SOURCE: U Mining Resources Inc.

November 28, 2007 08:00 ET

U Mining Resources Inc. Announces Successful First Phase Contract Negotiations for Oil and Gas Pipeline Project in West Africa

Company Receives Letter of Intent to Manage First Phase Engineering and Feasibility Study for the Project

NEW YORK, NY--(Marketwire - November 28, 2007) - U Mining Resources Inc. (PINKSHEETS: UMNG) announced today that the Company has successfully negotiated an L.O.I. to manage the first phase of a large oil and gas pipeline construction project in a yet-disclosed nation in West Africa. This initial contract, when officially assigned to U Mining, will generate approximately USD $15,000,000 in revenues for the emerging energy-based company. Management of U Mining expects that a binding agreement will be adopted by government authorities in early December (2007).

This initial contract being awarded calls for U Mining to manage the necessary phase one engineering activities, including feasibility studies, in order to commence construction of the planned 250-mile long oil and gas pipeline. The pipeline project is extremely important to this emerging government as it will transport the country's ample oil and gas reserves from land-locked districts to a major port located on the Atlantic Ocean. Having a more balanced import/export infrastructure is critical to this nation's prosperity in the 21st century.

U Mining is in the process of identifying and retaining key project personnel in order to be ready to go when the agreement is approved. The U Mining management team is confident that this contract will result in much improved financials and increased shareholder value in 2008.

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. EST 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