SOURCE: U Mining Resources Inc.

October 29, 2007 08:30 ET

U Mining Resources Inc. in Advanced Negotiations for Multi-Million Dollar Contract to Construct Oil and Gas Pipeline in West Africa

NEW YORK, NY--(Marketwire - October 29, 2007) - U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that it is in advanced talks to secure a multi-million dollar contract for the construction of an oil and gas pipeline in West Africa. U Mining CEO Jean Michel de Montigny and his staff, along with external advisors and industry experts, have been working on this major contract for the past several months and expect to finalize the contract in short order.

The contract involves the construction of a 250-mile pipeline that will transport the West African nation's oil and gas reserves to its major harbor. The construction of a distribution facility will also be required. Various firms will be requested for tender on this major contract. Engineering and technology firms will be contracted directly, while construction of the pipeline will be sub-contracted by U Mining.

Management also announced that it is in preliminary negotiations for a second multi-million dollar contract in addition to this initial pipeline contract. Although this pipeline contract is not congruent with U Mining's current uranium and green energy divisions, it is more importantly a major milestone for achieving the Company's objective to maximize return to its shareholders. Management forecasts that this pipeline contract will significantly increase U Mining's asset base and enhance its profitability.

Further information on this contract will be disclosed to shareholders in the coming weeks.

To receive information letters 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 Information

  • Contact:
    Investor Relations
    Equiti-trend Advisors
    (800) 953-3350