U Mining Resources Inc. Announces More Details on Mining Concession & Infrastructure Redevelopment Agreement in Guine
U Mining Resources Inc. (Other OTC:UMNG.PK – News) today provided updates on the impending agreement in the Republic of Guinea. Comitrag S.A., the majority-owned subsidiary of U Mining, has been preparing the necessary additional documentation to satisfy the requirements of the Company’s official application for the BOOT Agreement.
When U Mining and Comitrag met with Guinea’s Prime Minister in late March, it was decided that additional documentation should be prepared over the coming weeks to further cement this important relationship and net the support of both the President of Guinea and the Minister of Mining. This information will be sent to and examined by a Special Committee in the Republic within a week, who in turn will review the information and then report their findings to the Minister of Mining.
The BOOT Agreement that Comitrag and U Mining should soon be awarded is comprised of a number of addendums that are instrumental to the successful execution of the agreement. These include (among a few others):
1) A report defining the primary budget for the feasibility study(ies) for both development of the iron-ore mining concession, and
construction of the railway corridor, which will extend from the concession to Guinea’s planned, international seaport near Conakry;
2) A proposal from the electromotive division of General Motors for the necessary equipment to build the Trans-Guinea railway corridor, and;
3) Identification of those firms that U Mining and Comitrag have earmarked for participation in this global working agreement, and proof of their financial commitments.
Regarding the latter, Comitrag S.A. has just recently received a substantial financial commitment from the U.S.-based Export-Import Bank (Ex-Im Bank) to finance 60% of the project. This guarantee from Ex-Im is extremely important, as it will help U Mining and Comitrag in their quest to further impress upon the government of the Republic Of Guinea their commitment to — and capability to execute on — this very important project.
Ex-Im Bank is an independently run, U.S. Government agency that helps finance the export of U.S. goods and services primarily to emerging markets throughout the world. It accomplishes its mission by providing loan guarantees and export credit insurance to a range of U.S.-based businesses conducting operations overseas. For more information, please visit the Africa Portal directly at www.exim.gov/africa.
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Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company’s stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company’s stock is not currently registered with the Securities and Exchange Commission.
Contact:
Equiti-trend Advisors (800) 953-3350 U.S. & Canada
(858) 436-3350 Local
Source: U Mining Resources Inc.
