Nuinsco, in conjunction with Quartz Core Company (Egypt), participated in Egypt’s 2009 International Bid Round for gold properties. In 2010, Nuinsco (through its Egyptian subsidiary Z-Gold) was granted two gold concession areas, however political events in Egypt and the Middle East North Africa (“MENA”) region led the Company to decide not to pursue the receipt of full tenure on these properties in early 2012
The Company continues to believe in the potential of Egypt’s mineral resources and will consider participating in future bidding for concessions in Egypt, assuming that stability returns to the area. The Company maintains its presence in Egypt and the MENA region through Z-Gold. Given the political issues impacting the region, Nuinsco’s previously announced plan to spin off NuMENA Minerals Corp. (“NuMENA”) as a public vehicle focused on projects in the MENA region have been put on hold pending a return of investor confidence to the MENA region.