TORONTO, ONTARIO--(Marketwire - Aug. 4, 2009) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today announced that it has closed a transaction (the "Transaction") with a subsidiary of Jilin Jien Nickel Industry Co. Ltd., an integrated mining, smelting, refining and chemical production company based in the City of Panshi, Province of Jilin, China ("Jilin Jien").

Under terms of the Transaction, Jilin Jien's subsidiary, Jien International Investment Limited ("Jien"), has loaned the Company US$2.8 million on a two-year term. The Company has pledged the Cameron Lake gold deposit and its shares in Gold Hawk Resources Inc. as security. The loan bears an interest rate of 8% per annum, and can be repaid in whole or in part at any time. In addition, Jien has purchased, for gross proceeds to Nuinsco of US$2.7 million, the 38,500,786 common shares of Victory Nickel Inc. ("Victory Nickel") (TSX:NI) owned by Nuinsco and 11,850,876 rights to acquire units of Victory pursuant to the terms of Victory's rights offering dated June 24, 2009. The Transaction enables Nuinsco to retire its existing bridge loan, with a resulting improvement of approximately US$5.5 million to its working capital position.

The Transaction, at the same time, concludes the search for a strategic investor for Victory Nickel and is the result of a relationship that began approximately three years ago. Victory Nickel was created from three sulphide nickel projects previously owned by Nuinsco and represented the first step to releasing asset value for Nuinsco's shareholders. Nuinsco continues to own numerous gold, uranium and base metal projects which could also form the base to create additional pure-play companies.

"This is a very unique and creative agreement which effectively restructures the Nuinsco's debt, improves its liquidity and allows it to focus on the business of exploring and developing its properties," said Nuinsco's Vice-Chairman and CEO Rene Galipeau. "This transaction is indicative of Nuinsco's commitment to improving shareholder value and represents a vote of confidence by a strategic investor in Victory Nickel's assets."

Conference Call and Webcast

The Company will hold an investor conference call at 2:00 pm on Wednesday August 5, 2009 to discuss this transaction and to answer any questions shareholders may have. The dial-in numbers to participate are 416-695-6617 and 800-766-6630. The conference call will also be webcast, and can be accessed at http://events.digitalmedia.telus.com/nuinsco/080509/index.php as well as at the Company's website, www.nuinsco.ca.