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Post by Franko10 ™ on Sept 11, 2004 14:00:13 GMT -5
IUC Completes Sale of Copper-Gold Mongolian Exploration Properties to Fortress Minerals Corp.
17:40 EDT Wednesday, June 23, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 23, 2004) - (IUC - TSX) - International Uranium Corporation ("IUC") is pleased to announce that it has completed the sale of its copper-gold Mongolian exploration properties to Fortress Minerals Corp. (formerly, Fortress IT Corp.) ("Fortress"). Accordingly, IUC has acquired 28 million common shares of Fortress based on deferred exploration expenditures made by the Corporation and its subsidiaries on the properties within the last three years in the amount of approximately US$2.4 million. IUC's shareholdings represent approximately 63.1% of the issued and outstanding common shares of Fortress.
On Closing, IUC received 2,800,000 common shares of Fortress. The balance of 25,200,000 common shares are being held pursuant to the terms of a Value Share Escrow Agreement (the "Escrow Agreement") in accordance with the policies of the TSX Venture Exchange. Also on Closing, Mr. Ron Hochstein, President of the Corporation, was appointed to the Board of Fortress.
The 28 million shares represent IUC's entire holdings in Fortress and are held for investment purposes. This investment will be reviewed on a continuing basis and such holdings may be increased or decreased in the future, subject to the terms of the Escrow Agreement.
Fortress has changed its name from "Fortress IT Corp." to "Fortress Minerals Corp.". Its ticker symbol on the TSX Venture Exchange remains the same, "FST". Fortress shares are expected to resume trading on Monday, June 28, 2004.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
17:40 EDT Wednesday, June 23, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 23, 2004) - (IUC - TSX) - International Uranium Corporation ("IUC") is pleased to announce that it has completed the sale of its copper-gold Mongolian exploration properties to Fortress Minerals Corp. (formerly, Fortress IT Corp.) ("Fortress"). Accordingly, IUC has acquired 28 million common shares of Fortress based on deferred exploration expenditures made by the Corporation and its subsidiaries on the properties within the last three years in the amount of approximately US$2.4 million. IUC's shareholdings represent approximately 63.1% of the issued and outstanding common shares of Fortress.
On Closing, IUC received 2,800,000 common shares of Fortress. The balance of 25,200,000 common shares are being held pursuant to the terms of a Value Share Escrow Agreement (the "Escrow Agreement") in accordance with the policies of the TSX Venture Exchange. Also on Closing, Mr. Ron Hochstein, President of the Corporation, was appointed to the Board of Fortress.
The 28 million shares represent IUC's entire holdings in Fortress and are held for investment purposes. This investment will be reviewed on a continuing basis and such holdings may be increased or decreased in the future, subject to the terms of the Escrow Agreement.
Fortress has changed its name from "Fortress IT Corp." to "Fortress Minerals Corp.". Its ticker symbol on the TSX Venture Exchange remains the same, "FST". Fortress shares are expected to resume trading on Monday, June 28, 2004.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
