United: Initiates Due Diligence on $140,000,000.00 Queensland Gold Property: 300,000 Plus Ounces of Gold Measured and Indicated
LAS VEGAS, May 04, 2005 (BUSINESS WIRE) --
United Development International (OTC: UDVE) announces today it will be reviewing compiled information of the Mt Morgan Gold Mine in central Queensland, Australia. This information has revealed a minimum of $140,000,000 of measured and indicated reserves.
There is an additional measured and indicted gold reserve that may now be viably extracted with the price of gold over $400.00 per ounce.
The company's geological advisor will conduct an independent review of this information to confirm reserves as well as report to the company the viability of production costs and capabilities.
The company will initiate the next phase of acquiring the rights to the property upon timely completion of the independent review.
United Development International, quoted on NQB Pink sheets as "UDVE".
CAUTIONARY STATEMENT: This news release may include forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act as amended, and/or the U.S. Private Securities Litigation Reform Act of 1995. All statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements that involve various risks and uncertainties. All forward-looking statements in this release are expressly qualified by this notice.
SOURCE: United Development International, Inc.
United Development International, Inc.
Staff, 250-319-3442
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