SOURCE: U Mining Resources Inc.

May 08, 2008 08:30 ET

U Mining Resources Inc. Subsidiary Submits for Approval the BOOT Agreement to the Guinean Government Authorities

NEW YORK, NY--(Marketwire - May 8, 2008) - U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that its majority-owned subsidiary, Comitrag S.A., has presented the BOOT (Build-Own-Operate-Transfer) Agreement to the Republic of Guinea authorities for governmental review. The Agreement will then be voted on by the Guinean Cabinet (Le Conseil des Ministres) and implemented as soon as a decision is reached.

The President of Comitrag will continue to play an integral role in the progression and attainment of the BOOT Agreement in the Republic of Guinea and will be indispensable to the successful negotiations between Comitrag S.A. and the Guinean government. The Company anticipates his immediate return to the Republic of Guinea for a month to finalize the BOOT Agreement.

The signing and implementation of this Agreement is tantamount to the continued evolvement of the relationship between Comitrag S.A. and the Guinean authorities.

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