Nuinsco Serves Legal Notice of Dispute with the Egyptian Government Regarding the El Sid Project
Nuinsco Serves Legal Notice of Dispute with the Egyptian Government
Regarding the El Sid Project
Toronto, August 19, 2024 – Nuinsco Resources Limited (“ Nuinsco” or the “Company”) (CSE: NWI , FRA: NJX ) today
announced that it has served the Government of the Arab Republic of Egypt (“ GOE”) with a legal Notice of Dispute (the
“Notice”) on the grounds that Nuinsco’s investment in the el Sid gold project in Egypt has been damaged by the actions
and omissions of the GOE.
The Notice of Dispute is served pursuant to the provisions of the Bilateral Investment Treaty (the “BIT”) concluded
between the Government of Canada and the GOE for the Promotion and Protection of Investments. Nuinsco holds license
interests in dumps and tailings located in and around three areas: El Sid, El Fawakheer and Attallah , in Egypt’s Eastern
Desert, all granted under a Contract for Evaluation, Extraction, and Exploitation of Gold (ore) and Associated Metals (the
“Contract”). The Contract, concluded in November 2018, is between Shalateen for Mineral Resources (“Shalateen”) and
Nuinsco’s majority (70%) owned subsidiary, Z-Gold for Mineral Resources (“ Z-Gold”). Shalateen is a state -owned
enterprise affiliated with the Egyptian Mineral Resources Authority, also known as EMRA.
Z-Gold has performed its obligations under the Contract, however, its activities have been hindered by actions and
omissions that are solely attributed to State organs affiliated with the GOE. Ultimately, receipt of a contract termination
notice, received while Z-Gold, Shalateen and the relevant State organs (EMRA) were negotiating to execute an agreement
to resolve the impairment of the actions above referenced , caused Nuinsco to deliver the Notice. Nuinsco is acting on
legal advice regarding the Notice. Nuinsco stands-by to engage in amicable negotiations to resolve the dispute.
If there is no settlement between Nuinsco and the GOE within six months, the Company intends to take the dispute to
international arbitration pursuant to the dispute resolution forum provided for under the BIT.
About Nuinsco Resources Limited
Nuinsco Resources has over 50 years of exploration success and is a growth-oriented, multi-commodity mineral explora-
tion and development company focused on prospective oppor tunities in Canada and internationally. Currently the
Company’s mineral property interests in Ontario, Canada, include the large multi- commodity ( phosphate, rare earth
element, niobium, tantalum) Prairie Lake Project near Marathon-Terrace Bay, the Zig Zag Lake Property (lithium, tantalum)
near Armstrong optioned to First Class Metals PLC, and retains a NSR royalty on the Sunbeam Gold Property near Atikokan.
Forward-Looking Statements
This news release contains certain "forward-looking statements" as defined under applicable securities laws. All statements, other than statements of historic fact, that
address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," " estimate, “expect," and "intend" and statements
that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. Forward-looking statements in this news
release include, but are not limited to, statements relating to the Notice of Dispute, potential arbitration arising out of the Notice of Dispute, and potential negotiations
and dispute resolution, These forward- looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco .
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in
the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected
consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things,
progress of the arbitration, decisions of the arbitrator, failure to successfully negotiate a resolution of the dispute conce rning Nuinsco’s Egyptian license interests, ,
changes in world mineral markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, e quipment failure,
unexpected geological conditions, imprecision in Mineral R esource Estimates, success of future development initiatives, environmental and safety risks, delays in
obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement
speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in
the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.
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Paul Jones,
CEO
Sean Stokes,
Executive VP
Cathy Hume,
Consultant
@nuinscoresources
613-867-5902 416-712-7481 416-868-1079
877-838-1079
paul.jones@
nuinsco.ca
sean.stokes@
nuinsco.ca
@NWIResources