Uranium Power Corp. Updates Shareholders on Recent Developments
Wednesday July 19, 9:30 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 19, 2006 -- Uranium Power Corp. ("UPC") (TSX VENTURE:UPC.V - News) is pleased to update shareholders on the recent developments announced between its partner U.S. Energy Corp. (NASDAQ:USEG - News) and Crested Corp. (OTC BB:CBAG.OB - News) d/b/a USECC and sxr Uranium One Inc. ("Uranium One"). Uranium One has been granted the exclusive right by USECC to conduct due diligence regarding the proposed acquisition of the Shootaring Canyon Uranium Mill (the "Shootaring Canyon Mill") in Utah and USECC\'s varying interests in a substantial land package comprising 8 uranium exploration and development projects. Four of these uranium projects are joint ventures between UPC and USECC.
In addition, sxr Uranium One announced on July 10, 2006 that it had been selected by Rio Tinto Energy America, Inc. ("RTEA"), a wholly-owned subsidiary of Rio Tinto plc, as the preferred bidder for RTEA\'s Sweetwater Uranium Mill and associated Green Mountain uranium properties located in south-central Wyoming. Uranium One and RTEA have also entered into an exclusivity agreement under which Uranium One, in consideration for the payment of a US $1 million exclusivity fee, has been granted the exclusive right to negotiate definitive acquisition documentation consistent with the terms of its offer and to carry out detailed due diligence on the Sweetwater Mill and Green Mountain Properties for a period of six months (which may be extended to nine months with the agreement of the parties).
Neal Froneman, Chief Executive Officer of Uranium One, said, "The acquisition of U.S. Energy\'s Shootaring Canyon Mill and uranium property interests is another significant step in our company\'s rapidly developing U.S. growth strategy. These assets, while attractive on their own, have the added benefit of fitting extremely well with the Sweetwater Mill and its land package. Together, the two acquisitions add up to more than the sum of their parts and give us a strong foundation for the growth and expansion of our U.S. uranium business."
Neal Froneman also adds, "Uranium One looks forward to working with Uranium Power Corp. on development of the joint venture assets going forward."
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