TORONTO, ONTARIO and Carlaw Capital Corp. ("Carlaw")(TSX
VENTURE: CLW.P), a CPC listed on the TSX Venture Exchange (the
"TSXV") under the symbol "CLW.P", are pleased to announce the
completion of the Phase I exploration program at, and the
completion of the NI 43-101 Updated Review of, the Agnew Lake
Uranium Property (the "Property"). Nyah has initiated the second
phase of its exploration program ("Phase II").
PHASE I PROGRAM
As part of the Phase I exploration program, Nyah completed seven
drill holes on the Property to confirm historically identified
uranium values and associated rare earth mineralization and has
completed a NI 43-101 technical report on the Property which
includes Nyah's Phase I drilling.
1432 metres of diamond drilling were completed encompassing
seven holes. The first six holes targeted the 3 zone, with the last
hole targeting the 5 zone. Mineralization intersected in this
program was consistent with historic resource and production grades
and with styles of mineralization which have been identified by
past workers on the property.
Intersections ranged in width from 1 to 7 m. The best
intersection was 5.354 lbs/ton U3O8 over 1 metre returned from
NA07-03, which the company believes represents the 3 Zone as mined
by the previous operators, Kerr Addison and Noranda.
As well, a 7 m intersection in hole NA07-07 from 221 to 228 m
grading 0.892 lbs/ton U3O8 (which included 1 m of 1.403 lbs/ton
U3O8) is believed to represent a new zone which was not exploited
by the previous operators.
Peter Karelse P.Geo., Nyah's consultant and Qualified Person
under NI 43-101, said "We are very encouraged by the results of
Phase I and by the opportunity to better understand this
significant uranium resource. Our ongoing Phase II drill and data
compilation program is building on the results from Phase I.
Together with our current understanding of the deposit, the Phase
II program will lay the groundwork for a future resource evaluation
program."
SAMPLE HANDLING PROCEDURES
Nyah uses a QA/QC program on all aspects of its exploration. All
samples were sent to ALS Chemex in Sudbury for processing. Samples
were received, weighed, logged in and placed in a high-temperature
drying oven crushed to 70% passing through a sieve at -2mm or
better, and a 250 g sample pulverized to 85% less than 75
microns.
A 10 g portion of the pulp was shipped to the ALS Chemex
analytical laboratory in North Vancouver, B.C., where a 0.25 g
homogenized and blended sub-sample was subjected to digestion in a
four-acid combination referred to as "near-total". The residue is
topped up with dilute hydrochloric acid and analyzed by inductively
coupled plasma-atomic emission spectrometry ("ICP-OES"). Following
this analysis, the results are reviewed for high concentrations of
bismuth, mercury, molybdenum, silver and tungsten and diluted
accordingly. Samples meeting this criterion are then analyzed by
inductively coupled plasma-mass spectrometry ("ICP-MS"). Results
are corrected for spectral inter-element interferences. The
48-element package includes thorium, uranium and yttrium. The
detection range for uranium is between 0.1 and 10,000 ppm.
Nyah inserted a blank or one of two standards approximately
every twentieth sample, The two certified standards were obtained
from Canmet Mining and Mineral Sciences Laboratories, and are
higher and lower grade uranium bearing material. These were placed
into the sample stream at random approximately every twentieth
sample.
Summary of Significant Drill Results, Phase I Program.
To view a table of the Summary of Results, 2007 Nyah Drilling,
please visit the following link:
http://www.ccnmatthews.com/docs/carlawtable.pdf
A NI 43-101 technical report on the property entitled "Technical
Report on the Agnew Lake Uranium Property Hyman and Porter
Townships, Sudbury Mining Division, Ontario" was completed by
Watts, Griffis and McOuat Limited, Consulting Geologists and
Engineers dated October 26, 2007. The report includes Nyah's Phase
I drilling as well as analysis of a work program carried out in
2005 by Ursa Major Minerals, including a three-hole 474 m drill
program.
The report concludes that, although a qualified person has not
done sufficient work to classify the historic resource estimate in
accordance with NI 43-101 standards, it is believed that the Agnew
Lake Mine likely contains a significant uranium resource, based on
the historical estimates, including a proven and probable reserve
estimate made at the end of 1983 at the end of mine operations of
5,803,000 tons (5,266,000 t) at a grade of 1.04 lb U3O8/ton. This
historical estimate should not be relied upon or considered to be a
current reserve estimate under NI 43-101. Further, the historically
categorized proven and probable reserves are considered to be
historical resources because the supporting economic analysis is
considered to be outdated.
The 43-101 report also concluded that Nyah's proposed Phase II
program was reasonable.
THE PHASE II PROGRAM.
The purpose of the Phase II Program is to further delineate the
mineralized zones 3 and 5 which were the most productive areas at
the time of mine operation. Additionally the program will confirm
the historic results specifically in terms of increasing grade at
depth as noted in some of the historic reports and maps. This work
will also lay the ground work for any upcoming development program
if justified. The information available suggests that currently the
Agnew Lake property, including the area which was mined in the
past, is under-explored.
The program, budgeted at approximately C$900,000.00, is planned
to consist of approximately 4,400 m of diamond drilling. Drilling
commenced on November 4, 2007 and is expected to be completed early
in the new year with assays to be received and compiled within the
first quarter of the new year.
ABOUT NYAH'S TRANSACTION WITH CARLAW CAPITAL CORP.
On July 11, 2007, the Company and Carlaw announced that they had
entered into a letter of intent pursuant to which Carlaw would
complete a business combination to acquire Nyah. On September 4,
2007, Carlaw and the Company issued another release outlining
further particulars regarding the proposed transaction. Under the
terms of the letter of intent, it is anticipated that Carlaw, Nyah
and a newly-incorporated subsidiary of Carlaw ("Carlaw Sub") will
enter into an amalgamation agreement (the "Amalgamation
Agreement"), pursuant to which Carlaw Sub and Nyah will amalgamate
which will result in Carlaw owning all of the issued and
outstanding securities of the amalgamated entity. Pursuant to the
amalgamation, holders of the issued and outstanding common shares
of Nyah (each, a "Nyah Common Share") shall receive one common
share in the capital of Carlaw (a "Carlaw Common Share") for each
Nyah Common Share. As of the date hereof, there are 39,249,563 Nyah
Common Shares issued and outstanding and 11,515,000 Carlaw Common
Shares issued and outstanding.
Pursuant to the terms of the amalgamation, outstanding Nyah
warrants and options will entitle the holders thereof to acquire
Carlaw Common Shares on a one-for-one basis at the current exercise
price.
In addition, pursuant to the amalgamation, Carlaw proposes to
grant an additional 478,750 Carlaw Options to the proposed new
directors and officers of the resulting issuer (the "Resulting
Issuer").
An aggregate of 51,243,313 Carlaw Common Shares will be
outstanding after the completion of the Proposed Transaction, of
which 11,515,000 Carlaw Common Shares (22.5%) will be held by
Carlaw shareholders. Following the completion of the Proposed
Transaction and assuming that all of the outstanding options and
warrants have been exercised, 70,021,126 common shares of the
Resulting Issuer will be issued and outstanding on a fully diluted
basis.
Following completion of the Transaction, it is anticipated that
Carlaw will become a Tier I Issuer listed on the TSX Venture
Exchange and change its name to Nyah Resources Inc.
ABOUT THE AGNEW LAKE URANIUM PROJECT
Nyah holds a 100% interest in the Agnew Lake Uranium Property
(the "Property"), consisting of seven unpatented mining claims
(1,575 ha equals 3,892 acres) located in Hyman and Porter
Townships, approximately 40 kilometers west of Sudbury, Ontario.
The Property encompasses the past producing Agnew Lake Uranium
Mine. The Agnew Lake Uranium Mine was operated by Kerr Addison
Mines Ltd between 1977 and early 1983 and produced approximately
1.9 million lbs of uranium from a combination of surface and
in-situ leach during this time period. The Property has substantial
underground infrastructure in place including a six compartment
shaft to a depth of over 980 metres with development on several
levels. A decline from surface to the 1,900 foot level was also
developed. During the period of operation 5 mineralized zones had
been identified of which only zones 3 and 5 were developed.
At Agnew Lake, the uranium-rare earth mineralization is
contained within a pyritic quartz-pebble conglomerate that
unconformably overlies granitic rocks and shares depositional
characteristics to the mineralization in the Elliot Lake area to
the west of the Property.
In addition to the past producing uranium mine, the Property
covers approximately six kilometers of favourable geology possibly
containing uranium-mineralized horizons.
Nyah is a private company incorporated under the laws of the
Province of Ontario. There is no individual who directly or
indirectly beneficially holds a controlling interest in or who
otherwise controls or directs Nyah based on their shareholdings.
The head office and registered office of Nyah are located at 65
Queen Street West, 8th Floor, Toronto, Ontario, M5H 2M5.
NOTICE OF SPECIAL MEETING OF NYAH SHAREHOLDERS
Nyah shareholders are reminded of a special meeting to be held
on Monday December 10, 2007 at 10:00 am (Toronto time) at 65 Queen
Street West, 8th Floor, Toronto, Ontario to consider and approve
the proposed amalgamation which will result in securities of Nyah
being exchanged for securities of Carlaw.
REGULATORY FOOTNOTES
Peter Karelse, P.Geo, who is independent of Nyah, is a Qualified
Person under NI 43-101 and has reviewed the technical and
scientific information in this press release.
Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Neither Carlaw nor Nyah assumes any obligations to
update the forward-looking statements unless and until required by
applicable securities laws. Additional information identifying
risks and uncertainties is contained in filings by Carlaw with the
Canadian securities regulators, which filings are available at
www.sedar.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.
Contacts: Carlaw Capital Corp. Amar Bhalla President and Chief
Executive Officer (416) 922-9096 Email: abhalla@hbinvest.com Nyah
Resources Inc. George Faught President and Chief Executive Officer
(416) 861-5887 Email: gfaught@aberdeeninternational.ca
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