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Post by Franko10 ™ on Sept 11, 2004 8:11:09 GMT -5
U.S. Canadian Minerals Prepares for Exercise of Rachael Option as Foreclosure Sale Clears Way
LAS VEGAS, Aug 20, 2004 (BUSINESS WIRE) -- U.S. Canadian Minerals Inc. (OTCBB: UCAD) announced that the foreclosure sale on the property in Lincoln County, Nev., upon which it holds an option to purchase, was completed today securing the property for Nevada Minerals Inc. UCAD was previously granted an option to purchase this property from Nevada Minerals Inc. for $2,000,000 This transaction clears the way for UCAD to consider the exercise of such option and the launching of operations on the property. UCAD is currently negotiating a land use agreement for access and use prior to exercising the option.
Among the infrastructure comprising the property are 88,400 square feet of industrial and office buildings, certain riparian rights to more than 515.6 acre-feet of water annually drawn from two wells, and an electric power sub-station with a long-term, low-cost power supply contract.
Further details relative to this project will be forthcoming in future press releases and at www.uscanadian.com/.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this document which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements.
SOURCE: U.S. Canadian Minerals Inc.
CONTACT: U.S. Canadian Minerals Inc.
Chris Hanneman, 303-220-8476
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-0-
KEYWORD: NEVADA
INDUSTRY KEYWORD: MINING/METALS
LAS VEGAS, Aug 20, 2004 (BUSINESS WIRE) -- U.S. Canadian Minerals Inc. (OTCBB: UCAD) announced that the foreclosure sale on the property in Lincoln County, Nev., upon which it holds an option to purchase, was completed today securing the property for Nevada Minerals Inc. UCAD was previously granted an option to purchase this property from Nevada Minerals Inc. for $2,000,000 This transaction clears the way for UCAD to consider the exercise of such option and the launching of operations on the property. UCAD is currently negotiating a land use agreement for access and use prior to exercising the option.
Among the infrastructure comprising the property are 88,400 square feet of industrial and office buildings, certain riparian rights to more than 515.6 acre-feet of water annually drawn from two wells, and an electric power sub-station with a long-term, low-cost power supply contract.
Further details relative to this project will be forthcoming in future press releases and at www.uscanadian.com/.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this document which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements.
SOURCE: U.S. Canadian Minerals Inc.
CONTACT: U.S. Canadian Minerals Inc.
Chris Hanneman, 303-220-8476
Customize your Business Wire news & multimedia to match your needs.
Get breaking news from companies and organizations worldwide.
Logon for FREE today at www.BusinessWire.com.
Copyright (C) 2004 Business Wire. All rights reserved.
-0-
KEYWORD: NEVADA
INDUSTRY KEYWORD: MINING/METALS
