Russell Industries: Acquires American Uranium Mining Company HOUSTON, TX, Jun 18, 2007 (M2 PRESSWIRE via COMTEX) --
Russell Industries, Inc. - (RSDS.PK) announces that it has acquired - American Uranium Mining Company ("AUMC").
AUMC owns 68 Uranium Mining Claims - located in the Brigerjack section, San Juan County, Utah.
"This acquisition is synergistic with - Russell Industries focus on the Uranium market - and will increase our holding company's assets - to 322 Uranium mining claims - which will now encompass 6,440 acres in San Juan County," said Rick Berman, President and CEO.
AUMC, a publicly traded company, will also have its stock traded on the pink sheet market.
Russell Industries - will announce the new symbol - and date trading will begin - in a future press release.
About Russell Industries, Inc.
Russell Industries, a Nevada Corporation, was incorporated in 1997. Russell Industries is a holding company that will acquire assets in the energy, mining, healthcare and financial industries. The Company owns a majority ownership interest in 322 Uranium Mining Claims as of June 18, 2007.
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RUSSELL INDUSTRIES. - American Uranium Mining Company, (RSDS) -
Russell Industries, Inc.
Russell Industries, Inc. announced that it had acquired American Uranium Mining Company, formerly Ithaca Industries, Inc (ITHI).
The Company owns 68 Uranium Mining Claims located in the Briger Jack section, San Juan County, Utah.
"This acquisition is synergistic with Russell Industries' focus on the Uranium market and will increase our holding company's assets to 322 Uranium mining claims which will now encompass 6,440 acres in San Juan County," said Rick Berman, who will be elected President and CEO. Ithaca, a publicly traded company, will continue to have its stock quoted on the pink sheet market. Russell Industries will announce the new symbol and date trading will begin in a future press release.
About Russell Industries, Inc. (PINKSHEETS: RSDS)
Russell Industries, a Nevada Corporation, was incorporated in 1997. Russell Industries is a holding company that will acquire assets in the energy, mining, healthcare and financial industries. The Company owns a majority ownership interest in 322 Uranium Mining Claims as of June 19, 2007.
Uranium mining, after nearly 40 years of dormancy, is making a comeback in five western U.S. states, thanks to a reversal in prices since 2002.
Claims are being staked by people hoping to be bought out or paid royalties. Canadian firms are buying old U.S. mines such as those that dotted the landscape around Moab, Utah. Seven new mines have opened in five states.
This boom, unlike uranium mining borne from the 1950s nuclear arms race - (in the 1950s for some A-bombs etc. and the boom ended after only a few years - well different this time with 1000 of uranium energy plants needs plenty of U3O8 feed - for the future) imo. - To be at the right place - at the right time.
The resurgence in uranium mining was triggered by increased global demand for the radioactive mineral.
Five years ago, the spot price for uranium was just less than $10 per pound; now it's $138.
But the process of restarting the industry is slow.
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