CORRECTION: Alexander Nubia International Reports Annual Financial Results for 2011 and Provides Update on Key Projects in Egypt

CORRECTION: Alexander Nubia International Reports Annual Financial Results for 2011 and Provides Update on Key Projects in Egypt

Continues to advance flagship Abu Marawat Deposit, commences drilling and exploration at Hamama VMS Project

Toronto, Ontario CANADA, April 17, 2012 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), today reported its financial results for the year ended December 31, 2011.  Unless otherwise noted, all amounts are in Canadian currency.

This release is a correction of a prior version which stated in the financial metrics table below that all amounts were in thousands, when in fact the amounts reported were actual.

Key Operational and Financial Highlights for the year

* Invested $5.0 million in exploration activities at key deposits at the Abu Marawat Concession: Abu Marawat and Hamama.

* Completed a diamond drilling program totaling 18,000 metres of drilling at the Abu Marawat deposit, and 1,100 metres at the Hamama deposit.

* Maintained a low "burn-rate" and incurred a loss from operations of $802,854.

* Completed work required to deliver a property-first NI 43-101 inferred mineral resource estimate for the Abu Marawat deposit.

* Engaged Roscoe Postle Associates Inc. for the preparation of a National Instrument 43-101 technical report.


Highlights subsequent to year end

* Abu Marawat Deposit: filed a National Instrument 43-101 technical report related to its previously announced NI 43-101 inferred mineral resource estimate of 397,000 ounces of gold+gold equivalent(1)

* Hamama Deposit: released promising early-stage drilling results including:

o the Central VMS Zone returned high-grade gold-zinc exhalite mineralization.

o results from surface trenches and from a fence of drill holes intersected high-grade mineralization that extends from surface, at a relatively consistent width down to a depth of at least 125 m.

o new discovery - Western VMS Zone, an extensive trenching program discovered a broad zone of high-grade gold mineralization at surface.

(1) Gold and Gold-Equivalent Calculation- As disclosed in the Abu Marawat Technical Report, the Abu Marawat property inferred mineral resource is:  approximately 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 pounds Cu, and 73 million pounds Zn.  The gold and gold equivalencies are based on the metal prices used in the NSR model as follows: Au US$1400/ounce, Ag US$26/ounce, Cu US$3.50/pound, Zn $1.15/pound, reasonable metal recoveries and normal smelter and refinery terms.

-***-
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In thousands except share data             Year ended          Year ended
                                         December 31,        December 31,
                                                 2011                2010
                                               (IFRS)              (IFRS)
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Capitalized exploration expenses         $  5,025,325       $     738,321
Loss from operations                     $  (802,854)       $   (701,042)
Impairment provision                     $  (569,002)       $          --
Net earnings (loss)                      $(1,371,856)       $   (701,042)
Earnings (loss) per                      $    (0.014)       $     (0.010)
   basic share
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                                    December 31, 2011   December 31, 2010
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Total cash on hand (Cash &               $  1,232,268        $  2,085,541
   cash equivalents plus
   restricted cash)
Current liabilities                      $    481,291        $    235,465
Working Capital                          $    821,107        $  1,850,076
Total Assets                             $  9,016,719        $  5,406,604
-------------------------------------------------------------------------
-****-


Review of financial performance for the year

For the year ended December 31, 2011, the Company incurred $5.0 million in exploration expenditures. This compares to $0.7 million for the comparable period of 2010.  The increase is reflective of a full year of drilling activity during the year on the Company's primary target, the Abu Marawat deposit, along with initial drilling at its other key target, the Hamama deposit. In the fourth quarter, exploration expenditures amounted to $1.6 million as compared to $0.9 million in the third quarter of 2011, reflecting the completion of the 19,000 metre drill program for 2011 in early December. These expenditures bring total exploration costs for the Abu Marawat Concession since inception to $7.33 million.

As is expected from an early-stage mineral exploration company, the Company incurred a net loss before impairment provisions of $0.8 million ($0.008 per share) for the year ended December 31 2011, up slightly from $0.7 million in 2010.  The net loss of $1.4 million ($0.014 per share) includes an impairment provision of $0.60 million ($0.006 per share) on the Fatiri Concession, as the Company has focused its energies over the last 3 years on the Abu Marawat Concession. Management of the Company continues to feel that the Fatiri Concession has merit, and holds valid exploration rights to it, but has chosen to focus on the Abu Marawat Concession.

The increase in exploration expenditures and operating loss in 2011 over 2010 are primarily due to continuation of drilling and assessment of results at the Abu Marawat and Hamama deposits.  The loss before impairment provision during the fourth quarter of 2011 is comparable to that of the third quarter of 2011.

At December 31, 2011, the Company had working capital of $0.80 million, including cash of $1.25 million and restricted cash of $74,706. This is compared to a working capital position at December 31, 2010 of $1.85 million.  The restricted cash is pledged in support of a guarantee provided to the Egyptian Mineral Resource Authority ("EMRA") and is released as exploration expenditures are incurred at the Abu Marawat Concession. Almost all of the original amount of US$1,065,131 in exploration expenditures has now been released.  The remaining amounts will be used to fund a training program for EMRA officials as provided in the concession agreement for the Abu Marawat Concession.

Working capital at December 31, 2011 has been used to fund the final assays from its drill program and analysis thereof along with the preparation of the Company's NI 43-101 report for its first inferred mineral resource estimate for the Abu Marawat deposit, and to provide working capital for operating costs that support exploration activities and general corporate purposes.


Outlook

Mr. Alexander Massoud, President and CEO commented, "We are extremely pleased by the Company's performance in 2011, as we have made significant progress on all fronts of the organization. We successfully accessed the capital markets to fund an exploration and drilling program at our two key assets.  At the Abu Marawat deposit, we achieved a property-first National Instrument 43-101 inferred mineral resource estimate.  At the Hamama deposit we commenced drilling which revealed promising initial results. We intend on building on this momentum by testing the potential down-dip mineralization of the new discoveries at the Hamama deposit.  As well, we will continue with geological mapping and a trenching program to test for extensions to the deposit.  We believe this is an important step in continuing to de-risk our projects and in unlocking the value of this highly prospective land package. Under a challenging regional environment, our Egyptian operational expertise and an industry-recognized technical team with over 80 years of exploration experience allowed us to advance our projects."  


The business objectives of the Company for the next 12 months are to:

Abu Marawat Deposit

* Stage-3 diamond drilling program to expand the inferred mineral resource;

* Exploration drilling to test two new vein zones identified by deep trenching laterally from the main zone; and

* A preliminary economic assessment, contingent on developing a sufficient increase from the current inferred mineral resource.  


Hamama Deposit

* Diamond drilling to test the new western VMS zone;

* A geophysical program to identify potential massive sulphide pods at depth; and

* Continued trenching and mapping program to identify and explore the property extensions.


General Business Objectives

* To continue exploration for precious and base metals within the other targets; and

* To raise funds required to advance its exploration programs.  


Due to the summary nature of this release, readers are advised that these highlights should be read in conjunction with management's discussion and analysis and with the audited consolidated financial statements for the year ended December 31, 2011.


Reporting Under New Accounting Standards

All publicly accountable enterprises in Canada were required to adopt new International Financial Reporting Standards, replacing Canadian Generally Accepted Accounting Principles effective January 1, 2011.  This is the first year that the Company is reporting under these new standards.


Qualified Person

The technical information contained in this news release was prepared or reviewed under the direct supervision of Mr. Ralph Gonzalez (P.Geo.), the Company's Project Manager for exploration in Egypt.  Mr. Gonzalez is a qualified person within the meaning of NI 43-101.


About Alexander Nubia International Inc.

Alexander Nubia International Inc. (TSX-V: AAN) is a Canadian mineral exploration Company focused on rapidly advancing exploration projects in the Eastern Desert in Egypt.  The Company's exploration concessions cover an area of over 2,772 km2. Located within the Abu Marawat concession are the Company's two key assets, the Abu Marawat deposit and the Hamama deposit. At the Abu Marawat deposit a NI 43-101 inferred resource of 397.000 oz. of gold+gold-equivalent(1) was identified.  At the Hamama deposit, initial drill results have confirmed precious and base metal mineralization from surface to the greatest depth of drilling.


For more information 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
TMX Equicom
416-815-0700 ext. 258
Email: nhasan@alexandernubia.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.


To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/alexnubia04172012b.htm


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