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Press
Release Source: U Mining Resources Inc.
U
Mining Resources Inc. Announces Strategic Acquisition of Uranium Rich
"Mount Otish" Territories
Monday June 4, 8:30 am ET
Updates Status of Geologic Reports and Corporate
Development Strategy
NEW YORK, June 4 /PRNewswire-FirstCall/ - U Mining Resources Inc.
(Pink Sheets: UMNG
- News),
today announced that it has completed the key acquisition of the
"Mount Otish" Territories. Management has been working
on the purchase of this incredibly promising and strategic area
for over 6 months.
The Otish Mountains basin, Québec's Athabasca?
The uranium potential of the Otish Mountains Paleoproterozoic sedimentary
basin is often compared to the Athabasca Mesoproterozoic sedimentary
basin in Saskatchewan (the Athabasca basin accounts for one-third
of world supply). There are several uranium showings typical of
unconformity-related uranium deposits (e.g. Camie River and Beaver
Lake) in the Otish Mountains basin. The Otish Supergroup is characterized
by fluvial deposits at the base (Indicator Group) and marginal basin
deposits near the top (Genest, 1989). The Indicator Group is composed
of sub-arkosic to arkosic sandstones. These rocks are cut by dikes
and sills of Paleoproterozoic gabbro.
In 2006, several companies were active in the Otish Mountains area,
including Cameco (the world's largest low-cost uranium producer,
with a 20% market share) and junior Strateco Resources Inc. The
promising results obtained by Strateco Resources on the Matoush
property highlight the potential of vein-type mineralization associated
with a shear zone in sedimentary rocks.
Extracts from: http://www.mrnf.gouv.qc.ca/english/mines/quebec-mines/2007-02/uranium.asp
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Management has requested, for this week's delivery,
a geologic summary of "Mount Otish's" potential from
an external geologist firm; fulfilling the last due diligence
requirement of the transaction. The Company will disclose the
acquisition's terms and conditions subsequent to the receipt of
the geologic summary. In the meantime, U Mining has posted on
its corporate website (www.umining.com)
the Government of Quebec's Natural Resources Uranium map so that
shareholders may appreciate the value of the Company's Uranium
Rich Territories.
Management also announced that all the results of the NI-43-101
reports will be published during the month of June. The Company
will disclose the name of the external geologist firm as soon
as the reports are completed in order to avoid any interference
and obstruction from external third parties as encountered previously.
The Company has amassed a significant high-grade potential asset
base, and is planning to unveil its Corporate Development Strategy
during the month of June. The landmark acquisition of this Uranium
territory, which was kept confidential until today, is the last
piece of the Company's territory positioning strategy.
For more information on U Mining Resources Inc, please visit the
Company's corporate website at www.umining.com,
and/or speak with one of the Investor Communications Representatives
at U Mining's Investor Relations firm Equiti-trend Advisors. Reps
are available on market days from 9:30 a.m. to 5:30 p.m. EDT by
calling (800) 953-3350.
Forward-Looking
Statements:
Please be advised that statements made herein, other than historical
data, constitute forward-looking statements that involve risks
and uncertainties that could cause actual results to differ materially
from those stated or implied by such forward-looking statements.
The potential risks and uncertainties include, among others, potential
volatility in the company's stock price, increased competition,
customer acceptance of new products and services offered by the
company, and uncertainty of future revenue and profitability and
fluctuations in its quarterly operating results. Please also be
advised that the company's stock is not currently registered with
the Securities and Exchange Commission.
Source: U Mining
Resources Inc. |