US Energy schließt Joint Venture"s" mit Eintagsfliege, hahaha:
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10.05.2006 15:58
U.S. Energy Corp. / Crested Corp. and Uranium Power Corp. Announce New Joint Venture Projects
RIVERTON, Wyo., May 10 /PRNewswire-FirstCall/ -- U.S. Energy Corp. (Nachrichten) and Crested Corp. (BULLETIN BOARD: CBAG) are pleased to announce the addition of two new projects to the joint venture with Uranium Power Corp. (Nachrichten) ("UPC"), the Green River North and the Green River South projects. Both projects are located in Emery County, Utah. USEG and Crested will hold a 50% interest, and UPC will hold a 50% interest in the projects in accordance with their Mining Joint Venture agreement.
The Green River South project consists of 428 lode mining claims and five State of Utah mineral leases. The property, previously known as the Sahara Property, was optioned by UPC from the Uranium Group ("UG"). Under this agreement, UPC has an option to earn a 70% interest by making payments of $585,000 and 200,000 shares of UPC stock, and committing to the expenditure of $1,365,000 for exploration and development activities over the next four years. UPC can earn a further 15% interest by paying UG an additional $300,000 and spending an additional $700,000 on exploration and development work. UPC, and USEG / CBAG, will have equal ownership through the Mining Joint Venture of the interest in the Green River South project as earned by UPC.
Included in this property is the Sahara Mine, which has an historic estimate of approximately 500,000 pounds of uranium oxide (U3O8) with an average grade of 0.23% U3O8 per ton of mineralized material. This estimate was reported by a previous operator of the property, Energy Fuels Inc. Approximately 450 holes were drilled on the deposit, delineating the first 1800 feet of the trend. All the logs for this drilling are in the possession of the Uranium Group.
Regional historic exploration drilling on the Green River South property indicates that a substantial number of exploration targets have already been delineated which will be subject to follow-up drilling, with the potential of expanding the resource base.
The Sahara mine is approximately 90 miles by paved road from U.S. Energy's Shootaring Canyon uranium mill.
The Green River North project consists of 10 lode mining claims owned by U.S. Energy Corp. These claims cover the Deeper Gold deposit with an historic estimate of approximately 650,000 pounds U3O8 with an average grade of 0.23% U3O8 per ton of mineralized material. This estimate was originally developed by U.S. Energy Corp. in December 1985. U.S. Energy Corp. is in possession of logs for approximately 1300 drill holes covering the Deeper Gold deposit and surrounding areas.
The Deeper Gold deposit is approximately 110 miles by paved road from U.S. Energy's Shootaring Canyon uranium mill.
The parties plan to immediately commence the digitization of old drill logs for the Sahara and Deeper Gold deposits. This will be followed by drilling to confirm the old data, to test disequilibrium and to follow-up on mineralized intersections in old drilling.
UPC's ownership of its 50% interest in these two projects through its participation in the Mining Venture Agreement, consistent with UPC's 50% participation in the other uranium properties held by the joint venture, is subject to UPC's timely completion of all its payment obligations under the Purchase and Sale Agreement of 2004 (amended in January 2006) between UPC, USEG and CBAG.
Mark Larsen, President of U.S. Energy Corp. stated, "We are pleased to announce another joint venture project between U.S. Energy Corp. and Uranium Power Corp. With uranium prices continuing to rise in recent months to their highest levels in more than 20 years, we believe that the Green River project has the potential to yield significant production in the coming years. We plan to immediately commence further exploration and development work, along with mine permitting activities. We view the Green River project as a strategic acquisition that will complement our seven other projects in the Colorado Plateau, all of which are in close proximity to our Shootaring Canyon uranium processing mill."
DISCLOSURE REGARDING MINERAL RESOURCES UNDER SEC AND CANADIAN REGULATIONS
USE is a joint venture partner with Uranium Power Corp. ("UPC") and a major shareholder of SGMI. The common stock of UPC and SGMI, both Canadian corporations, are traded on the TSX-V, and are subject to the reporting requirements of the TSX-V and Canadian securities regulatory authorities. Harold F. Herron, Senior Vice President and Director of USE and Crested, serves on the board of directors of SGMI and is also the Company's President and CEO and Chris Healey, Vice President Exploration of USE, serves on the board of directors of UPC.
From time to time, UPC and SGMI make public disclosures in compliance with National Instrument 43-101, "Standards of Disclosure for Mineral Properties." NI 43-101 establishes procedures and standards for determining the existence of, and the reporting of, Mineral Resources and Mineral Reserves. Mineral Resources are classified in ascending categories of geological confidence, as Inferred, Indicated, and Measured. Each definition relates to a resource that is determined to be of "such a grade or quality that it has reasonable prospects for economic extraction." Mineral Reserves are classified as Proven or Probable.
The SEC allows public disclosure of the extent and grade of mineral deposits, and, under SEC Industry Guide 7, "Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations, of Proven (Measured) Reserves and Probable (Indicated) Reserves. In contrast to NI 43-101, the SEC does not allow public disclosure of Inferred, Indicated, or Measured Resources. In addition, there are some significant differences in the standards allowed, and the procedures required to be followed by the SEC for public disclosure of the SEC's Proven (Measured) Reserves and Probable (Indicated) Reserves, as compared to NI 43-101 for Proven and Probable Mineral Reserves.
United States residents, who obtain information about those of our uranium properties, and about the gold properties, which are reported upon by UPC and SGMI to the TSX-V in accordance with NI 43-101, and about SGMI's gold properties, are cautioned that such information may be materially different from what would be permitted under SEC rules for United States companies.
ABOUT U.S. ENERGY CORP. AND CRESTED CORP.
U.S. Energy Corp. and its majority-owned subsidiary, Crested Corp., are engaged in a joint venture to conduct various business operations as USECC. Through their subsidiaries, Sutter Gold Mining Inc., Plateau Resources Limited, Inc., U.S. Moly Corp, U.S. Uranium Ltd. and USECC, they own various interests or properties prospective for gold, uranium, vanadium and molybdenum.
This news release includes statements which may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital, competitive factors, and other risks.
The profitable mining and processing of uranium and vanadium will depend on many factors: Obtaining properties in proximity to the Shootaring mill in southeastern Utah to keep transportation costs economic; delineation through extensive drilling and sampling of sufficient volumes of mineralized material, with sufficient grades, to make mining and processing economic over time; continued sustained high prices for uranium oxide and vanadium; obtaining the capital required to upgrade the Shootaring mill and add a vanadium circuit, and obtaining and continued compliance with operating permits.
The profitable mining and processing of gold will depend on many factors, including receipt of final permits and keeping in compliance with permit conditions; delineation through extensive drilling and sampling of sufficient volumes of mineralized material, with sufficient grades, to make mining and processing economic over time; continued sustained high prices for gold, and obtaining the capital required to initiate and sustain mining operations, and build and operate a gold processing mill.
We have not yet obtained feasibility studies on any of our mineral properties. These studies would establish the economic viability, or not, of the different properties based on extensive drilling and sampling; the design and costs to build and operate gold and uranium/vanadium mills; the cost of capital, and other factors. Feasibility studies can take many months to complete. We have not established any reserves (economic deposits of mineralized materials) on any of our uranium/vanadium or gold properties, and future studies may indicate that some or all of the properties will not be economic to put into production. The molybdenum property has had extensive work conducted by prior owners to establish the deposits of molybdenum, mine planning and other ancillary activities. This data will have to be updated to determine the viability of starting mining and milling operations. Obtaining mining and other permits to begin mining the molybdenum property may be very difficult, and, like any mining operation, capital requirements for a molybdenum mining operations will be substantial.
By making these forward-looking statements, the Companies undertake no obligation to update these statements for revision or changes after the date of this release.
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URANIUM POWER CORPORATION
US ENERGY CORPORATION
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