UCHB finally put out a PR! Nothing much new though. This line caught my attention though; "Larry Wilcox has left the company for personal and health reasons" Why don't they just tell the truth! Everybody knows what happened to Larry already. Typical for them not to mention what really happened though, just like everything else UCHB does.
To inform the current status of UC Hub and its operations.
San Diego, CA, October 18, 2010 --(PR.com)-- UC Hub (OTC Bulletin Board: UCHB.PK) is working diligently on their mining and oil well.
Montana Mine - The gold and sapphire mine UC Hub owns in Montana is a tremendous asset and should be a large income producer for the company. All of the tests have shown that the mine should be prolific in El Dorado Bar, Missouri River sapphires, some of the best sapphires in the world and well enriched with gold. In the company's test run of the virgin soil, (never been mined) they have extracted approximately one ounce of gold, possibly more, per 100 yards of dirt, and one half ounce to one and one half ounces of gold per 100 yards of dirt in the tailings (previously mined). This is very meaningful for the company and its shareholders and will potentially help the bottom line very effectively.
Sapphires - Through the test run of the virgin soil the company was only looking for the gold however, their manager took a small sampling of the soil that was run through the wash plant (2½ gallons) to sift through for sapphire content. In the 2½ gallon (one half a 5 gallon paint bucket) the manager extracted 239 carats of sapphires and one of the sapphires was 13.3 carats. Montana pricing sapphires that are large stones range in wholesale cut pricing of $600 per carat to several thousand dollars depending on the 4 Cs which are carat, clarity, cut, and color. This is outstanding as the company produces multiple sapphires larger than 4 carats. In previous tests of the mines tailings the company has estimated 10 to 20 carats of sapphires to one yard of tailing material. Currently, they company has an estimate of 484,000 cubic yards of tailings piled on top of the ground ready to mine. This Mine is a very significant asset for the company contingent upon our tests and comparatives in the adjacent areas.
Oil Wells - The producing wells collectively are producing 6-10 barrels a day. In today’s market it makes them cost effective to run and operate. The well that is being drilled currently is getting ready to go on line. The well appears to have production potential in the range of 20 to 30 barrels a day however, actual volumes cannot be defined until the well is pumping online. The driller did verify oil in 2-3 pay zones and is optimistic about other new wells on the 400 acre lease. With today’s oil prices this could be a very profitable oil well along with the potential of several offset wells in the future and the possibility of up to 20 wells on this lease.
Now that the above real assets are in place and the equipment purchased Larry Wilcox has left the company for personal and health reasons and new management is being reviewed while the Board and UC Hub is currently looking for a new CEO and President.
This Shareholders’ Letter contains statements that constitute forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements. Factors that may cause or contribute to such differences include, among other things, changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation, the impact of competitive products and services, competitive pricing, demand and market acceptance, changes in technology, reliance on key strategic alliances, availability of raw materials, fluctuations in operating results and other risk factors including, reliance on third parties. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor can it assess the effect of each such factor, especially from third parties, on the Company’s business or to the extent to which any such factor, or combination of factors, may cause actual results to differ materially from those contained in any forward- looking statement.
###
“There are three kinds of men. The ones that learn by readin’. The few who learn by observation. The rest of them have to pee on the electric fence for themselves.” –Will Rogers
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.