Alexander Nubia International Inc. Updates Shares for Debt Settlements
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
FOR IMMEDIATE RELEASE
ALEXANDER NUBIA INTERNATIONAL INC. UPDATES SHARES FOR DEBT SETTLEMENTS
June 22, 2015 – Alexander Nubia International Inc. (the "Company") (TSX-‐V: AAN) announces that pursuant to the news releases dated April 2, 2015, May 22, 2015 and June 3, 2015, the TSX Venture Exchange (the "TSXV") has conditionally accepted the proposed exchange of 2,260,000 common shares (the "Shares") at a deemed price of $0.125 per share to settle accrued management fees of $282,500. The issuance of the Shares is subject to disinterested shareholder approval, which will be sought at the Company's annual and special meeting expected to be held on July 31, 2015. Further details will be included in the information circular to be mailed to shareholders on or about July 6, 2015.
The Company chose to settle this outstanding indebtedness through the issuance of the Shares in order to preserve its working capital for operations and the exploration activities outlined in connection with the closing of a $1,050,000 non-‐brokered private placement of the Company on March 5, 2015. All Shares issued will be subject to a four-‐month statutory hold period commencing on the date of issuance, expected to be in early August 2015, in accordance with applicable securities legislation.
About Alexander Nubia International Inc.:
Alexander Nubia (TSX-‐V: AAN) is in the business of exploring for and development of economic gold and copper deposits in the Central Eastern Desert of the ANS. The Company’s 100%-‐owned concessions, Abu Marawat and Fatiri, between them cover 2,772 km2 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) age, 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 mesothermal (orogenic), quartz-‐carbonate vein-‐type and is associated with major NNW and NE trending shear-‐zones. Alteration includes epidote (distal), carbonate
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(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 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 2,500m, mineralization widths of up to 100 m, has been drilled to 400 m and geophysics-‐projected depths of mineralization to 900 m.
Cautionary notes: The QP has been unable to verify the information reported for Hadal Awatib East and that the information is not necessarily indicative of the mineralization of the Company’s property. Mineral reserves and or resources present on other VMS properties does not imply that similar resources or mineralization will be identified on the Company’s properties.
The Company’s land package is located some 400 km southeast of Cairo and is enhanced by expanding infrastructure, including access to two four-‐lane highways, railway right-‐of-‐way, high-‐voltage power lines, and nearby major cities; Qena, on the Nile River, 70 km to the West, and the Port of Safaga, on the Red Sea, only 50 km to the East.
Qualifying Person:
The technical information contained in this News Release was prepared by Danae A. Voormeij, MSc, PGeo, Exploration Manager for Alexander Nubia Inc. Ms Voormeij is a qualified person under CIM’s National Instrument 43-‐101 Standards of Disclosure for Mineral Projects.
For more information on Alexander Nubia visit us at www.alexandernubia.com or please contact:
A. Alexander Massoud President and Chief Executive Officer Egypt: +2 (0) 22 287 6914 Email: [email protected]
Giles Baynham Director – Corporate Development Canada: + 1 (778) 806-‐5151 ext. 107 Email: [email protected]
General Information Canada: + 1 (778) 806-‐5151
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Email: [email protected]
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 the timing of the Company's annual and special meeting and the mailing of the circular in connection therewith, completion of the issuance of the Shares and estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company 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.