SOURCE: U Mining Resources Inc.

May 03, 2007 09:07 ET

Globex / U Mining Resources Inc. Announces New CUSIP Number; Reserves Assessment (NI-43-101) Initiated for Laurentide 2 Property

NEW YORK, NY -- (MARKET WIRE) -- May 3, 2007 -- U Mining Resources Inc. (PINKSHEETS: GLXI) (formerly Globex, Inc.) announced today that a new CUSIP number had been issued for the Company. U Mining Resources Inc. is now listed under CUSIP no. 90420U 106 This latest development brings the Company closer to completing the identity transformation process it first announced in an April 12 news release. The goal of this process was to create a revamped corporate identity and institute a name change to better reflect the Company's new strategic direction as well as distinguish itself from similarly named corporations listed on the OTC. The final step will be a new ticker listing for U Mining Resources, expected to take place prior to the market opening within the next few days.

In addition to the new CUSIP, U Mining Resources also announced today that it is currently in the process of reviewing several project-based financing offers, all of which are intended to support U Mining's acquisition and growth plan. By choosing this form of financing, U Mining is opting for a non-dilutive strategy -- one where the number of outstanding shares in the company will not be affected. Two additional significant components of this announcement and planned financing direction are as follows: (1) U Mining has expressed that it severed ties with Trimax Capital Group and will not pursue the structured notes fundraising program previously announced in a March 7 news release with that company; and (2) $115,000 of a $150,000 promissory note has been satisfied and retired recently through a private equity transaction. More details on the Company's financing choices and undertakings will be made available as soon as is appropriate.

A primary factor driving U Mining to consider financing currently is so that it can initiate and complete NI-43-101 proved reserves assessments on several of its recently acquired uranium prospects. While the assessment of the Company's Laurentide 2 Project has been initiated, it is in the Company's best interest to have these appraisal assessments done on all of its projects. Proving to be more and more essential and beneficial to energy companies, especially in the public sector, the 43-101 Report is recognized by the SEC as an official audit of a reporting company's proved mineral reserves. Essentially, a permitted portion of a Company's 43-101 proved reserves can be listed as assets in audited financial statements.

For more information on U Mining Resources Inc., please visit the Company's corporate website at www.umining.com, and/or speak with one of 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 by calling (800) 953-3350.

In a footnote, Mr. Joel Fournier is no longer involved with U Mining Resources. Mr. Fournier is pursuing other opportunities, and U Mining wishes him the best. The Company will remain involve in green energy research.

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

  • Investor Relations for U Mining Resources Inc.:

    Equiti-trend Advisors LLC
    (800) 953-3350 toll-free
    (858) 436-3350 international callers