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    Press Release Source: U Mining Resources Inc.   

U Mining Resources Inc. Discloses Potential $7.5 Million in Financing for First Phase of Project in the Republic of Guinea

Tuesday February 12, 8:50 am ET

NEW YORK, NY--(MARKET WIRE)--Feb 12, 2008 -- U Mining Resources Inc. (Other OTC:UMNG.PK - News) today announced that the Company has received a term sheet from a reputable New York-based Merchant Bank that is pursuant to that Bank providing U Mining $7.5 million of financing in support of the first phase of the major infrastructure redevelopment and iron ore mining concession project (the "Project") in the Republic of Guinea.

U Mining's majority-owned subsidiary Comitrag S.A. has been chosen by the Government of Guinea to be awarded a BOOT (Build - Own - Operate - Transfer) contract for this major undertaking planned in that country. Ground breaking is expected to begin early next month, following a ceremonial event in late February where representatives of U Mining and Comitrag will meet with officials from Guinea's Ministry office to sign the agreement.

U Mining intends to utilize the proceeds from this early financing to fund its working capital needs related to the implementation of the first phase of the Project. "This financing will enable us to begin the necessary assay work and survey of the lands that have been designated for the iron ore mining concession, as well as facilitate construction of the primary extraction plant," stated U Mining's CEO Jean Michel de Montigny.

According to preliminary discussions with government officials in Guinea, the first phase of the Project will require approximately $5 to $10 million in financing to implement. This preliminary work, however, will provide an accurate valuation of the proven resources and give U Mining a clear picture of the level of total revenues it should generate from its portion of the eventual mining and sale of iron ore into the world market.


  





"This step is yet another important one made towards being officially awarded this long-term contract in Guinea; something that will ultimately have a prodigious effect on our revenue growth and on increasing shareholder value in the medium to long-term," added CEO de Montigny.

Specific terms of the financing call for an equity investment into U Mining in the form of preferred shares of the Company at an undisclosed per share price. More details will be made available at a later date. This financing is contingent on several factors, the most significant of which are completion of the bank's due diligence and U Mining being officially awarded this BOOT Agreement with the Republic of Guinea.

To be added to U Mining's mailing list, please call and speak with the Investor Communications Representatives at 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 U Mining's corporate website regularly for updates 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:
Equiti-trend Advisors
(800) 953-3350 U.S. & Canada
(858) 436-3350 Local

Source: U Mining Resources Inc.