UGL Enterprises Ltd.

UGL Enterprises Ltd.

June 15, 2005 07:30 ET

UGL Enters into Alliance Agreement with Maple Minerals Corp. for Uranium Exploration in Mongolia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 15, 2005) - UGL Enterprises Ltd. ("UGL") (TSX VENTURE:UGS) is pleased to announce that it has entered into an alliance agreement with Maple Minerals Corp. ("Maple") (TSX VENTURE:MPM) for uranium exploration and target generation in Mongolia. The agreement covers UGL's current uranium ground holdings in Mongolia, totaling approximately 3700 sq. km, which are comprised of 13 granted exploration licenses, six exploration license applications and an option to earn 100% of two exploration licenses in the Nergui Project. In addition, Maple and UGL will cooperate during the term of the agreement in the generation and acquisition of other uranium exploration targets in Mongolia. UGL's extensive gold/copper property holdings are not included in this agreement.

Maple has the option to earn a 50% interest in UGL's uranium properties through the expenditure of US$1.5 million over three years, with a minimum of US$350,000 expended within the first year. Upon earning a 50% interest, a joint venture will be formed with the parties contributing pro-rata. Maple will also have the option to increase its interest to 60% by expending a further US$2 million over the subsequent three years.

Maple is required to issue 50,000 common shares to UGL within three days of the date the agreement is approved by the TSX Venture Exchange. A further CDN$75,000 worth of Maple shares are issuable to UGL should Maple exercise its option to acquire 100% of the Nergui property. The agreement is subject to regulatory approval and a due diligence review to be completed by Maple no later than July 6, 2005.


UGL Enterprises Ltd. is a junior resource company focused on mineral exploration and development in Mongolia. In addition to its uranium projects, UGL has five gold and copper exploration projects located throughout Mongolia, and is presently formulating exploration programs to commence in the summer of 2005. UGL 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.

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

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