Alexander Nubia Announces Filing of NI 43-101 Technical Report for its Abu Marawat Concession in Egypt
Toronto, Ontario CANADA, April 16, 2012 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), (the "Company") is pleased to announce that it has filed a National Instrument 43-101 - Standards for Disclosure of Mineral Projects ("NI 43-101") technical report related to its previously announced NI 43-101 inferred resource estimate for the Abu Marawat Deposit in the Abu Marawat Concession, located in the Eastern Desert, Egypt.
The independent technical report, titled "Technical Report on the Abu Marawat Concession, Egypt" (the "Technical Report"), dated April 5, 2012 was prepared for the Company by Wayne W. Valliant, P.Geo., and Bernard Salmon, ing., of Roscoe Postle Associates Inc. of Toronto, Canada, each a "qualified person" within the meaning of NI 43-101. The Technical Report is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.alexandernubia.com.
The Technical Report reported a NI 43-101 inferred resource estimate on the Abu Marawat Project Deposit of 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. The inferred resource estimate contains 162 thousand ounces Au, 2.7 million ounces Ag, 49 million lbs Cu, and 73 million lbs Zn, which, using the metal prices in the Technical Report, equates to 397,000 ounces of gold+gold equivalent(1).
To advance the Abu Marawat Project Deposit to an inferred resource, the Company completed over 18,000 metres of diamond drilling. With approximately $6 million in direct expenditures on the Abu Marawat Deposit and based on its 397,000 oz of gold+gold equivalent content(1), equates to a per-ounce discovery cost at $15/oz.
Abu Marawat Project Highlights
* The resource, of approximately 2.9 million tonnes, is calculated on 50% of the available 1,500 metre strike length of the vein system to an average depth of 200 metres
* Classified as mesothermal deposit; this type of deposit has a potential vertical extent of mineralization of over 1,500 metres
* Open-pit potential of up to 60% of the current resource(2)
* Preliminary petrographic analysis and historical tests suggest reasonable metallurgy and normal metal recoveries(3)
* New sub-parallel veins with no surface expression were intersected at depth
* Potential to significantly expand the resource along strike and at depth in known veins
Alexander Massoud, Chief Executive Officer of the Company, commented, "The maiden inferred resource estimate is an important step in validating the Abu Marawat Deposit and its potential. The current inferred resource estimate covers only 50% of the strike length at an average depth of 200 metres. The next stages of drilling will test the strike and depth extension and test new zones recently discovered from surface trenching. Our 2012 exploration program will focus on expanding the resource at Abu Marawat and continuing a drilling program at Hamama - a volcanogenic massive sulphide deposit, where preliminary positive drilling and surface trenching results were achieved."
(1) Gold and Gold-Equivalent Calculation - The gold equivalent value is calculated from the metal prices used in the NSR model as follows: 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.
(2) The potential quantity is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential quantity has been determined based on an interpretation of the Technical Report by a senior geologist at the Company.
(3) Based on an interpretation of the Technical Report by a senior geologist at the Company.
Qualifying 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 qualifying person within the meaning of NI 43-101.
About Alexander Nubia International Inc.
Alexander Nubia International Inc. (TSX-V: AAN) is a Canadian exploration and development Company focused on the exploration of precious and base metals 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 Company is currently focused on exploration within the Abu Marawat concession where the company's two main deposits are situated. In this 1,027 km2 historical gold and copper mining district are numerous small workings including, historical small-scale mining at the Abu Marawat Deposit, Hamama Deposit and two past-producing gold mines (Semna and Sir Bakis). The principal deposits, Abu Marawat and Hamama VMS are located near excellent regional infrastructure. The deposits are 35 kilometres apart and are within 30 kilometres of a highway, railway, and high-capacity electricity grid, and are near major cities: Qena, on the Nile River, and Safaga, on the Red Sea.
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
Investor Relations, 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.
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Source: Alexander Nubia International Inc. (TSX.V - AAN) http://www.alexandernubia.com
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