SOURCE: U Mining Resources Inc.

April 17, 2008 09:47 ET

U Mining Resources: Leading International Mining Group Spending Additional $145 Million on Feasibility Studies Focused on the Simandou Region in the Republic of Guinea

U Mining's Agreement Calls for Mining Operations in Region Known for Significant Resources of High-Grade Iron Ore

NEW YORK, NY--(Marketwire - April 17, 2008) - U Mining Resources Inc. (PINKSHEETS: UMNG) today provided information on the world-class iron ore resource deposit located in a 55-km-long zone in the Simandou Mountain Range of the Republic of Guinea. This resource, which was discovered in the 1960s, is what U Mining will be helping to develop as it moves forward with the Company's anticipated infrastructure redevelopment and mining concession BOOT project in Guinea.

The Rio Tinto international mining group has been in the region exploring and evaluating its iron ore potential under exploration licenses they were granted in 1997. In June-2006, Rio Tinto was awarded a major iron ore mining concession from the West African republic. According to corporate records, Rio Tinto has spent over US$30 million of the $145 million it pledged in 2007 on studying the Simandou project. U Mining has already benefited from the information, assays and map-related materials produced under these studies. While the government of Guinea does not own any percentage of Rio Tinto's concession, U Mining's agreement is structured so that the government will benefit monetarily. This pending agreement for U Mining will be mutually beneficial for both U Mining and the country in which it will be operating.

Drill assays from previous exploration programs on the Simandou Range indicated a high-grade hematite, with a concentration of over 67% Fe (Iron), and an estimate of over 3 billion metric tons of iron ore resources. The nearby Pic de Fon iron ore deposit alone, which is part of the area Rio Tinto has committed $145 million to study, has an estimated 1.2 billion metric tons of iron ore at a grade of about 65% to 68% iron.

CEO of U Mining, Jean Michel de Montigny, stated the following: "We have put forth immense effort and have spent considerable time and allocated certain funds to this project thus far, and the feedback I am getting from shareholders and our investor relations representatives is that it is still difficult to envision the value of this agreement and how it will affect the Company's revenues and earnings over time. The best way I can only begin to explain this is to describe the unique relationship Mr. Bella Keita has established with certain officials in Guinea, as well as his understanding of the historical background and needs of this emerging nation. Mr. Keita has built an impressive career to date, having served as engineer and project manager for numerous, similar world-class projects, along with other achievements many would consider impressive for this Guinean immigrant. His people, the Guinean representatives to this agreement, respect him for many reasons including the fact that he has always stayed involved in Guinea's drive to improve its infrastructure and emerge as one of that continent's most self-sufficient and prosperous nations."

"During my visit in March, I was able to appreciate the magnitude and impact of his relationships with Prime Minister Kouyate and others involved who have clearly demonstrated their interest in working with our group (U Mining and Comitrag S.A.). My role in those meetings was simply to bring to the table financial partners and help the Republic of Guinea leverage the value of the mining concession to deliver the capability of revenues generated from the operation and provide the Republic with the necessary funding for its infrastructure redevelopment needs as called for in the BOOT agreement," added CEO Montigny. "As this relationship develops, the magnitude of this project and what it will mean to U Mining's revenue and operational growth will inevitably become more clear."

U Mining expects more information from Mr. Keita next week following additional meetings in Conakry with government officials to finalize certain details of the project. All shareholders are strongly encouraged to visit U Mining's corporate Website to view the recently posted information on the Guinea project, which includes maps and other similar mining and resource-oriented data.

U Mining's corporate Website is located at: To be added to U Mining's investor mailing list, please speak with the Investor Communications Representatives at Equiti-trend Advisors. Representatives are available during and after market hours daily 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.

Contact Information

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    Equiti-trend Advisors
    (800) 953-3350 U.S. & Canada
    (858) 436-3350 Local