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Press
Release Source: U Mining Resources Inc.
U
Mining Resources Inc. Announces Successful First Phase Contract
Negotiations for Oil and Gas Pipeline Project in West Africa
Wednesday November 28, 8:00 am ET
Company Receives Letter of Intent to Manage First Phase Engineering
and Feasibility Study for the Project
NEW YORK, NY--(MARKET WIRE)--Nov 28,
2007 -- U Mining Resources Inc. (Other OTC: UMNG.PK
- News)
announced today that the Company has successfully negotiated an
L.O.I. to manage the first phase of a large oil and gas pipeline
construction project in a yet-disclosed nation in West Africa. This
initial contract, when officially assigned to U Mining, will generate
approximately USD $15,000,000 in revenues for the emerging energy-based
company. Management of U Mining expects that a binding agreement
will be adopted by government authorities in early December (2007).
This initial contract being awarded calls for U Mining to manage
the necessary phase one engineering activities, including feasibility
studies, in order to commence construction of the planned 250-mile
long oil and gas pipeline. The pipeline project is extremely important
to this emerging government as it will transport the country's ample
oil and gas reserves from land-locked districts to a major port
located on the Atlantic Ocean. Having a more balanced import/export
infrastructure is critical to this nation's prosperity in the 21st
century.
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U Mining is in the process of identifying and retaining key project
personnel in order to be ready to go when the agreement is approved.
The U Mining management team is confident that this contract will
result in much improved financials and increased shareholder value
in 2008.
To be added on the Company's mailing list, please speak with
the Investor Communications Representatives at U Mining's Investor
Relations firm Equiti-trend Advisors. Reps are available from
9:30 a.m. to 5:30 p.m. EST daily by calling (800) 953-3350. Interested
investors are also encouraged to visit the Company's corporate
website regularly for updates 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:
Contact:
Equiti-trend Advisors
(800) 953-3350 U.S. & Canada
(858) 436-3350 Local
Source: U Mining Resources Inc.
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