Press Release Source: Nuinsco Resources Limited On Wednesday May 25, 2011, 10:09 am EDT
TORONTO, ONTARIO--(Marketwire - May 25, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI - News; www.nuinsco.ca), along with Ocean Partners Holdings Limited ("Ocean Partners") and a third company jointly owned by Nuinsco and Ocean Partners (collectively the "Companies"), today provided an update on the status of its ongoing motion in the Superior Court of the province of Quebec related to the Companies' efforts to acquire certain assets, including mining and processing assets, located in and near Chibougamau, Quebec (the "Assets") that were formerly owned by Les Ressources Campbell Inc. and Ressources MSV (2007) Inc. ("Campbell").
The Companies are secured creditors of Campbell. At a court hearing to finalize the Companies' bid to acquire the Assets, a motion was made before the registrar presiding over the proceedings on behalf of Societe de developpement de la Baie-James ("SDBJ") indicating that SDBJ may potentially be interested in presenting to PricewaterhouseCoopers Inc. (the "Receiver") a bid to acquire the Assets. Any such bid would then be presented for consideration by the Companies. Although the Receiver has held two previous unsuccessful bid rounds, the registrar deferred the hearing date to June 21, 2011 to allow SDBJ the opportunity to submit its bid if it so desires.
"While today's development was a surprise to all involved, it does finally provide us with a date by which we expect final resolution to this situation," said Rene Galipeau, Vice-Chairman and CEO of Nuinsco.
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