RSDS Trophy Resources Proceeds With Acquisition of Uranium Claims
CLEVELAND, OH, Jul 25, 2007 (MARKET WIRE via COMTEX) -- Trophy Resources, Inc.
(PINKSHEETS: TRSI) announced today that they have completed the due diligence and
are proceeding with the acquisition process of an initial block of 65 uranium
claims. This is the first phase of our uranium claim acquisition program to
acquire the maximum of 310 claims allowed under federal guidelines.
The claims are located in the North Cottonwood area of San Juan County, Utah.
They run in concert with and geographically complement those owned or currently
being acquired by Trophy's JV partners: Russell Industries (PINKSHEETS: RSDS) and
American Uranium Mining Company. While the three companies are independently
operated, they have a JV agreement in place allowing for the best use of over all
resources in the development of these claims.
"This is a key step forward for the Mining Division of our company. We plan to
have these initial 65 claims in house in the next 30 days," said Eric Leonetti,
President and CEO of Trophy Resources. "Our relationship with our Director, Rick
Berman, Russell Industries and American Uranium Mining Company, is producing the
opportunities that the company expected. We believe that a long-term bond between
the three companies serves many aspects of our individual plans. This synergism
will allow for the sharing of experience and expertise, and will specifically
offer a more cost effective approach."
The companies have elected to engage two independent geologists to issue (NI)
43-101 compliant reports to establish economic valuation of the underlying
assets. They 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.
