SOURCE: U Mining Resources Inc.

November 05, 2007 09:08 ET

U Mining Resources Inc. in Negotiations With Technology Firm to Conduct Airborne Magnetic and Radiological Surveys on Laurentide 1 and 2

Company Initiates Tender Process for NI 43-101 Report on Ungava 1 and 2

NEW YORK, NY--(Marketwire - November 5, 2007) - U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that it is in negotiations with a technology firm to conduct airborne magnetic and radiological surveys on its Laurentide 1 and 2 Property. These surveys will be a vital element in the first phase of the major exploration program on the Property, which was recommended by the Geologist firm InnovExplo in the recently completed NI 43-101 Technical Report. The primary goal of this exploration program is to validate the presence and size of Uranium reserves on the Property.

U Mining also announced that it has initiated the tender process for the execution of a NI 43-101 Technical Report on its Ungava 1 and 2 Properties, which are located in the Ungava Bay sector (24L01) of Northern Quebec, Canada. Upon inspection of historical geologic reports on Ungava 1, the presence of Uranium concentration in sedimentary stratification are indicating 0.22% U308 through 7 trenches measuring 7 meters in length and surveys from 12 more trenches indicating 0.50% U308. Analysis of four frequency electromagnetic profile data from Ungava 2 revealed the presence of a large number of conductive responses occurring as conductive zones and areas encompassing several conductive bands; single conductive horizons or bands; and discrete features recorded on one or two flight lines.

Further to the October 29 Press Release, Management is pleased to announce that negotiations are progressing well regarding a multi-million dollar contract for the construction of an oil and gas pipeline in West Africa. Management anticipates that this contract will be finalized shortly.

To receive information letter 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. EST 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