In February 2011, Nubian Resources Ltd. was formed out of ICS Copper Systems Ltd through share consolidation and change of name. A contract of sale for Mining equipment in Zambia to Metalco, a Zambian based company, for proceeds of 1.5 Mio USD receivable by September 2012 and a lease agreement on Excelsior Springs, Esmeralda County, Nevada were the only two assets.
In March 2011, Nubian announced an agreement with Paradigm Minerals (USA), a wholly owned subsidiary of Global Geoscience Ltd (ASX:GCS) for the option to earn a 70% interest in the Excelsior gold property in Esmeralda County, Nevada, where Nubian held a 100% lease. To earn in a 70% interest, Paradigm are to pay Nubian US$100,000 and spend US$3 million on exploration over four years. Nubian continues to hold a 1% NSR in the property.
In June 2011, Nubian signed a lease agreement with Timber Wolf Minerals Ltd., to acquire a 100% interest in Timber Wolf’s lead-zinc-silver prospect in Birch Creek Mining District, Lemhi County, Idaho (Worthing Canyon).
On October 31st 2011, Nubian acquired assets of Timber Wolf Minerals Ltd., a portfolio of nine properties in Nevada, New Mexico, Idaho and Montana. The portfolio included Nubian’s lease of Excelsior Springs and Worthing Canyon and Nubian Resources (USA) Ltd was set up to meet the legal requirements of this transaction. Out of these properties, Copper Hills in New Mexico has been sold off to Enertopia, subject to certain payment conditions at a gross value to Nubian of US$ 529,000.
On November 7th 2011, Nubian announced that it had closed a private placement issuing $130,000 in principal amount of convertible promissory notes (the "Notes") for gross proceeds of $130,000.
In February 2012, Nubian announced that Global Geoscience Ltd (Global) and Osisko Mining Corporation (Osisko) had entered into an agreement. To earn a 45% interest, Osisko must fund all acquisition and exploration related expenditures on Global’s five Nevada projects up to a cumulative total of US$8M over a maximum period of 4 years, which includes Nubian’s Excelsior Springs gold project. If Osisko then elects to increase its interest in Global’s share of 70% it will have the sole responsibility to fund the project through to completion of a bankable feasibility study and in doing so shall receive an interest of 70% of Global’s 70% interest in Excelsior. Nubian had reviewed the agreement between Global and Osisko. Nubian maintains a Right of First Refusal regarding any future development at Excelsior and holds a 1% NSR on Excelsior.
In May 2012, Nubian concluded a first property appraisal on four additional gold prospects in Nevada. Encouraging sample results have prioritised the properties and outlined targets for drilling in 2013 in southern Nevada.