SOURCE: U Mining Resources Inc.

July 12, 2007 10:11 ET

U Mining Resources Inc. Announces Closing of TSX Venture Corporation Acquisition

Management Provides Update on Corporate Development and Operational Plan

NEW YORK, NY--(Marketwire - July 12, 2007) - U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that it has completed the acquisition of the TSX Venture Corporation.

After completing the due diligence analysis of the TSX Venture Corporation, management has deemed that it is in the best interests of U Mining to consummate the transaction as follows. The total consideration of the transaction represents an aggregate amount of $ 350,000 payable via the issuance of 25 million restricted shares of U Mining at a market value of $ 0.07. The shares are currently held in escrow until the transaction is officially approved by the TSX shareholders and regulating authorities, and are issued to the benefit of U Mining's control position; thereby consolidating the strength of the Company.

Secondly, the agreement stipulates that following the approval of the transaction U Mining will roll in one of its properties in return for additional shares, which would increase U Mining's control position. This allows U Mining's subsidiary to complete a first round of financing through a private placement of $ 1.5 million.

Management will prepare all the documentation and filings for a flow-through share prospectus for a second round of financing for a total of $ 2.5 million, and fulfill all the reporting requirements of the TSX Venture Exchange. Canadian investors will be able to purchase U Mining's subsidiary stock and claim a major tax deduction on their investment (see links below for further information). U Mining will also be able to consolidate the TSX Venture Corporation's financial statements with its own statements. This transaction will bring the total issued and outstanding shares of U Mining to 75 million.

CEO Jean-Michel de Montigny indicated the following: "This is the best financing tool we could have chosen. We have to be realistic. After only 7 months of an intensive and efficient acquisition program of key high-grade Uranium properties, and development costs reattached to operations, we had to find an effective way of financing the prospecting activities without causing further stock dilution. The activities include: production of several NI-43-101 technical reports, drilling sessions and subsequently production. Secondly, I believe the Company is privileged due to the fact that all of the ongoing acquisition and development expenses including the cost of the TSX have been financed by the control interest group. The information on all past and current investments will be made available shortly to all shareholders in our financial statements.

"Finally, I would like to inform our shareholders that we are attentively monitoring the value of our stock while we accumulate resources and complete our management team. However, our main goal remains intact that involves focusing our efforts on building a profitable Company. The stock price, which we believe to be currently undervalued, should soon more accurately reflect the Company's true value based on the successful results of our hard work and patience."

For more information on U Mining Resources Inc., please visit the Company's corporate website at, and/or 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. EDT by calling (800) 953-3350.

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.

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