TORONTO, June 29,
2022 /CNW/ - Nubian Resources Ltd. (TSXV: NBR)
(OTCQB: NBRFF) ("Nubian" or the "Company") is pleased to announce
that Athena Gold Corporation ("Athena") has encountered encouraging
results from its Phase 1 drill program at the Excelsior Springs
Project, located in Esmeralda County,
Nevada ("Excelsior Springs"). In December 2021, Athena purchased the Company's
wholly owned subsidiary that held Excelsior Springs (see press
release of January 5, 2022).
Nubian owns 50 million shares of Athena representing a 39.6%
ownership stake in Athena and holds a 1% net smelter returns
royalty on Excelsior Springs. Nubian plans to distribute the 50
million shares held by it, pro rata, to Nubian shareholders as a
return of capital transaction (see press release of June 22, 2022). Timing for the return of
capital transaction is subject to acceptance by the U.S. Securities
and Exchange Commission of Athena's registration statement on Form
S-1 covering the resale and distribution by Nubian to its
shareholders.
Drilling data and results for the Phase 1 Excelsior Spring
drilling program are included in Athena's press release at the
following link:
https://www.accesswire.com/706901/Athena-Gold-Intercepts-Shallow-High-Grade-Gold-with-153-GT-Over-35-Feet-at-its-Excelsior-Springs-Project-Nevada.
ABOUT NUBIAN RESOURCES
Nubian is a publicly traded precious and base metals exploration
company managed by a team of experienced mining and geological
professionals. Nubian's projects are focused in key mining
jurisdictions in central Victoria
and Tasmania, Australia and
Peru.
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 release.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance, including, without limitation, the
approval of the registration statement on Form S-1 with the SEC,
the distribution of Athena Shares by Nubian to its shareholders,
and the potential upside of the Property and value of the Athena
Shares. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated", "may" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Athena and Nubian's current beliefs or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. Although
such statements are based on reasonable assumptions of Athena
and/or Nubian's management, there can be no assurance that any
conclusions or forecasts will prove to be accurate.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include risks
inherent in the exploration and development of mineral deposits,
including risks relating to changes in parameters of the projects
as plans continue to be redefined, risks relating to variations in
grade or recovery rates, risks relating to changes in mineral
prices and the worldwide demand for and supply of minerals, risks
related to the COVID-19 pandemic and current global financial
conditions, increased competition, access and supply risks,
reliance on key personnel, operational risks, regulatory risks,
including risks relating to licenses and permits, financing,
capitalization and liquidity risks and title and environmental
risks.
The forward-looking information contained in this release is
made as of the date hereof, and Nubian is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Nubian Resources Ltd.
