Nov. 25, 2010 (Filing Services Canada) -- Alexander Nubia International Inc. (AAN - TSX Venture), on November 25, 2010 has filed on www.sedar.com its interim report for the third quarter ended September 30, 2010 and 2009. In this release, we provide a comparative summary of the quarter's operational and financial highlights. Readers are advised that due to the summary nature of this release, the highlights should be read in conjunction with our interim MD&A and unaudited interim consolidated financial statements contained in our 3rd Quarter 2010 reports.
Key Operational and Financial Highlights of the Quarter
For the three and nine months ended September 30, 2010, the Company incurred a loss of $98,898 and $168,245 respectively (three and nine months ended September 30, 2009 - $62,166 and $233,524 respectively) and has an accumulated deficit of $1,100,945 since incorporation. Exploration expenditures on our primary target, the Abu Marawat Property, for the three and nine months ended September 30, 2010 amounted to $81,459 and 261,266 respectively (three and nine months ended September 30, 2009 - $158,197 and $469,109 respectively). At September 30, 2010, the Company had cash on hand of $3,378,480.
Effective September 30, 2010 the Company closed the transaction (the "Acquisition") that was previously announced resulting in the release of US$3,302,700 in gross proceeds from the brokered private placement, and reinstatement of trading of its common shares on the TSX Venture Exchange on October 5, 2010 under the symbol "AAN". In addition to the foregoing, as a result of the Acquisition, $216,724 in cash was acquired, and seed shareholders paid $476,979 in to the treasury of the Company to top-up the subscription price for certain seed shares to $0.05 per share. The net proceeds from all of these sources of $3,133,265 increased the Company's working capital position to $3,008,059 to allow it to advance its exploration initiatives of the Abu Marawat Concession.
Objectives for the Coming Year
Resumption of exploration of the primary target, the Abu Marawat Property located within the Abu Marawat Concession, to achieve the following milestones:
* Undertake a 7,500 metre diamond-drill program to establish continuity by depth and extension of the vein structure and to test geophysical anomalies and replacement potential of vein structures at depth; and
* Building upon the 19,500 meters of historical drilling and confirming the non-43-101 compliant historical records of 131,000 oz Au resource;
Advancement of other priority targets, with a near term focus on the Hamama Property. Located in the south western corner of the Abu Marawat Concession. At Hamama, Minex identified an oxidized massive sulphides zone 1-3 metres wide on surface and up to 18m wide traceable in drill cores for several hundred metres. A large stockwork sulphide zone is an exploration target as it may be an indication of the presence of a feeder zone which is the footwall relative of the massive sulphide deposit formed on the bedrock-sea floor interface. The IP geophysical survey outlined a target indicative of a previously unknown sulphide zone up to 50 metres wide and 2,900 metres long in two branches.
In line with the core strategy of consistent growth and development, AAN will also evaluate any opportunity in line with our strategy of acquiring and developing precious and base-metal projects in Egypt and that can potentially add value to the Company and its shareholders.
Cautionary Note Regarding Forward-Looking Statements
The securities of AAN 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 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.
A. (Alexander) Massoud, President & Chief Executive Officer
Alexander Nubia International Inc. +1 877 607 4747;
amassoud@alexandernubia.com; www.alexandernubia.com
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Source: Alexander Nubia International Inc. (TSXV AAN) www.alexandernubia.com
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