SOURCE: U Mining Resources Inc.

March 13, 2008 08:30 ET

U Mining Resources CEO to Meet With Prime Minister and Other Officials Next Week in the Republic of Guinea

NEW YORK, NY--(Marketwire - March 13, 2008) - U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that CEO Michel de Montigny is set for his three-day trip to Conakry West Africa to finalize the Agreement between U Mining's majority-owned subsidiary Comitrag S.A. and the Republic of Guinea. CEO de Montigny will be accompanied by Mr. Bella Keita, president of Comitrag S.A., at the official agreement ratification ceremony scheduled for next Tuesday, March 18.

As per terms of the Agreement, the Government of Guinea will grant Comitrag a Mining Concession for the exploration, development and production of a world-class iron ore resource located in Guinea. Significant portions of this world-class iron ore resource are currently being developed by a major mining and extraction company, under the terms of a previously issued agreement by the Republic of Guinea. Revenues generated from the production and sale of iron-ore under U Mining's (Comitrag's) concession are being earmarked by the Republic of Guinea's Interior Officials to fund primary stages of that country's planned major infrastructure upgrade.

Further details on the planned ceremony, including a complete review of the event and the Company's preliminary plans to move forward with the BOOT Agreement, will be announced next week.

About the Mining Concession

The Mining Concession covers a 55-km-long zone in the Simandou Mountain Range. Drill assays from previous exploration programs on the Simandou Range indicated a high-grade hematite, with a concentration of over 67% Fe (Iron), and an estimate of over 3 billion metric tons of iron ore resources. In fact, the nearby Pic de Fon iron ore deposit has an estimated 1.2 billion metric tons of iron ore at a grade of about 65% to 68% iron (Source: Guinea Ministry of Mines and Geology, 2005d). It is this fact together with the previous tests done in the area that have lead U Mining and its team to believe that this Mining Concession will soon be regarded as a world-class iron ore resource, and the Simandou region home to Africa's largest iron ore deposits.

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. EDT 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