Scotia Capital To Assess and Analyse Options

Nova Scotia Resources Ltd. has asked Scotia Capital, a subsidiary of the Bank of Nova Scotia, to assess the value of the Crown corporation and analyse options for its future strategic direction.

Scotia Capital was selected from a group of nine companies that bid competitively for the work. The firm is expected to complete its work by summer.

"The members of the board believe that this exercise is critical in advising the board and the province of Nova Scotia on what is in their best interest," said Jim MacDonald of Nova Scotia Resources Ltd. "At this time there has been no decision to sell the assets. Scotia Capital has been retained only to provide advice on various alternatives."

Nova Scotia Resources Ltd. is a provincial Crown corporation. Its assets include an 8.4 per cent stake in the Sable Offshore Energy Project plus interests in 11 other Significant Discovery Licences.