$URCO
LAS VEGAS, Jul 12, 2011 (BUSINESS WIRE) -- Uranium 308 Corp. (OTCPK: URCO) (the "Company") is pleased to provide an update to its shareholders regarding the Company's recent progress towards further developing the company and its underlying value.
"Let me say, I'm thrilled in making our recent commitment towards developing our first two properties in Peru: Mishi I ("Tarma") and Alex I ("Chanchamayo"). Both properties show good potential, Tarma especially considering the presence of existing shafts located on the property along with informal mining occurring by locals as witnessed on a recent site visit," stated Dennis Tan, President and CEO. Mr. Tan went on to state, "The Company is currently in the process of planning mineral exploration and sampling programs on both Tarma and Chanchamayo properties."
As the Company continues forward, its strategy is to develop a portfolio of interests in high potential gold mineralization projects within Latin American with emphasis on Peru and Colombia. To this end, the Company intends to continue performing grass roots acquisition and exploration as a viable strategy due to the numerous opportunities to identify and acquire relatively low-cost projects in known gold mineralization areas where infrastructure is being built. Additionally, we will consider potential joint venture strategies as appropriate when it provides the opportunity to increase the breadth of participation in potential discoveries while simultaneously mitigating risk exposure.
Mr. Tan stated, "I believe the time is now to refocus our company to start a solid portfolio of projects in countries like Peru and Colombia as they present very compelling opportunities for junior gold exploration companies. The board and I believe that such plans will require us to build a board and management team that can successfully support this new direction."
