Mr. Larry Treadgold reports

NUBIAN RECEIVES ARBITRATION AWARD IN ITS CASE OF NUBIAN RESOURCES LTD. VS METALCO INDUSTRIES LTD.

The arbitrator, Judge Matthew Ngulube (retired), appointed by the High Court of Zambia in August, 2013, has made and published his award in the matter of arbitration between Nubian Resources Ltd. and Metalco Industries Ltd.

The full award will be made available on Nubian's website, but, in summary, the judge has awarded Nubian a right of retrieval and disposal of the EMEW plant and all other equipment, which was sold to Metalco in September, 2010. Metalco has to pay Nubian damages for non-acceptances of an amount equal to the difference of the contract price of $1.5-million (U.S.) and the current or market price of the EMEW plant. Nubian has to refund Metalco $520,000 (U.S.) already received and paid by Metalco to Nubian less the amount due to Nubian for damages of non-acceptances.

Amounts due to either party will bear interest at 1.5 per cent per month on the amount found due from November, 2012, the date the writ was filed in court, which led to the appointment of the arbitrator until the full settlement.

Nubian has given instructions to proceed with registration of the award, and it will update readers as matters develop.

We seek Safe Harbor.