Ucore Uranium Inc.
TSX VENTURE : UCU

Ucore Uranium Inc.

January 08, 2007 16:38 ET

Ucore Uranium Clarifies Terms of Peter's Snout Option and Appoints Heather Pomeroy as Corporate Secretary

HALIFAX, NOVA SCOTIA--(CCNMatthews - Jan. 8, 2007) - NOT FOR DISSEMINATION IN THE UNITED STATES OR VIA US NEWSWIRE SERVICES

Ucore Uranium Inc. (TSX VENTURE:UCU) ("Ucore" or the "Corporation") wishes to add to the information contained in a press release dated November 7, 2006 pertaining to the Peter's Snout property option. In that release, the Corporation stated it had assumed Landmark Minerals Inc.'s ("Landmark") remaining cash and share payments to the underlying claim owner to earn a 70% interest of the 100% interest Landmark had originally agreed to acquire.

The Corporation wishes to add that at the time the Corporation entered into the Peter's Snout option agreement with Landmark, the Corporation also agreed with the underlying claim owner to adjust the number of common shares to be issued by Ucore. The adjustment was based on the ratio between the then closing prices of Landmark and Ucore. This adjustment resulted in the Corporation agreeing to issue 31,845 common shares over a period of three years rather than the 60,000 Landmark shares as stated in the Landmark news release dated May 26, 2006.

Separately, subject to regulatory approval, the Corporation also is pleased to announce the appointment of Heather Pomeroy as Corporate Secretary. Ms. Pomeroy is currently Controller for Linear Gold Corp. and Linear Metals Corporation.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Ucore Uranium Inc.
    Mr. Jim McKenzie
    President and Chief Operating Officer
    902-482-5214
    902-492-0197 (FAX)
    or
    Ucore Uranium Inc.
    Dan Whittaker
    Chairman and Chief Financial Officer
    902-482-5214
    902-492-0197 (FAX)