TORONTO, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Nubian Resources Ltd. (TSX-V: NBR | OTCQB: NBRFF) ("Nubian" or the "Company") is pleased to provide an update on Athena Gold Corporation ("Athena"). Nubian owns 55 million shares of Athena, representing an ownership stake of ~31% and holds a 1% Net Smelter Return Royalty on Excelsior Springs, sold to Athena in 2021.

On September 11, 2024, Athena announced that it had entered into a non-binding letter of intent a non-binding letter of intent dated September 9, 2024 with Libra Lithium Corp. ("Libra"), a privately-held, grassroots explorer, whereby Athena will acquire up to a 100% right, title and interest in the Laird Lake and Oneman Lake gold projects in Ontario (the "Acquisition"). Laird Lake is favourably located in the Red Lake Gold Camp and is hosted in a similar structural setting to Kinross Gold's Great Bear project and West Red Lake Gold's nearby Madsen Mine. In connection with the Acquisition, members of Libra's board and management teams are expected to join Athena, with David Goodman, LLB, CFA, joining the Board of Directors as Chairman, and Koby Kushner, P.Eng., CFA, taking on the role of President, CEO and Director. John Power, current President and CEO of Athena, is expected to remain as Secretary and Director. Athena also announced that it plans to redomicile to Canada. The Acquisition is expected to close on or before October 10, 2024.

Full details of the Acquisition are available on the link below.

ABOUT NUBIAN

Nubian Resources Ltd. is a publicly traded precious and base metals exploration company listed on the TSX Venture Exchange. The Company is managed by a team of experienced mining and geological professionals. Nubian's projects are focused on key mining jurisdictions including Peru and Australia (central Victoria and Tasmania).

For further information, please contact:

Martin Walter, Chief Executive Officer, Nubian Resources Ltd., at +1-416-389-5692 or martin@nubianr.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance, including, without limitation, the Athena Acquisition and value of the Athena Shares. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "may" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Athena and Nubian's current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Although such statements are based on reasonable assumptions of Athena and/or Nubian's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in parameters of the projects as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to current global financial conditions, increased competition, access and supply risks, reliance on key personnel, operational risks, regulatory risks, including risks relating to licenses and permits, financing, capitalization and liquidity risks and title and environmental risks.

The forward-looking information contained in this release is made as of the date hereof, and Nubian is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.