court Approval to Gain Ownership
of Chibougamau Mining Assets
Value recognition from suite of exploration/mining/processing
assets can now begin
Focused on
Exploration
To Our Shareholders
I hope you are enjoying our periodic newsletter.
It has only been fve months since the last edition,
and a lot has happened at Nuinsco since then but
little has changed in the world economies as the
markets continue to be confused and the global
economy suffers from lack of confdence. Since
May, gold has been all over the board. The price
climbed even higher, from $1,478.50 in May to
$1,895.00 on September 5, 2011. Three weeks
later we were down to $1,598.00, while most if
not all, the gold pundits were looking to break
$2,000 per ounce. Silver was no different. In mid-
May the price was $32.50 per ounce ($48.70 not
two weeks earlier). It rose to $43.49 in August in
preparation to drop to $28.16 in September.
Let’s not pick on precious metals. Base metals
and exchange rates are no less confused. Not to
worry, we are on the rise again as gold reached
$1,678.00 per ounce on October 14 and silver
rose to $31.82 per ounce. And the U.S. dollar is
strengthening.
Why so much confusion and uncertainty.
Could it be the way US government parties joined
together and presented a united front to resolve
the summer’s budget shortfall? Or, could it be
the pending default of EU members, or the recent
indication that European banks are severely
undercapitalized? Is an economic slowdown
inevitable in China? All this makes the turmoil in
the Middle East seem manageable.
continued on page 8
PLEASE SEE LETTER TO SHAREHOLDERS
Chibougamau, Quebec, Canada
- In early 2006, Nuinsco assisted in
restructuring Campbell Resources Limited (“Campbell”), a gold and copper
mining company with operations and exploration projects in Chibougamau.
C
E
O
N W I
In July 2010 Nuinsco, along with Ocean
Partners Holdings Limited (“Ocean Partners”),
both of which were secured creditors of Campbell,
acquired $24 million debt of Campbell they did not
previously own. As a result, the two companies
effectively gained control over the Chibougamau
mining camp in northern Quebec, one of Canada’s
major copper and gold regions.
Finally, in June 2011, the two partners
received a favourable decision from the Quebec
Superior Court to allow 50:50 joint ownership of
all exploration, mining and processing assets
located in and near Chibougamau and other assets
(the “Assets”) that were formerly owned by Les
Ressources Campbell Inc. and Ressources MSV
(2007) Inc. These assets are held in a new
company–C-Bay Minerals Inc.
“With this decision we can get on with the job
of realizing the value of this historic mining camp,”
said René Galipeau, Vice-Chairman and CEO.
“From the permitted mill and tailings facility, to
Contents
Chibougamau Assets
(Canada)
BASE METALS/GOLD
1
CEO’s Letter to Shareholders
1
MENA
(Egypt/Sudan/Turkey)
GOLD/BASE METALS
2
Egypt
(Bukari and Umm Samra)
GOLD
2
Sudan
(J. Tobrar)
GOLD
3
Turkey
(Berta, Elmalaan)
BASE METALS
4
Diabase Peninsula
(Canada)
URANIUM
4
Prairie Lake
(Canada)
RARE METALS
5
Strategic Investments
7
Corporate Information
8
Nuinsco at a Glance
8
the near-term copper production potential at the
partially-developed Corner Bay deposit, to the
exploration upside on virtually all the projects,
including past producers, this land package
has tremendous value which can now fnally be
understood and recognized by the market.”
Chibougamau’s Lake Dore Complex has a
prolifc production history. Since the 1950s the
16 separate Lake Dore Complex mines have
produced 47.6 million tons of ore containing
1.6 billion pounds of copper and 3.2 million ounces
of gold. The Assets, now 100%-owned by Nuinsco
and Ocean Partners, host eight of these past-
producing mines representing 78% of this total
past production. Additionally the Assets include
two development-stage properties, an operational
3,000 ton per day mill and a permitted tailings
facility.
continued on page 6
PLEASE SEE CHIBOUGAMAU ASSETS
•
Letter to Shareholders
•
•
Base Metals/Gold
•
CHIBOUGAMAU
CHAPAIS
COPPER
RAND MINE
CORNER BAY
DEPOSIT
N
KILOMETRES
0
25
QUEBEC
Quebec City
Chibougamau
Montreal
Existing Corner Bay surface infrastructure
Copper Rand Mill