SOURCE: U Mining Resources Inc.

March 26, 2008 08:30 ET

U Mining Resources CEO Returns From Successful Commercial Mission in Republic of Guinea

Key Relationships Established and BOOT Agreement Granted in Meetings With Prime Minister

NEW YORK, NY--(Marketwire - March 26, 2008) - U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that CEO Jean Michel de Montigny has returned from his planned trip to the Republic of Guinea. CEO de Montigny is calling his trip a "successful commercial mission" and an "eye opening venture into a great emerging nation with considerable natural resources." Apart from formalizing the BOOT Agreement between the government and U Mining's majority-owned subsidiary Comitrag S.A. on March 18, of additional significance are the many relationships U Mining's CEO was able to form with key officials of the French-speaking republic. Discussions were held regarding the world-class iron ore resource located in Guinea, with the Simandou Mountain Range and existing mining concessions a main focus.

U Mining's CEO, Jean de Montigny, stated the following about his trip into Guinea: "What was especially interesting to me was the 'cultural shock' my team experienced from being immersed into a country such as Guinea. The Republic of Guinea, like many emerging and re-developing nations in Africa, is facing many challenges as it attempts to modernize and improve its infrastructure. Here in Canada, similar to the United States, we take many modern conveniences for granted. In countries such as the Republic of Guinea much work is needed in order to provide its citizens with the amenities that we take for granted here in North America.

"My unique goal of the trip was to bring increased value to U Mining by closing this agreement with the authorities in Guinea. What I learned from our counterparts there, however, is that they are relying on the leverage of the mining concessions to provide the capital necessary to build and improve the country's infrastructure -- something that is much needed for the Republic of Guinea to evolve and for its people to prosper.

"Thus far, I was told, existing concessions with certain multi-national entities had failed to deliver in this area. Therefore, much of our time there was spent communicating and demonstrating the quality of our organization, and the depth of knowledge and experience our group will bring to the relationship. Speaking the same language (French) as the officials in the government proved to be tremendously beneficial to U Mining and, as already stated, I firmly believe we have formed a long-term relationship with the government there. U Mining will be an essential element of that country's long-term re-development plans.

"Considering the scope and complexity of the project, much of our limited time there was spent forging these important relationships, as well as researching and collecting the key information and material, i.e. plans, maps, mining codes, photos, reports, etc., that will be needed to move ahead. The plan is to meet with officials again within the next 15 days.

"Finally, I need to recognise the hard work of U Mining's colleague Mr. Balla Keita (see photo) who has been the singular driving force all these years in trying to bring to the Republic of Guinea (his country of origin) sustainable and realisable infrastructure projects. U Mining owes Mr. Keita a great deal of gratitude for his assistance in this matter."

Additional information on the Republic of Guinea project will be made available on our Corporate Website within a few days.

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