Scotia Capital to Act as Advisor

N.S. RESOURCES LTD. Scotia Capital to Act as Advisor

Nova Scotia Resources Ltd. announced today that it has engaged the services of Scotia Capital to act as investment and financial advisor for the proposed sale of the company.

Scotia Capital, a subsidiary of the Bank of Nova Scotia, recently completed an assessment of Nova Scotia Resources Ltd., or NSRL. Scotia Capital was originally selected after the issuance of a request for proposals and a formal selection process.

Scotia Capital and Nova Scotia Resources Ltd. are currently developing a process to solicit proposals in regards to selling the Crown corporation. A general information package regarding the company will likely be available within a few weeks. Detailed information will be made available to qualified bidders who agree to confidentiality provisions.

Nova Scotia Resources Ltd. anticipates the first phase of the process will take about three months, depending upon the number of organizations expressing interest. No dates have been set for completion of the process.

The board of Nova Scotia Resources Ltd. is overseeing the sale process.