Trophy Resources' JV Partnership Receives Exploratory Mining Permit for Uranium Property
CLEVELAND, OH, Aug 01, 2007 (MARKET WIRE via COMTEX) -- Trophy Resources (PINKSHEETS: TRSI) is excited to announce that their joint venture partnership with Russell Industries, Inc. (PINKSHEETS: RSDS) and American Uranium Mining Company has received an exploratory mining permit for the initial uranium holdings in San Juan County, Utah.
This permit, (Claims UMC 391224 - 391273 / Permit E/037/125), will allow the companies to begin the process necessary to establish the true potential of this property in ore reserves, as well as its grade, with the objective of establishing a full scale mining operation in the near future.
The companies have elected to engage two independent geologists to issue (NI) 43-101 compliant reports to establish economic valuation of the underlying assets. The companies also plan to explore the possibility of oil, natural gas and coal bed methane on the group's independent holdings in San Juan Basin, Utah.
Eric Leonetti, President/CEO (Trophy Resources) and Rick Berman, President/CEO (Russell Industries, Inc) said in a joint statement, "We simply cannot be more pleased with the progress we have made, as well as the manner in which this process has been completed, with the BLM. We have begun pursuing the acquisition of the equipment necessary to complete this exploratory work. We are now in position to make rapid progress on these initial holdings and look forward to what we feel will be very positive results."
The Joint Venture between Russell Industries, American Uranium Mining Company, and Trophy Resources was announced on June 28, 2007, as a means of exploiting the companies' potential commercial holdings in uranium, oil, and natural gas.
About Trophy Resources
Trophy Resources, Inc. (www.trophyoil.com) is an independent natural resource company with the goal of controlling lease hold acreage and mineral rights. Trophy's oil interests are in the Fort Worth Basin in central Texas and the Casper Arch / Wind River Basin in Wyoming. Trophy expects to acquire advanced-stage projects and/or producing mines in some of the most prolific precious metal districts in the world. The company's goal is to evaluate profitable options, build a solid foundation of assets through acquisition of land and/or leases, and explore and develop opportunities on these leases.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan," "planned," "will," "should," "expected," "anticipates," "draft," "eventually," or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Trophy Resources, Inc. is an exploration with limited experience in the oil and gas industry. At the time of this release Trophy Resources lacks the financial capabilities to meet its financial obligations and its management expects to dilute the company's shares to raise the necessary operating capital. Based upon industry standards Trophy would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider, this list is limited and additional risk not mentioned may apply: failure to meet Trophy's financial and contractual obligations, Trophy's managerial errors made based upon the company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Contact:
Trophy Resources, Inc.
Eric Leonetti
866-284-8617
eleonetti@trophyoil.com
SOURCE: Trophy Resources, Inc.
CONTACT: mailto:eleonetti@trophyoil.com
Copyright 2007 Market Wire, All rights reserved.
SUBJECT CODE: Energy and Utilities:Alternative Energy
Energy and Utilities:Oil and Gas
Manufacturing and Production:Mining and Metals
Financial Services:Venture Capital
Environment:Natural Resource Management
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