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| |   May 13, 2009
Statement of Defence and Counterclaim Filed In Crosshair Action
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| | Vancouver, British Columbia, May 13, 2009 -- Universal Uranium Ltd. (the "Company") announced that it has filed a Statement of Defence and Counterclaim in an action commenced by Crosshair Exploration & Mining Corp. ("Crosshair") in the B.C. Supreme Court. The Crosshair action seeks rescission of two agreements, one being a property purchase agreement under which Crosshair acquired the Company's mineral claims in the Central Mineral Belt in Labrador, and the other being a private placement agreement under which Crosshair purchased units of the Company.
The Company considers the Crosshair action to be without merit. The Company's Statement of Defence and Counterclaim denies that Crosshair is entitled to rescission of the two agreements and asserts that the Crosshair action was commenced for the purpose of artificially increasing the value of Crosshair's shares by halting the release from escrow of the Crosshair shares to which UUL is entitled under the property purchase agreement. The Statement of Defence and Counterclaim also asserts that the Crosshair action is an abuse of process and seeks damages for the loss of the Company's opportunity to market the Crosshair shares to which the Company is entitled.
ON BEHALF OF THE BOARD:
(signed) "Ronald Atlas," President & Chairman of the Board
ON BEHALF OF THE BOARD:
(signed) "Ronald Atlas," President & Chairman of the Board For further information contact:
William Galine
Executive Vice President
Telephone: (604) 662-3903
Email: bgaline@universaluranium.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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| | You can view the Next News Releases item: Tue Jul 7, 2009, Universal Uranium To Acquire Nevada Gold Property
You can view the Previous News Releases item: Fri May 1, 2009, Action Against Universal Uranium
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