SOURCE: U Mining Resources Inc.

January 16, 2008 09:47 ET

U Mining Resources Inc. Finalizes Primary Evaluation of Iron Ore Mining Concession in West Africa

Mining Concession May Be Regarded as World-Class Iron Ore Resource

NEW YORK, NY--(Marketwire - January 16, 2008) - U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that it has finalized the primary evaluation of the Iron Ore mining concession in West Africa. As reported on January 3, U Mining has signed a multi-level contract with the West African Company "Comitrag," which includes a joint venture agreement to commence a major mining extraction program on this concession in partnership with the Government of the West African nation.

The mining concession consists of a territory covering a distance of 55 kilometres. Drill assays from previous exploration programs on the mining concession indicated a concentration of over 67% Fe (Iron). The concession contains some of the highest concentrations of iron in the world and thus may be regarded as a world-class iron ore resource.

The above-mentioned multi-level contract also includes the assignment to U Mining of a management contract for the building of several large-scale infrastructures. The revenues generated from the exploitation of the mining concession will provide the Government with sufficient working capital to cover the cost of the infrastructure projects. The projects include the construction of a new railroad that will service the iron ore mine; following a route through the centre of the nation. U Mining and Comitrag are fully committed to the mining and infrastructure projects for the future development of the West African nation.

Further details on the mining and infrastructure projects will be disclosed to shareholders upon the signing of a definitive agreement with the West African nation.

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 Information

  • Contact:
    Equiti-trend Advisors
    (800) 953-3350 U.S. & Canada
    (858) 436-3350 Local