Uranium 308 Corp.(fka URCO)

[phyllostachys]

We should be hearing something very soon in regards to this pr on May 3.

"Uranium 308 Corp. Enters into Letter of Intent with Laberinto Holdings, S.A. for an Option to Acquire a 75% Ownership Interest in Two Mineral Concessions Located in PeruFont size: A | A | A2:15 PM ET 5/3/11 | BusinessWire
Uranium 308 Corp. (OTCBB: URCOE) (the "Company") is pleased to announce that it has entered into a letter of intent with Laberinto Holdings, S.A. ("Laberinto"), a Peruvian corporation, relating to an option agreement to acquire a 75% ownership interest in mineral concession number 01-02934-11 containing 100 hectares in the Pernene district, Chanchamayo, Peru, and mineral concession number 01-02933-11 containing 800 hectares in the Palca district, Tarma, Peru, both located in the Department of Junin in exchange for: (i) the payment of US$50,000 in cash to Laberinto within two months following the execution of the definitive option agreement; (ii) the issuance of 15,000,000 shares of restricted common stock of the Company to Laberinto upon the execution of the definitive option agreement; and (iii) exploration expenditures by the Company in its sole discretion on the mineral concessions in the amount of US$250,000 on or before the first anniversary of the execution of the definitive option agreement. The Company and Laberinto expect to enter into a definitive option agreement on or before May 30, 2011."