SOURCE: U Mining Resources, Inc.

September 22, 2008 08:47 ET

U Mining Resources, Inc. Has Received Offers Concerning Their Uranium Mining Claims in James Bay Region of Northern Quebec

NEW YORK, NY--(Marketwire - September 22, 2008) - U Mining Resources, Inc. (PINKSHEETS: UMNG) today announced that they have received multiple purchase offers from private companies for their uranium property in the James Bay region of Northern Quebec. U Mining Resources, Inc. had been in possession of this property for a long period of time and is currently assessing the board of directors' official decision.

Currently, both the majority shareholders and the board of directors are carefully evaluating the competing purchase offers while seeking to advance the Company's interests. In addition, the Company will pursue to expand its base of operations and avoid making any precipitated decisions regarding its uranium mining property. Lastly, all information regarding the uranium property will be made public as soon as it becomes available.

Furthermore, the uranium Property described herewith consists of 12 mining claims located in the James Bay region of Northern Quebec, Canada. The claims cover approximately 660 hectares in the 33H12 area. According to past Geological Technical Reports on the claims (MRNQ File GM-34038, GM-34039, etc.), uranium grades from surface samples were in the range of 81.5 to 128.5 PPM U3O8.

This acquisition provided U Mining Resources, Inc. with a strong foothold in an area with a documented occurrence of uranium mineralization, and was a major milestone towards the Company's ultimate goal of becoming a strong uranium-producing company.

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

  • For additional information or investor relations please call:
    U Mining Resources, Inc.
    (516) 762-0154