Nubian Buys Back Royalty ON Esquilache Silver Project, PERU
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NUBIAN BUYS BACK ROYALTY ON ESQUILACHE SILVER PROJECT, PERU
Toronto, Ontario, October 12, 2022 – Nubian Resources Ltd. (TSX-V: NBR | OTCQB: NBRFF) (“Nubian” or
the “Company”) is pleased to announce that the Company has entered into a royalty transfer agreement
with Zinc One Resources Inc. (“Zinc One”) to purchase the 2 % net smelter returns royalty (the “NSR
Transfer Agreement”) on the Company’s Esquilache silver project located in southern Peru (the
“Esquilache Silver Project”). As consideration for the NSR Transfer Agreement, the Company has paid Zinc
One C$75,000 and has agreed to issue 500,000 common shares of the Company at a deemed value of
$0.095 per share, being C $47,500 in Nubian common shares calculated based on the closing price on
October 6, 2022, the date of receipt of conditional approval by the TSX Venture Exchange. The common
shares are subject to a four month and one day hold period in accordance with Canadian securities
legislation.
Martin Walter, President and CEO, of Nubian stated, “As we move forward with our development plans
at the Esquilache Silver Project, we are pleased to have removed this royalty to improve the economics.”
Other News
Nubian also announces that it has changed its auditors from Smythe LLP (" Former Auditor") to DeVisser
Gray LLP ("Successor Auditor" or "MGO"). At the request of the Company, the Former Auditor resigned
as the auditor of the Company and the board of directors of the Company appointed the Successor Auditor
as the Company's auditor in each case effective as of October 4, 2022.
There were no reservations or modified opinions in the Former Auditor's reports on the Company's
financial statements during the period that the Former Auditor acted as the Company's auditor. In
addition, there are no reportable events, including disagreements, consultations or unresolved issues as
defined in National Instrument 51 -102 – Continuous Disclosure Obligations (" NI 51-102") between the
Company and the Former Auditor.
In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the
Former Auditor and the Successor Auditor, have been reviewed by the board of directors of the Company
and filed on SEDAR.
ABOUT NUBIAN RESOURCES
Nubian is a publicly traded precious and base metals exploration company managed by a team of
experienced mining and geological professionals. Nubian’s projects are focused in key mining jurisdictions
in central Victoria and Tasmania, Australia and Peru.
For further information, please contact:
Martin Walter, President and CEO, Nubian Resources Ltd., at +1-416-389-5692 or [email protected]
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this press release constitute forward -looking information. These
statements relate to future events or future performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify forward -looking information and are based
on Nubian’s current belief or assumptions as to the outcome and timing of such future events. Actua l
future results may differ materially. Although such statements are based on reasonable assumptions of
Nubian’s management, there can be no assurance that any conclusions or forecasts will prove to be
accurate.
Forward looking information involves know n and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the forward -looking information. Su ch
factors include risks inherent in the exploration and development of mineral deposits, including risks
relating to changes in parameters of the Projects as plans continue to be redefined, risks relating to
variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand
for and supply of minerals, risks related to the COVID-19 pandemic and current global financial conditions,
increased competition, access and supply risks, reliance on key personnel, operational risks, regulatory
risks, including risks relating to licenses and permits, financing, capitalization and liquidity risks and title
and environmental risks.
The forward-looking information contained in this release is made as of the date hereof, and Nubian is
not obligated to update or revise any forward -looking information, whether as a result of new
information, future events or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking
information contained herein.