UGL Enterprises Ltd.

UGL Enterprises Ltd.

March 08, 2005 17:14 ET

UGL Enterprises Ltd.: $3,000,000 Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: UGL ENTERPRISES LTD.

TSX VENTURE SYMBOL: UGS

MARCH 8, 2005 - 17:14 ET

UGL Enterprises Ltd.: $3,000,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 8, 2005) - UGL
Enterprises Ltd. (the "Company") (TSX VENTURE:UGS) advises it has
arranged a non-brokered private placement of 5,000,000 Units at a price
of $0.60 per Unit. Each Unit is comprised of one common share and one
half of one share purchase warrant. Each whole share purchase warrant
entitles the holder to acquire one additional common share for a period
of two years at a price of $0.75 per share. A finder's fee of 5% of the
proceeds placed payable in cash or Units will be paid on a portion of
the placement.

Proceeds of the placement will be applied to the Company's exploration
programs on its Mongolian properties and to general working capital. The
placement is subject to regulatory approval.

ABOUT UGL

UGL Enterprises Ltd. is a junior resource company trading on the
TSX-Venture Exchange under the trading symbol "UGS". UGL Enterprises has
twelve gold, uranium and copper exploration projects located throughout
Mongolia. The Company has a strategic alliance with Mine Info Ltd., a
leading Mongolian Exploration company, and has a full time office in the
capital city, Ulaan Baatar.

Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Corporation's periodic
filings with Canadian Securities Regulators. Such information contained
herein represents management's best judgment as of the date hereof based
on information currently available. The companies do not assume the
obligation to update any forward-looking statement.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    UGL Enterprises Ltd.
    Arnold Armstrong
    President/CEO
    (604) 683-7361
    or
    UGL Enterprises Ltd.
    Paul McKenzie
    Director
    (604) 689-1810
    info@uglenterprises.com
    www.uglenterprises.com
    or
    Fuller Fletcher & Associates Ltd. of London, UK
    European Investor Inquiries
    +44 (0) 20 7256 5204
    info@fullerfletcher.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.