Agreement To Divest Excelsior Springs Exploration Project

TORONTO - Nubian Resources Ltd. reported that it has entered into a binding letter of intent (LOI) with Athena Silver Corporation for Athena to acquire the Company's Excelsior Springs exploration project located in Esmeralda County, Nevada.  Nubian will retain a 1% NSR on the Property and Athena will have the right to purchase 0.5% for $500,000 and the remaining 0.5% at fair market value. The completion of the transaction is conditional upon the Company obtaining the prior approval of the transaction from the TSX Venture Exchange (the "TSXV") and any other approvals required under applicable laws.

Under the terms of the LOI, Athena has paid a US$10,000 deposit to Nubian for an exclusive 90-day due diligence period during which time Nubian and Athena have agreed to finalize definitive agreements with respect to the transaction, and Athena will make an application for listing on a Canadian stock exchange and will raise a minimum of US$750,000.  On closing, Athena will have a maximum of 75 million common shares outstanding and will issue Nubian 50 million common shares valued at $0.05 per share, representing an approximate 40% interest in Athena.  Nubian has agreed to a hold period of six months from the date of issuance of the Athena consideration shares.  The Company intends to distribute all or a portion of the Athena consideration shares received by it to its shareholders following the closing of the transaction as a return of capital.  Any such distribution of Athena shares would be subject to obtaining the prior approval of the Company's shareholders and any required approvals of the TSXV.

Martin Walter, President and CEO of Nubian, said, "The divestment of the Excelsior Springs property to Athena is expected to unlock the value in the Excelsior Springs property for shareholders quicker given Nubian's focus on its properties in Australia and Peru."

The Excelsior Springs mining claims cover an area of 3.5 square kilometers including the historic Buster mine, which has past production of about 15,000 tonnes (t) at 37 grams per tonne (g/t) gold (Au) to a maximum depth of 70 metres (m).  The Property is located in the Walker-Lane tectonic zone of southern Nevada, which hosts a number of large historic gold mines.

Gold mineralization discovered at Excelsior to date occurs in quartz vein stock-works and silicified zones in hornfels and calc-silicate altered country rock and generally close to porphyry dykes.  The best mineralization (grade and thickness) is found in altered sediments immediately above porphyry dykes that have intruded along existing east and east-northeast trending faults. The mineralized stock-work vein zones are shallow and have a relatively flat plunge, making them amenable to open pit mining methods, if economic zones are outlined.

Exploration to date has focused on a 2.5 km long section in the central part of the zone where mineralization is at or near the surface.  Surface mapping and an Induced Polarization (IP) geophysical survey identified multiple zones of silicification that correlate well with the known mineralization.  Many of the silicified zones defined by the IP (resistivity highs) have not been tested by drilling and remain targets for future exploration, approximately 4km of the zone is concealed beneath thin transported cover.