Press
Release Source: U Mining Resources Inc. U Mining CEO Jean Michel de Montigny stated the following: "I am very pleased that our team was able to finalize this milestone agreement, as it represented a significant challenge for all of the parties involved. I would like to take this opportunity to explain the bases of this long term agreement." BOOT Agreement: The West African Republic State, in its desire to promote the exploration and development of the mineral resources located in the Republic, while conforming to basic principles of natural resources development, has decided that any such exploitation shall be performed by outside or internationally based, privateCompanies in the framework of BOOT. The State's objectives for the priority given to the assignment of those territories with iron ore resources are as follows: a) Firstly, the State wishes to enhance social and economic development objectives in order to promote the well-being of its citizens; b) Within the framework of existing mining policies, the State wants to promote the exploration and development of its mineral resources which is the primary subject of the BOOT convention, and; c) The State desires to create economic opportunities through this exploration and development, thereby creating employment opportunities for the nation's citizens. Therefore, it is the State's wish that private investors implement the necessary initiatives to build and operate a railroad infrastructure and port project in order to fully explore and develop the iron ore resources within the framework of existing law on BOOT throughout all phases of the project, from groundbreaking through to the actual export of iron ore pallets and/or nuggets. Comitrag / U Mining: In November 2007, during a meeting in New York City, the President of Comitrag S.A. and the CEO of U Mining met with the Prime Minister of this emerging West African Nation. The purpose of the meeting was to discuss the bases of the BOOT agreement, as well as the specific location of the country's iron ore mining concession. Following this meeting, the President of Comitrag returned to West Africa to further develop the terms of the agreement with the Prime Minister and the Minister of Export, Transportation and Mining. Consequently, U Mining finalized its joint venture agreement with Comitrag in January, and the two parties identified the key sectors and activities that U Mining desires to participate in. |
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. Source: U Mining Resources Inc. |
