Nuinsco Provides Update on Status of Bridge Loanadmin
Nuinsco Resources Limited announced that it has advised its lender that the Company is not in a position to repay a bridge loan in the aggregate amount of US$5 million, on December 15, 2008. The bridge loan is secured by the Company’s shares in Victory Nickel. The Company and its lender are in discussions to extend the repayment date.
Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada and Turkey. In addition to its property holdings, Nuinsco owns approximately 15% of the outstanding common shares of Victory Nickel Inc., approximately 13% of the outstanding common shares of precious and base metals producer Gold Hawk Resources Inc. and a 50% interest in future cash flows from the Corner Bay copper project owned by Campbell Resources Ltd.. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.