Alexander Nubia Completes Share Consolidation
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FOR IMMEDIATE RELEASE
ALEXANDER NUBIA COMPLETES SHARE CONSOLIDATION
March 13, 2015 -‐ Alexander Nubia International Inc. (TSX-‐V:AAN) (the "Corporation" or "Alexander Nubia") is pleased to announce that it has completed the previously announced consolidation of its share capital, on the basis of one (1) post-‐consolidation common share for every five (5) pre-‐ consolidation common shares (the "Consolidation"). Effective at the opening of trading on Monday, March 16, 2015, Alexander Nubia's common shares will commence trading on the TSX Venture Exchange on a consolidated basis.
The Corporation's common shares will continue to trade under the symbol AAN. The new CUSIP number for the consolidated common shares is 014679203. As a result of the Consolidation, the Corporation now has 37,849,227 common shares issued and outstanding.
Letters of transmittal describing the process by which registered shareholders exchange their existing share certificates for DRS statements (or share certificates if requested by the shareholder in accordance with the instructions contained in the DRS statements) representing the consolidated common shares will be mailed to registered shareholders. Registered shareholders may also obtain copies of the letter of transmittal by contacting the Corporation's transfer agent, Computershare Trust Company of Canada. Shareholders who hold their common shares through their broker or other intermediary and do not have actual share certificates registered in their name will not be required to complete and return a letter of transmittal.
The Consolidation was completed in conjunction with a non-‐brokered private placement of 42,000,000 units of the Corporation at a price of $0.025 per unit for aggregate gross proceeds of $1,050,000, which closed on March 5, 2015 (the "Offering").
Exploration Update and Use of Proceeds
The net proceeds from this Offering will be primarily used for exploration activities at the Abu Marawat and Fatiri Concessions including geophysics and detailed mapping, sampling and drilling to further development of the Hamama project, regional exploration and target generation as well as working capital purposes and corporate costs.
The majority of the funds are committed to exploration of the Corporation's projects in Egypt, as per the terms of the Offering. Details of the exploration work programme will be released in due course, including the start of drilling and initial target areas of the Hamama Project.
About Alexander Nubia International Inc.:
Alexander Nubia (TSX-‐V: AAN) is in the business of exploring for and developing of economic gold and copper deposits in the Central Eastern Desert of the Arabian-‐Nubian Shield (ANS). The Corporation's 100%-‐owned concessions, Abu Marawat and the Fatiri, combined cover 2,772 square kilometres of underexplored ground. Evidence of gold and copper mining on the concessions dates the many surface workings to pre-‐historic (Copper Age) and Old Kingdom (Pharaonic), through Ptolemaic and Roman and into Early Arab times. Several historic gold mines and numerous gold showings and gossans occur within the two concessions.
The Eastern Desert is host to a number of historically-‐significant gold mines. The world's oldest gold mine map for Wadi Hamad, the Turin Papyrus Map, was prepared for Ramesses IV; it dates to 1,160 BC and describes the wadi (dry river bed) routes to these important gold mine sites. The Sukari gold mine, controlled by Centamin [TSX: CEE] was a historical gold mine, dating back to New Kingdom/Ptolemaic and Roman age. (Source: Klemm and Klemm (2013): Gold and Gold Mining in Ancient Egypt and Nubia, Springer-‐Verlag, 649 pp) Sukari, located 300 km to the South of Abu Marawat Concession, contains 7.7 Moz of proven and probable gold reserves at 1.05 g/t Au. Gold production began at Sukari in 2009; forecasted production for 2015 is 420,000 ounces of gold at a cash cost of $700 per ounce. Gold recovery is 88% and head grade is 1.40 g/t Au. Gold mineralization at Sukari has been intersected to depths of 1,350 m below the wadi surface. (source: Centamin website)
Abu Marawat and the Fatiri concessions are underlain by a Proterozoic-‐aged Pan-‐African greenstone belt of the ANS, which has been intruded by at least two main ages of granodiorite intrusions. Gold-‐ sulphide mineralization is of the orogenic, quartz-‐carbonate vein-‐type and is associated with major NNW and NE trending shear-‐zones. Alteration includes epidote (distal), carbonate (intermediate) and sericite-‐ quartz (proximal). Similar geological settings include the greenstone belts of the Yilgarn of Western Australia, the Birimian of West Africa and the Abitibi in Quebec, Canada.
The Arabian-‐Nubian Shield (ANS) covers both sides of the Red Sea and includes parts of Egypt, Saudi Arabia, The Sudan, Eritrea and Ethiopia. Significant VMS deposits in the ANS include Barrick [TSX: ABX] and Ma'aden 50:50% JV of Jabal Sayid in Saudi Arabia, Nevsun [TSX: NSU] Bisha Main and Harena in Eritrea, La Mancha's Hassai and Hadal Awatib in the Sudan, and Sunridge [TSX: SGC] Emba Derho, Debarwa and Adi Nefas in Eritrea. An example of the size and grade of these deposits is La Mancha's Hadal Awatib East, which has 54.2 Mt of Indicated Resources in primary sulphide mineralization at grades of 1.0% Cu, 1.11 g/t Au and 0.8% Zn, and 13.25 Mt of Inferred Resources at 1.2% Cu, 1.0 g/t Au and 0.5% Zn and has a strike length of 2,500 m, mineralization widths of up to 100 m, has been drilled to 400 m and geophysics-‐projected depths of mineralization to 900 m. Cautionary note: Mineral reserves and or resources present on these VMS properties does not imply similar resources or mineralization will be identified on the Corporation's properties.
The Corporation's land package is located some 400 km southeast of Cairo and is enhanced by expanding infrastructure, including access to highway and railway right-‐of-‐way, a high-‐capacity electricity grid, and nearby major cities; Qena, on the Nile River, and Port of Safaga, on the Red Sea, only 50 km to the East.
For more information on Alexander Nubia visit www.alexandernubia.com or please contact:
A. Alexander Massoud President and Chief Executive Officer Egypt: +2 (0) 22 287 6914 Email: [email protected]
General Information Canada: +1 (604) 727-‐1813 Email: [email protected]
Qualifying Person(s):
The technical information contained in this News Release was prepared by Danae Voormeij, PGeol, Exploration Manager for Alexander Nubia Inc. Ms Voormeij is a qualified person under National Instrument 43-‐101 Standards of Disclosure for Mineral Projects.
Cautionary Note Regarding Forward-‐Looking Statements
The securities of Alexander Nubia International Inc. described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Some of the statements contained in this release are forward-‐looking statements, including statements regarding use of proceeds and statements or estimates that describe the Corporation's future plans, objectives or goals, including words to the effect that the Corporation or management expects a stated condition or result to occur. Since forward-‐looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.