Nuinsco and Victory Nickel Announce Guidance for Computation of the Shareholders Adjusted Cost Base for New Shares Issued Under Plan of Arrangement

Nuinsco and Victory Nickel Announce Guidance for Computation of the Shareholders Adjusted Cost Base for New Shares Issued Under Plan of Arrangement

Nuinsco Resources Limited and Victory Nickel Inc. announce their guidance regarding the computation of shareholders’ adjusted cost base for Canadian tax purposes in connection with the arrangement (the “Arrangement”) involving Nuinsco and Victory. Pursuant to the Arrangement, each shareholder of Nuinsco received one new common share (“New Nuinsco Common Share”) of Nuinsco and 0.75 of a common share (“Victory Nickel Common Share”) of Victory Nickel for each common share (“Old Nuinsco Common Share”) of Nuinsco held by such shareholder at the close of business on February 5, 2007. In order to compute the adjusted cost base for Canadian tax purposes of the New Nuinsco Common Shares and the Victory Nickel Common Shares received under the Arrangement, the Company recommends that shareholders should apportion the adjusted cost base of the Old Nuinsco Common Shares immediately before the Arrangement on the following basis: 58.8% allocated to the New Nuinsco Common Shares and 41.2% to the Victory Nickel Common Shares.

Pursuant to the Arrangement, Nuinsco’s interest in the Minago, Mel and Lac Rocher sulphide nickel projects, together with approximately $12,000,000 in cash was acquired by Victory Nickel. Nuinsco continues to hold a 25% interest in Victory Nickel; its non-nickel property interests, which include the Diabase Peninsula and Prairie Lake uranium properties and Cameron Lake gold deposit in Canada and the Berta copper-gold porphyry and Elmalaan copper-zinc properties in Turkey; its Campbell Resources Inc. (Campbell) investment including approximately 11% of the outstanding Campbell shares; and certain other assets, including approximately $8,000,000 in cash.

About Nuinsco Resources

Nuinsco is a growth-oriented, multi-commodity mineral exploration company focused on uranium, copper, zinc and gold in world-class mineralized belts in Canada and Turkey. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

About Victory Nickel

Victory Nickel Inc. is a Canadian pure-play nickel company with over 660 million pounds of in-situ nickel in National Instrument 43-101-compliant measured and indicated resources and an additional 530 million pounds of in-situ nickel in inferred resources in three sulphide nickel projects: Minago and Mel on the Thompson nickel belt from which in excess of four billion pounds of nickel has been produced, and the high-grade Lac Rocher deposit in northwestern Quebec. Created from the nickel assets of Nuinsco Resources (TSX: NWI), Victory Nickel is well financed and focused on becoming a producer by developing its existing properties and evaluating opportunities to expand its asset base. Victory Nickel shares trade on the Toronto Stock Exchange under the symbol Ni.

FORWARD-LOOKING STATEMENTS: This news release contains certain “forward-looking statements.” All statements, other than statements of historical fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper, nickel and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government authorities, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Contacts: Nuinsco Resources Limited Rene Galipeau or Sean Stokes (416) 626-0470 Email:


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