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Press Release Source: Russell Industries
Russell Industries Finalizes Mining Acquisition
Monday October 9, 6:00 am ET
HOUSTON--(BUSINESS WIRE)--Russell Industries, Inc. (PINK SHEETS:RSDI - News) announces that it has finalized its acquisition of 54 mine claims located in San Juan County, Monticello, Utah from U.S. Minerals, LLC, (Mesa, AZ).
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The claims are part of the Morrison formation known for the many valuable deposits of Uranium and Vanadium. Several areas are shallow enough, less than 100 feet, to easily mine. The current market price for Uranium is $280.80 per ore ton and $800.00 per ore ton for Vanadium. Vanadium is used to strengthen steel and is in big demand in Asia. The company estimates that its ore reserves could be as high as 4.5 million tons. Russell Industries plans to mine and lease the claims in 2007. The Company is looking forward to a significant revenue stream from this acquisition.
About Russell Industries, Inc.
Russell Industries is a holding company that will acquire assets in the energy, mining, healthcare and financial industries.
Safe Harbor
Forward-Looking Statements: Except for historical information contained herein, statements are forward-looking statements that are made pursuant to the safe harbor provisions of the Private
