Nuinsco’s Strategy for Growth

Gold

Cameron Lake Project, Ontario: Located near Kenora in northwestern Ontario, Cameron Lake hosts a NI 43-101-compliant M&I gold resource of 748,000 tonnes grading 6.47 g/t and an inferred resource of 1,819,000 tonnes grading 4.99 g/t. Approximately $24 million was spent in the 1980s by a former partner of Nuinsco to develop the mine to the 865 foot level, and drilling has demonstrated that gold mineralization extends to greater than 700 metres. Nuinsco is reviewing options with regard to processing gold mineralized rock that is currently stockpiled at Cameron Lake. Approximately 14,000 tonnes of material was collected from numerous levels of the mine and crushed as part of a sampling program conducted in 1988 to produce representative samples for assay. Analysis by Lakefield Research at that time (now SGS Lakefield Research Limited) returned an average gold grade of 4.46 g/t (as this information pre-dates National Instrument 43-101, it cannot be determined at this time whether it would comply with National Instrument 43-101). This crushed material, and an additional amount of uncrushed development muck from mineralized zones within the deposit, is currently stockpiled on surface and available for processing.
Using a gold price (US$991.70/oz) and exchange rate (1.25) as of February 23, 2009 and the 4.46 g/t average grade gives an in-situ value to the 14,000 tonnes of crushed rock of Cdn$2,500,000 (no value is ascribed here to the uncrushed material). Previous metallurgical testing indicates good gold recovery using conventional processing. Not only does this program provide the potential for significant revenue from gold sales, but it will also provide valuable information on metallurgy and recoveries that will be helpful with future development of Cameron Lake.
Nuinsco continues to evaluate the potential for Cameron Lake to become the cornerstone of a strategy to create a pure-play gold company that could act as the consolidator of gold deposits in the Kenora region.  No timetable has been established to complete a spin-off transaction, however, activities to advance the process are ongoing, including the above-noted processing program; completing hydro-geological, environmental and socio-economic studies; consultation with the First Nations; and securing the required permits to dewater the underground mine workings. As well, Nuinsco has engaged a contractor to clean up its 700 tpd gold mill, which is currently located in Quebec, in order to recover any gold remaining in the circuit and has also identified a group to dismantle the mill and move it from its current location to the Cameron Lake Mine site if considered appropriate.

Uranium

Diabase Peninsula Property, Saskatchewan 82% interest
Nuinsco’s Diabase Peninsula uranium project is located 150 km NW of La Ronge, Saskatchewan, on the Athabasca Basin- the region that hosts the world’s largest and richest uranium mines. The 21,900 ha property is a joint venture with Trend Mining Company of Denver. Nuinsco drilling has returned anomalous uranium levels as well as key indicator minerals associated with uranium deposits in the Basin which, combined with past drilling and other studies, points toward the local presence of unconformity-style mineralization. Based on these results, Nuinsco has been named as a leader in the race to find the next uranium “Super Deposit” in the Athabasca Basin at Diabase.

Prairie Lake Property, Ontario-100% interest
Prairie Lake is located near Marathon, Ontario, and hosts a near-surface historic (non-NI-43-101-compliant) uranium resource of over 180,000 t grading 0.09% U3O8 (and 0.25% niobium) identified in exploration dating from the mid-1960s. All holes in a 2007 drill program returned uranium values, and confirmed the abundance of a suite of minerals of economic interest including niobium, tantalum, phosphorous and rare earth elements. Assays are pending from a 10-hole drill program in 2008.

Marijane and Huston Lakes
Nuinsco has an agreement with Temex to acquire a 50% interest in 87 mining claims covering 52,604 acres straddling the Ontario-Manitoba border NW of Kenora. The claims cover the largest and strongest uranium radiometric anomaly in the region with a strike length of approximately 45 km. Previous work has identified uranium mineralization including drill intersections of 1.80% U3O8 over 0.60 m, 0.38% U3O8 over 1.5 m and 0.065% U3O8 over 4.6 m.
Surface exploration by Temex has returned the following results:

Additional drilling to follow up on these results is contemplated.

COPPER–GOLD-ZINC
Copper-Gold - Berta Property, Turkey
Nuinsco has an agreement to acquire 100% of the Berta copper porphyry project in NE Turkey from Xstrata Copper. 2007 drilling intersected a significant, continuous domain of strong sulphide mineralization. Copper, gold, silver and zinc values occur over the entire 771.5 m length of hole SD-07-08 which ended in mineralization. The results in this spectacularly mineralized hole highlight the tremendous potential of the essentially unexplored Berta property. These have been followed up by further positive drill results in 2008, including 459 m of continuous copper-gold mineralization starting from only four metres below surface and grades of up to 5.07% copper over 4.5 m. 

Copper-Zinc - Elmalaan Property, Turkey-100% interest
This 947-ha property is located six kilometers south of the Black Sea coast and is easily accessible year-round. Previous work identified massive sulphides in outcrop and locally-derived boulders that graded up to 30.38% Cu and 56.30% Zn, and recent drilling intersected both massive and stringer sulphide, including 2.43% Zn, 0.50 g/t Au and 31.07 g/t Ag over 10.10 m and grading up to 10.1% Zn over 1.0 m.

Victory Nickel
Nuinsco spun off its Minago, Mel and Lac Rocher nickel projects to create Victory Nickel Inc. (TSX:Ni). The subsequent acquisition of Independent Nickel Corp. added the Lynn Lake nickel mine in Lynn Lake , Manitoba. Nuinsco holds an approximate 15% equity interest in Victory Nickel, which has over 900 million pounds of in-situ nickel in NI43-101 resources.

Minago Project
Victory Nickel’s l00%-owned Minago project is located on the Thompson Nickel Belt in Manitoba, and is one of Canada’s largest undeveloped nickel deposits with a measured and indicated sulphide nickel resource of 44  million tonnes grading 0.52% nickel (measured: 11.1 million tonnes grading 0.56% Ni; indicated: 43 million tonnes grading 0.51% Ni).
The Minago deposit remains open at depth, and diamond drilling and geophysics completed to date continue to indicate significant potential to upgrade and increase resources. A definitive feasibility study is scheduled for completion in the first quarter of 2009.

In addition to nickel and other metal byproducts, the PEA completed in 2006 identified the presence of hydraulic or fracturing (“frac”) sand, a material used to enhance recoveries in the oil and gas industry. Raymond James has been engaged to assist in monetizing this valuable resource which overlies the proposed open pit nickel resource and needs to be removed as part of pre-stripping the nickel deposit.

Mel Project
The Mel project is located just north of Thompson, Manitoba. It is a large property, approximately 25 km east-west by about 6 km north-south.

Victory Nickel has fully funded sufficient expenditures to earn a 100% ownership interest in this project subject to a Vale Inco Limited back-in agreement. Mel has 4.3 million tonnes of indicated resources grading 0.88% nickel, and offers significant exploration upside as well as near-term production potential.

Victory Nickel continues its discussions regarding Vale Inco’s intentions with respect to its 51% back-in right. A Vale Inco decision is expected early in 2009, and at that point Victory Nickel will determine the appropriate next steps in its development strategy.

Lynn Lake
The Lynn Lake sulphide nickel deposit is located in northern Manitoba. The Lynn Lake mine was operated by Sherritt-Gordon from 1953 to 1976. During its 23 years of operation, the mine produced over 20 million tonnes of Ni-Cu ore at a grade of 1.02% Ni and 0.54% Cu, making it the 3rd largest nickel producer in North America. A prefeasibility study dated Dec. 2007 gives the project a net present value of $131 million at an 8% discount rate, and a bioleach option that could enhance returns has been evaluated.

Lac Rocher
Located 140 km NE of Matagami in northwestern Quebec, the Lac Rocher project has measured and indicated resources of 1,190,288 tonnes grading 0.91% nickel (measured: 849,249 tonnes grading 1.05% Ni, indicated: 341,039 tonnes grading 0.64% Ni), at a 0.5% nickel cutoff, for approximately 25 million pounds of in-situ nickel located between surface and 125 vertical metres. Mineralization is open to the SW.

A preliminary economic assessment indicating that the project requires higher metal prices given the current size of the resource. The Company will continue the process to obtain the required permits, complete the access road improvements and do further geological work to be in a position to commence mining when metal prices reach the required levels.

Strategic Investments

Gold Hawk Resources Inc.
Nuinsco owns an approximate 13% interest in Gold Hawk Resources Inc. (TSX-V:CGK), a Vancouver, Canada-based precious and base metals producer with reserves and resources containing gold, silver, lead, zinc and copper. Gold Hawk and its subsidiary Compania Minera San Juan (Peru) S.A. are operated by an experienced management team with a history of success in the global mining industry. Since the acquisition of the wholly owned Coricancha mine in Peru in March 2006, the mine and processing plant have been refurbished and commercial production status was achieved on October 1, 2007. The rated capacity of the processing plant is approximately 600 tonnes of ore per day.
For additional information, please visit http://www.goldhawkresources.com/en/index.php

Campbell Resources Inc.
Campbell Resources is a mining company that concentrates on the development and exploitation of mining properties in the Chibougamau region of Quebec. Nuinsco owns an approximate 10% equity interest in Campbell, in addition to a royalty and a 50% interest in future cash flows from the Corner Bay copper mine. At a 3% Cu cut-off, Corner Bay has measured and indicated resources of 446,000 tonnes averaging 5.58% Cu (181,000 @ 5.07% Cu measured and 265,000 @ 5.93% Cu indicated); inferred resources total 1,441,000 tonnes averaging 6.76% Cu (Ref.: GEOSTAT Technical Report, July 2006, available on SEDAR at www.sedar.com). Campbell requires additional financing to complete development at Corner Bay. For additional information, please visit http://www.ressourcescampbell.com/index.php