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Press
Release Source: U Mining Resources Inc.
U
Mining Resources Inc. Provides Update on Its Green Energy Division
Tuesday October 16, 10:58 am ET
Company Ceases Talks With U.S. Facility and Turns Focus to the Development
of a Sales Program Which Will License Proprietary Technology to
Multiple Microplants Internationally
NEW YORK, NY--(MARKET WIRE)--Oct
16, 2007 -- U Mining Resources Inc. (Other OTC: UMNG.PK
- News)
today provided an update on its Green Energy Division and the recently
announced L.O.I for the acquisition of a portion of a U.S.-based
bio-diesel facility. Management has decided to commercialize the
proprietary technology by selling turnkey Microplant licenses, which
allow operators worldwide to build low-cost mixing facilities utilizing
U Mining's know-how, equipment and proprietary surfactant; and purchasing
crude oil directly from the most cost-effective source. U Mining's
experts are currently evaluating the mixing equipment that it intends
to recommend to operators. In addition, the Company is assessing
the valuation of the license base sales price and royalties on each
gallon produced.
This proprietary technology, based on surfactant chemistry, is used
to produce two innovative diesel fuels: a substitute of light diesel
and a substitute of heavy diesel. The fuel mixtures are less costly,
more efficient, deliver higher performance and are less toxic than
currently available fuels on the market that are used in diesel
engines of cars, trucks, locomotives and ships and in industrial
heating appliances.
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CEO Jean Michel de Montigny stated, "We decided to package
our technologies in a sales licensing agreement program. The licensing
program allows U Mining to begin generating revenues without having
to support major operating costs that would have been incurred
with the acquisition of the plant. We will incur approximately
$100,000 in R&D and costs related to the building of a demo
unit in City of Saint Eustache, Quebec.
"We have been working on other major projects to capture
market share and increase the revenues of our Green Energy Division.
These projects will capitalize on the significant growth in the
demand for 'green' or alternative energy sources, which is driven
by the challenges of climate change. We will soon publish our
voluntary disclosure statement and financials and inform our shareholders
of the company's directional plan via a newsletter format."
To receive information letter and be added on the Company's mailing
list, 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.
Or visit the Company's corporate website at www.umining.com.
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.
Contact:
Investor Relations
Equiti-trend Advisors
(800) 953-3350
Source: U Mining Resources Inc.
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