Mr. Rene Galipeau reports

NUINSCO & OCEAN PARTNERS COMPLETE TRANSFER OF OWNERSHIP OF CHIBOUGAMAU ASSETS TO C-BAY MINERALS

Nuinsco Resources Ltd. has completed the transfer to Nuinsco and Ocean Partners Holdings Ltd. of all exploration, mining and processing assets located in and near Chibougamau, Que., and other assets that were formerly owned by Les Ressources Campbell Inc. and Ressources MSV (2007) Inc.

C-Bay Minerals Inc., 50 per cent owned by each of Nuinsco and Ocean Partners, is now able to restructure the assets in order to recognize full value. The assets include eight past producing mines representing 75 per cent of the total past copper and gold production from the Lac Dore complex in Northern Quebec. The Lac Dore complex has produced 47.6 million tons of ore containing 1.6 billion pounds of copper and 3.2 million ounces of gold. In addition, the assets include two development-stage properties (Corner Bay and the Dore Lake Ramp, discussed below), an operational 3,000-ton-per-day mill and a permitted tailings facility, and numerous exploration properties throughout the Chibougamau mining camp.

"This event completes the process that began in 2009 when Campbell filed for creditor protection under the federal Companies' Creditors Arrangement Act," said Rene Galipeau, Nuinsco's vice-chairman and chief executive officer. "Initially six secured creditors were involved in the process, but the partnership between Nuinsco and Ocean Partners made it possible to rationalize the debt and to gain 100-per-cent ownership of the assets. It is this same partnership that is now completing a plan to restructure this group of valuable projects and revitalize the Chibougamau mining camp. The full potential of these assets is yet to be fully understood."

Nuinsco and Ocean Partners have been, and continue to engage, in discussions with various groups in respect of restructuring the assets. Alternatives under consideration include creating a Quebec-focused spinoff company to move the assets forward, sale of the assets for consideration including cash and a significant equity ownership of the continuing company, and the sale/joint venturing of specific assets, many of which have not seen adequate exploration/development activity in almost two decades. The companies are also in the process of establishing an exploration program on priority targets on its land position.

            PAST PRODUCING MINES: C-BAY MINERALS PROPERTY PACKAGE                  
                                                                            
                       Production  Production   Cu grade  Au grade  Historical
Mine                      periods      (tons)        (%)  (oz/ton)    resource

Portage mine              1959-97   6,212,934       1.77     0.114         Yes
Henderson 2 mine          1960-88   6,483,479        1.6     0.041         Yes
Henderson 1 mine          1960-71   1,818,976       2.23     0.045         Yes
Jaculet mine              1960-71   1,202,119       1.93     0.055         Yes
Copper Rand mine        1960-2008  16,445,493        1.8     0.089         Yes
Mine: Shaft No. 3           1960s     245,000       2.15         -         Yes
Copper Cliff mine         1970-74     951,830        1.6     0.028         Yes
Cedar Bay mine            1958-90   3,782,850       1.57     0.091         Yes

In addition to these past producers which have exploration upside, the 11,000-hectare C-Bay Minerals land package hosts two known significant exploration/development-stage properties -- Corner Bay and the Dore Lake Ramp.

Corner Bay

Campbell began development of the high-grade Corner Bay deposit in 2007 for extraction of a 50,000-tonne bulk sample. Development ceased in 2008 due to Campbell's deteriorating financial situation as a result of the worldwide financial crisis. A National Instrument 43-101-compliant estimate of resources at Corner Bay, dated July 12, 2006, is available under the Campbell Resources profile on SEDAR.

The Corner Bay deposit remains open to depth and possibly to the south. In addition to exploration upside, Corner Bay represents a source of mill feed for any future Chibougamau camp mining plan and also has the potential to be a stand-alone mining operation.

Dore Lake Ramp

The Dore Lake Ramp was developed in 1991/1992 by Westminer Canada Ltd. The project currently contains a non-NI 43-101-compliant historical copper/gold resource and will likely be drilled in connection with deep drilling at Cedar Bay (noted in the attached table).

We seek Safe Harbor.