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Post by Franko10 ™ on Sept 11, 2004 13:57:19 GMT -5
IUC to Sell Copper-Gold Mongolian Exploration Properties to Fortress IT Corp. for 28 Million Shares
19:43 EST Monday, March 08, 2004
VANCOUVER, BRITISH COLUMBIA--International Uranium Corporation ("IUC") is pleased to announce that IUC has entered into a letter of intent dated March 1, 2004 to transfer to Fortress IT Corp. ("Fortress") its Bermudan subsidiary holding all of its precious metal and base metal exploration properties in Mongolia (the "Properties"), in consideration for 28 million shares of Fortress (the "Transaction"). The shares will be issued at a deemed price of $0.1125 each based on expenditures incurred by IUC to date on the Properties of approximately US$2.4 million. NOTE: Location map available from the company at the number listed below or on the company's website at www.intluranium.com.
Fortress has negotiated a private placement of 10,000,000 shares at $0.12 each to raise gross proceeds of $1,200,000 to be used for property payments, exploration programs on the Properties and initial working capital requirements. The transaction will constitute a reverse take-over of Fortress. On closing, there will be 47,593,838 shares of Fortress outstanding and IUC (through a subsidiary) will own 58.8% of these shares.
IUC will continue to hold its significant uranium deposits in Mongolia and is currently evaluating restarting exploration on those properties.
Ron Hochstein, President of IUC, commented, "This transaction allows IUC to fully focus on its uranium assets. Being the majority shareholder in Fortress, we will still participate in the upside potential of the Mongolian copper/gold exploration."
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and in the U.S. including a fully permitted 2,000 ton per day uranium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.), as well as uranium exploration properties in the Athabasca Region in Canada. The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal.
Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium; the impact of the sales volume of uranium; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
19:43 EST Monday, March 08, 2004
VANCOUVER, BRITISH COLUMBIA--International Uranium Corporation ("IUC") is pleased to announce that IUC has entered into a letter of intent dated March 1, 2004 to transfer to Fortress IT Corp. ("Fortress") its Bermudan subsidiary holding all of its precious metal and base metal exploration properties in Mongolia (the "Properties"), in consideration for 28 million shares of Fortress (the "Transaction"). The shares will be issued at a deemed price of $0.1125 each based on expenditures incurred by IUC to date on the Properties of approximately US$2.4 million. NOTE: Location map available from the company at the number listed below or on the company's website at www.intluranium.com.
Fortress has negotiated a private placement of 10,000,000 shares at $0.12 each to raise gross proceeds of $1,200,000 to be used for property payments, exploration programs on the Properties and initial working capital requirements. The transaction will constitute a reverse take-over of Fortress. On closing, there will be 47,593,838 shares of Fortress outstanding and IUC (through a subsidiary) will own 58.8% of these shares.
IUC will continue to hold its significant uranium deposits in Mongolia and is currently evaluating restarting exploration on those properties.
Ron Hochstein, President of IUC, commented, "This transaction allows IUC to fully focus on its uranium assets. Being the majority shareholder in Fortress, we will still participate in the upside potential of the Mongolian copper/gold exploration."
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and in the U.S. including a fully permitted 2,000 ton per day uranium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.), as well as uranium exploration properties in the Athabasca Region in Canada. The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal.
Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium; the impact of the sales volume of uranium; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
