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Saturday, July 28, 2007 10:20:23 AM
UMNG
June 22nd PPS .07 July 27th PPS .035
NEW YORK, NY, Jun 22, 2007 (MARKET WIRE via COMTEX) -- U Mining Resources Inc. (PINKSHEETS: UMNG) announced today that management has decided to initiate an aggressive Stock Buyback program of its trading shares in order to overcome continuous illegal short selling positions commencing with the announcement of this press release.
This buyback program is taking place in conjunction with an institutional finance group currently working with the Company and combined with a group of friendly UMNG shareholders who will be buying stock on a daily basis on the open market.
Management stated, "This action reflects our strong belief in the fundamental value of the Company. At current prices, we believe our stock is undervalued and that it represents an attractive investment opportunity. We believe Uranium prices will continue to increase and management will keep securing and acquiring strategic Uranium territories. We are building our asset base while conducting geologic reports and lab tests to measure the value of our proven resources."
Management is currently waiting for the imminent release of its NI-43-101 reports on Laurentide 1 and 2 properties. U Mining can then make a final decision on the closing date of the audited financial statements in preparation for filing form 10 to up list on the OTC.BB.
More information on this and other pending matters will be made available to shareholders on a timely basis.
June 22nd PPS .07 July 27th PPS .035
NEW YORK, NY, Jun 22, 2007 (MARKET WIRE via COMTEX) -- U Mining Resources Inc. (PINKSHEETS: UMNG) announced today that management has decided to initiate an aggressive Stock Buyback program of its trading shares in order to overcome continuous illegal short selling positions commencing with the announcement of this press release.
This buyback program is taking place in conjunction with an institutional finance group currently working with the Company and combined with a group of friendly UMNG shareholders who will be buying stock on a daily basis on the open market.
Management stated, "This action reflects our strong belief in the fundamental value of the Company. At current prices, we believe our stock is undervalued and that it represents an attractive investment opportunity. We believe Uranium prices will continue to increase and management will keep securing and acquiring strategic Uranium territories. We are building our asset base while conducting geologic reports and lab tests to measure the value of our proven resources."
Management is currently waiting for the imminent release of its NI-43-101 reports on Laurentide 1 and 2 properties. U Mining can then make a final decision on the closing date of the audited financial statements in preparation for filing form 10 to up list on the OTC.BB.
More information on this and other pending matters will be made available to shareholders on a timely basis.
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