Overview

Western North America

Nubian has acquired a portfolio from Timber Wolf Minerals Ltd., consisting of nine separate properties in Nevada, Montana, New Mexico and Idaho, with unpatented claims on gold and base metals targets, which include Excelsior Springs, Nevada and Worthing Canyon (Sedex) in Idaho, where Nubian is the lessee. One additional property has been leased out and one sold, subject to certain payment conditions.  The transaction included Excelsior Springs in Esmeralda County, Nevada over which Nubian entered into a lease agreement with Timber Wolf Minerals in August 2010, and subsequently concluded a 30/70 Joint Venture agreement with Paradigm Minerals (USA) Corporation; a wholly‐owned subsidiary of Global Geoscience Ltd. (GSC), a public company listed on the Australian Securities Exchange, regarding exploration of the property.

Excelsior Springs is in the Walker-Lane tectonic zone where total gold production has exceeded 20 million ounces (Moz) with notable deposits including Goldfield (5 Moz), Bullfrog (2 Moz), Tonopah (2 Moz), Mineral Ridge (1.5 Moz) and Comstock (8 Moz Au, 200 Moz Ag).  GSC is earning a 70% interest in the project by spending $3 million on exploration over four years and has completed extensive surface work including a three square kilometre Induced Polarization (IP) geophysical survey, geological mapping, re-logging drill chips from representatives of 53 previous drill holes in the Buster zone and collection of more than 1,200 surface geochemical samples.   In addition, GSC recently completed a 3,657m program of reverse circulation (RC) drilling to test for extensions and repetitions of mineralization intersected in previous drilling.  A total of 23 holes over a strike length of 2.2 km intersected multiple zones of shallow, oxidized gold mineralization, with the following notable intercepts:

GE08: 7.6m at 5.1g/t Au from 93.0m
GE14: 7.6m at 2.9g/t Au from 19.8m
GE02: 3.0m at 4.7g/t Au from 0m
GE19: 6.1m at 1.9g/t Au from 117.3m
GE15: 13.7m at 0.8g/t Au from 61.0m

True widths of the intercepts are not known at this stage, but the mineralization is open along strike and at depth.  Geochemical and geological data indicate the mineralization is part of a >9 km-long zone, with no known drilling outside the area drilled by GSC.  Follow-up infill drilling in 2012 is planned around the newly discovered zones and other targets along strike.

Nubian is the sole owner of any Net Smelter Royalty due on the unpatented claims of Excelsior Springs and on the other properties in the Timber Wolf Minerals portfolio.

Southern Africa

In September 2010, sale of an electro-metals electro-winning (EMEW®) copper plant and ancillary equipment was concluded to a Zambian Company for $1.5 million.  Periodic payments are due until the full amount has been paid and ownership of the plant only vests in the Zambian company once the total amount has been received by Nubian.  

Other Properties

Under construction