Alexander Nubia Issues Maiden NI 43-101-Compliant Resource Estimate for its Abu Marawat Gold-Copper Project in Egypt

Alexander Nubia Issues Maiden NI 43-101-Compliant Resource Estimate for its Abu Marawat Gold-Copper Project in Egypt

* Property-first NI-43-101-compliant inferred resource: 162,000 oz Au, 2.7 million oz Ag, 49 million lbs Cu and 73 million lbs Zn

* Open-pit potential of up to 60% of the current resource

* Significant potential to expand resource along strike, at depth and laterally

Toronto, Ontario CANADA, March 01, 2012 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), an exploration and development company with diversified minerals projects in Egypt, today released an initial NI-43-101 - compliant resource estimate for its flagship Abu Marawat property.  The independent resource estimate was prepared by Roscoe Postle Associates Inc. (RPA) of Toronto, Canada in compliance with the requirements set out in Canada's National Instrument 43-101.  An NI 43-101 technical report will be filed within 45 days.


Highlights

* The Inferred Mineral Resource is 2.9 million tonnes at an average grade of 1.75 g/t Au, 29.3 g/t Ag, 0.77 % Cu and 1.15 % Zn, containing 162 thousand ounces Au, 2.7 million ounces Ag, 49 million lbs Cu, and 73 million lbs Zn.  

* The mineral resource estimate is based on 98 diamond drill holes totaling 19,573 meters.  

* Approximately 60 % of the Inferred Resource is contained within potentially economic open pits.

* The Abu Marawat gold-copper deposit remains open along strike in the north and south directions, laterally, and at depth.


President and CEO, Alexander Massoud commented, "We are extremely pleased with the Company's property-first NI 43-101 compliant resource.  This is a significant corporate milestone that validates the potential of Abu Marawat property - the resource was calculated on about 50% of the available strike length of the vein system and to a maximum depth of 200 metres.  Further adding to the prospect's potential are the two deepest drill holes, AAM-080 and AAM-081, which intersected the mineralized vein system at a depth of 270 metres; assay results are pending.  The deposit is characterized as mesothermal, a classification that includes deposits in well established mining districts, such as the Sigma and Lamaque mine, Val d'Or, Quebec and Porcupine-McIntyre mines, Timmins, Ontario.  Given that mesothermal deposits can extend to depths of over 1500 metres, we are optimistic that drilling further along strike, testing the lateral extension of the vein system, and drilling at depth will significantly expand the current resource boundaries."

He further went on to say, "These results validate our regional expertise and strong relationships with local stakeholders in advancing our properties at a challenging time in the country's history.  In addition, combined with the very encouraging early-stage drill results at the Hamama VMS deposit, 35 km SW of the Abu Marawat deposit, these results provide an excellent platform for Alexander Nubia to develop and expand."

The initial resource estimate for the Abu Marawat deposit as of February 28, 2012 is summarized below (Table 1) at different net smelter return (NSR) cut-offs.  The mineral resource reported is based on NSR cut-offs of US$20 per tonne and US$50 per tonne for open-pit and underground, respectively.


Table 1: Abu Marawat Inferred Mineral Resource Estimate (February 28, 2012)


-***-
-----------------------------------------------------------------
Category    Mining   Cut-off    Tonnes     Au      Ag    Cu    Zn
            Method   NSR US$  (thousands) (g/t) (g/t)   (%)   (%)
-----------------------------------------------------------------
Inferred    Open Pit     >30     1,478    2.30  36.81  0.77  1.48
                         >25     1,551    2.21  35.46  0.74  1.43
                         >20     1,636    2.11  34.01  0.70  1.37
                         >15     1,752    1.98  32.16  0.66  1.30
-----------------------------------------------------------------
Inferred Underground     >70       856    1.61   28.1  0.98  1.04
                         >60     1,050    1.42  25.47  0.91  0.94
                         >50     1,243    1.27  23.14  0.85  0.87
                         >40     1,549    1.08  20.25  0.77  0.79
                         >30     1,904    0.93  18.06  0.69  0.72
-----------------------------------------------------------------
Inferred       Total             2,879    1.75   29.3  0.77  1.15
-----------------------------------------------------------------

-----------------------------------------------------------------
Category    Mining          Au          Ag       Cu lbs    Zn lbs
            Method        Ounces      Ounces  (million) (million)
                        (thousands)(thousands)
-----------------------------------------------------------------
Inferred    Open Pit         109       1,749         25        48
                             110       1,768         25        49
                             111       1,789         25        49
                             112       1,811         26        50
-----------------------------------------------------------------
Inferred  Underground         44         774         18        20
                              48         860         21        22
                              51         925         23        24
                              54       1,009         26        27
                              57       1,106         29        30
-----------------------------------------------------------------
Inferred       Total         162       2,713         49        73
-----------------------------------------------------------------
-****-

1. Resource classification follows CIM Definition Standards

2. Drill hole data cut-off date of January 25, 2012

3. NSR assumes metal prices of Au US$1400/oz, Ag US$26/oz, Cu US$3.50/lb, Zn $1.15/lb, reasonable metal recoveries and normal smelter and refinery terms

4. Mineral Resources are reported at NSR cut-offs that reflect reasonable prospects for economic extraction

5. Potential open-pit resources were evaluated by designing a series of conceptual pit shells implementing Whittle pit optimization software.

6. Numbers may not add exactly due to rounding


The mineral resource estimate is based on 98 diamond drill holes totaling 19,573 meters.  Nineteen (19) of these diamond drill holes were drilled by a former property owner and the remainder were drilled by Alexander Nubia (AAN) in 2011.  Collars of all historic diamond drill holes used in the estimate were re-surveyed by AAN and several historical diamond drill holes were twinned to confirm the integrity of the original data.  Wireframes were constructed around nine (9) discreet tabular mineralized veins as interpreted by AAN geologists; these were used to constrain the interpolation of Au, Ag, Cu and Zn grades into a block model.  Based on a statistical analysis of sample assays, Au and Ag sample values were capped at 25 g/t and 250 g/t, respectively.  Capped assays were composited into 1-metre lengths within the wireframe and for each block the grade was calculated using an inverse-distance-squared method.  The tonnage derived for each block was determined from the block volume and an estimated average density of 2.78 tonnes per cubic meter derived from 3,887 specific gravity measurements made on the mineralized core.

Using long-term metal prices (Table 1 - Note 3), the in-situ gold, silver, copper, and zinc values in each block of the block model were converted to US$ amounts.  These cash values were then converted to an NSR value using reasonable mill recoveries of 90% for Cu, 80% for Au, 80% for Ag and 85% for Zn and industry values for concentrate transportation, smelting, and refining.

A zone of oxidation terminating approximately 40 meters below the surface has been observed by AAN geologists in the drill core.  The Inferred Mineral resource does not account for any changes in metallurgical characteristics that likely exist between the oxide zone and the underlying sulphide zone.

Open-pit mining is postulated for the near-surface portion of the deposit and underground mining methods would be used beneath the open-pit.  An approximate boundary between the two potential mining methods was assessed using Whittle pit optimization software.  A preliminary pit limit is shown in Figure 1.  A 3-dimensional representation of the wireframes hosting the mineral resource is shown in Figure 2, in which different colours represent different veins.


To view Figure 1: Abu Marawat Surface Plot of Diamond Drill Hole Traces and Trench Samples, please click on the following link:

http://www.usetdas.com/pr/alexnubia02292012003.gif


To view Figure 2: 3D View of Abu Marawat Resource Wireframes, please click on the following link:

http://www.usetdas.com/pr/alexnubia02292012004.jpg


Data Verification and Qualified Person

All geological and sampling data were entered and maintained by AAN geological staff in an electronic database.  These data have been reviewed and validated by RPA, which also carried out checks of the assay certificates against the database.  RPA considers the sampling and assaying procedures carried out by AAN to be in keeping with industry standards and the data are acceptable for mineral resource estimation.

The Qualified Persons for the Abu Marawat mineral resource estimate are Mr. Wayne Valiant, P. Geo., RPA and Bernard Salmon, Ing., RPA.  Both are Qualified Persons as defined in Canadian National Instrument 43-101 (NI 43-101).

The NI 43-101 technical report in respect of the resource estimate disclosed herein will be filed on SEDAR within 45 days of the date of this news release.


About Alexander Nubia International Inc.

Alexander Nubia International Inc. (TSX-V: AAN) is a Canadian exploration and development Company focused on the exploration for precious and base-metal minerals in the Eastern Desert of Egypt.  The Company holds two exploration concessions: Abu Marawat and Fatiri, which cover a combined total area of 2,772 km2.  The Abu Marawat concession includes the Abu Marawat, Hamama and Semna projects.

The Company is currently focused on the exploration of the Abu Marawat concession, both at the Abu Marawat vein property and the Hamama volcanogenic massive sulphide (VMS) property.  For more information on exploration activities and results please visit www.alexandernubia.com or contact:

A. Alexander Massoud
President and Chief Executive Officer
Egypt:    +2 (0) 22 287 6914
Email:    amassoud@alexandernubia.com

Donald M. Cameron, CA
CFO
Canada:   +1 (877) 607-4747
Email:    dcameron@alexandernubia.com

Nisha Hasan
Investor Relations, TMX Equicom
Canada:   +1 (416) 815-0700 ext. 258
Email:    nhasan@equicomgroup.com


Cautionary Note Regarding Forward-Looking Statements

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 news release. 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, such as 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.


To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/alexnubia02292012.htm  



Source: Alexander Nubia International Inc. (TSX.V -  AAN) http://www.alexandernubia.com
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