Nuinsco Resources Limited - Interim Financial Statements - Quarter ended June 30, 2005

TORONTO, Aug. 16 /CNW/ - Nuinsco Resources Limited (NWI: TSX) has filed
its Management's Discussion and Analysis and Financial Statements for the
three and six month periods ended June 30, 2005. These documents are available
on Sedar at www.sedar.com.

OVERVIEW OF SECOND QUARTER
Metal prices remained high during the quarter, with recent records set
for uranium, nickel and copper. With strong demand, low inventories and a
limited number of new mines scheduled for production in the short term, we
expect to see a continuation of these higher prices. This is generating
considerable investor interest in junior exploration companies with strategic
exploration properties focused on uranium and base metals.
Nuinsco, encouraged by this strong interest, continues to advance its
Diabase Peninsula uranium property, its Berta porphyry copper-gold property in
Turkey, its Minago nickel property in Manitoba, and its Muriel Lake copper-
zinc property in Northern Ontario. Second quarter work focused on significant
planning to outline an active programme for exploration work, which will
continue through 2005.
Nuinsco also continued to divest assets that are not considered important
exploration properties. The sale of the surface rights to the Rowan Lake
property was completed early in July. Nuinsco received a cash payment of
$250,000 and retained mineral rights for the property.
"We are very pleased with the results of these programs and view them as
the first steps in a lengthy progression of positive developments," said Brian
E. Robertson, President. "We are currently considering additional flow-through
and non-flow through financings as well as the possible sale of the Cameron
Lake property in order to meet the working capital needs of the Company."

RESULTS OF OPERATIONS
For the three months ended June 30, 2005, the Company had a profit of
$247,000 or $0.00 per share compared to a loss of $765,000 or $0.01 in the
same period of 2004. During the current period $549,000 of the profit was from
the receipt of shares from the sale of the Rainy River property in December
2004. The Company received 2,197,380 restricted shares of Rainy River
Resources Limited as part of the transaction where Nuinsco sold its Rainy
River property in December 2004 to a private company. The receipt of the
shares was contingent on the private company creating a public company whose
shares traded on a Canadian stock exchange. This occurred in the second
quarter of 2005 and Nuinsco was granted 7% of the fully diluted capital of
Rainy River Resources Limited at a deemed price of $0.25 each for a total
value of $549,000. The shares are traded under the symbol RR on the TSX
Venture Exchange and cannot be traded by Nuinsco until after October 23, 2005.
General and administrative expenses were $266,000 during the second
quarter of 2005 compared to $189,000 for the same period in 2004. This
reflects increased activities related to reviewing new projects, legal costs
on financing opportunities and general corporate activities. General
exploration expenses of $35,000 were incurred for the technical evaluation of
new projects during the quarter.
For the six-month period ended June 30, 2005, the Company incurred a loss
of $148,000 or $0.00 per share compared with a loss of $621,000 or $0.01 per
share in the same period of 2004. The loss for the six months of 2005 includes
the write down of the Prairie Lake project amounting to $325,000 and the
recovery from the shares received on the Rainy River Property of $549,000. The
Company also recognized income tax recoveries amounting to $211,000 in 2005
and $1,182,000 in 2004 relating to the renouncing of Canadian Exploration
Expenses to the investors of flow-through financings. General and
administrative expenses were $533,000 during the first half of 2005 compared
to $392,000 for the same period in 2004. This reflects increased activities
related to reviewing new projects, legal costs on financing opportunities and
general corporate activities. Other expenses in the 2004 period include a
charge of $853,000 for the fair value attributed to stock options granted and
the write down of $558,000 of the Lac Rocher Property.

COMPANY OVERVIEW
Nuinsco is a Canadian exploration stage mineral resource company engaged
in the acquisition, exploration and development of precious and base metal
properties. Property interests are located in northwestern Ontario, in
northern Manitoba on the Thompson Nickel Belt, in Saskatchewan's Athabasca
Basin known for uranium, in Quebec (Lac Rocher) and in Turkey a copper/gold
property. In 2004, the Company sold the Rainy River property for cash
payments, a royalty, and shares of a new public company.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding future plans and objectives of are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from those anticipated in such statements.
%SEDAR: 00001232E