Name Change
Effective at the opening on July 7, 2010, the common shares of the Company will commence trading on the TSX Venture Exchange under the new name "Expedition Mining Inc." (CUSIP number 30212V102) and trading symbol "EXU".
The Company is a publicly held Canadian exploration company focused on acquiring, exploring and developing mineral properties located in favorable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Universal Uranium Proposes Name Change
In addition the Company announced that pursuant to Exchange policies and the Company's rolling Stock Option Plan approved by shareholders at the annual general meeting of the Company held on April 29, 2009, incentive stock options in the aggregate amount of 800,000 shares have been granted to directors and officers of the Company at a price of $0.10 per share. The options are exercisable for a period of five years, ending on June 10, 2015, and are subject to the requirements of the Exchange.
Universal Uranium Ltd. (TSX-V: UUL) is a publicly held Canadian exploration company focused on acquiring, exploring and developing mineral properties located in favorable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Universal Appoints Bert Jeffries To Board Of Directors
Mr. Jeffries is a graduate of the Mackay School of Mines, University of Nevada-Reno, with a Bachelor of Science degree in geology. He is a registered professional geologist with over 30 years of experience across the mining spectrum, ranging from exploration to project and construction management. As part of the original Cordex exploration syndicate in Nevada, Mr. Jeffries contributed to multiple discoveries including the Pinson, Florida Canyon, Sterling and Prebble gold mines. He also worked as a consulting geologist, managing exploration that resulted in the discovery of the Beartrack gold mine in Idaho.
In the area of mine-construction management, Mr. Jeffries has worked extensively for major and mid-tier miners, including Barrick Gold, Western Goldfields and Kinross Gold. He was a member of the Barrick team that developed and constructed the Pierina gold mine in Peru, the Bulyanhulu gold mine in Tanzania and the Veladero gold mine in Argentina. During this period, he also worked in Chile as the project manager for the El Indio and Tambo gold mine closure project, and worked on Barrick's Pascua Lama project in Chile-Argentina and the Lagunas Norte project in Peru. More recently, Mr. Jeffries managed construction for Western Goldfields' Mesquite gold mine in Southern California and Kinross Gold's Fort Knox gold mine in Alaska.
The Company's president and chairman, Ronald Atlas, said, "We are extremely pleased to attract Bert Jeffries, vice-president of exploration and director of Aldrin Resource Corp, to serve on Universal's board of directors. His extensive experience in the mining sector will be both beneficial with respect to our Yukon property, as well as, our Nevada gold project. Mr. Jeffries has worked for the world's leading gold companies and with his knowledge and contacts, he will add significant value to our shareholders."
The Company would also like to announce the resignation of Mr. Richard Walters as a director. The Company wishes to thank Mr. Walters for his outstanding contributions of the past two years of service. Mr. Walters will remain as a consultant to the Company.
Universal Uranium Ltd. (TSX-V: UUL) is a publicly held Canadian exploration company focused on acquiring, exploring and developing mineral properties located in favorable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
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 Company seeks Safe Harbour.
Universal Uranium JV's Property Next to White Gold in Yukon
The Brew property is located in the White Gold District, Yukon Territory and is comprised of 168 quartz mining claims covering an area of 33 square kilometres. The project is 100 kilometres south of Dawson City and 20 kilometres east of Underworld Resources (Kinross) White Gold discovery.
The Brew property was originally staked by Shawn Ryan of Ryanwood Exploration. It was optioned in June, 2009 to Aldrin who has the right to acquire a 100% interest over a four year period by paying Ryanwood $425,000, incurring $1.5 million in expenditures and issuing 1,250,000 Aldrin shares to Ryanwood.
Universal may acquire its 50% interest in the Brew property over a three year period by paying $125,000 to Aldrin, paying $300,000 to Ryanwood, incurring expenditures of $1.35 million and paying Aldrin 50% of the Aldrin shares issuable by Aldrin to Ryanwood. The payments in respect of the Aldrin shares are capped at $156,250 for 2011 and at $187,500 for 2012 and 2013 and these payments may be paid either in cash or by the issuance of Universal shares at Universal's option. If Universal chooses to issue Universal shares, a 10% premium will be paid.
Preliminary soil sampling by Ryanwood has identified anomalous gold values that appear to be related to a major regional northwest trending structure Ryanwood has also completed a preliminary ground magnetic survey over the area and the results indicate additional work is warranted on the claim block.
Preliminary exploration completed on the Brew property by Ryanwood is reconnaissance level work. Work planned by Universal in 2010 includes expanding the soil survey, completing an extensive trench excavation program to better expose the structural setting and completing detailed sampling of the soil anomalies. In addition to the geochemical sampling, Universal intends to complete geological mapping and expand the ground magnetiometer survey.
Ron Atlas, President and Chairman of the Board of Universal stated "We are very pleased and excited to be afforded this opportunity to work with Shawn Ryan and Aldrin Resource Corp. in an area as exciting as the Yukon and to be in such close proximity to the White Gold discovery. It is also exciting to be in such close proximity to where Kaminak will be drilling this summer. We have been looking for exceptional opportunities since our major sale of the uranium prospect, the Two Time Zone in Labrador, to Crosshair Exploration. Our experience in the timely development and sales of excellent prospects should help us immensely in this project. We are encouraged to become involved in the Brew property as preliminary data indicate similar key geological features are present on the Brew that were important guides for targeting drilling Underworld's White Gold property"
Universal Uranium Ltd. (TSX-V: UUL) is a publicly held Canadian exploration company focused on acquiring, exploring and developing mineral properties located in favorable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
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.
The Company seeks Safe Harbour.
Universal Uranium and Crosshair Exploration Settle Action
In May, 2009, Universal filed a Statement of Defence and Counterclaim denying that Crosshair was entitled to rescission of the two agreements and asserting that the Crosshair action was an abuse of process. The Statement of Defence and Counterclaim also sought damages for the loss of the Company's opportunity to market the Crosshair shares to which Universal was entitled.
In August, 2009, Universal applied for an injunction directing the escrow agent to release the Crosshair shares and warrants from escrow. In a judgement rendered on March 16, 2010, the B.C. Supreme Court granted the injunction sought by Universal and directed the escrow agent to release to Universal the shares and warrants due to the Company under the escrow agreement.
The settlement agreement requires the parties to file a consent dismissal order dismissing both the Crosshair claim and Universal's counterclaim on a without costs basis. The settlement agreement also provides for a release by each party of all claims and causes of action it may have against the other party resulting from any matters existing up to the present time with respect to the action.
The settlement agreement further provides for Crosshair to enter into a voting trust agreement pursuant to which Crosshair will, for a period of 36 months, either abstain from voting its shares in Universal at shareholder meetings or will vote its shares in favour of the proposals of Universal's management. As at the date of the settlement, Crosshair held 2,222,222 common shares of the Company and 2,222,222 warrants to purchase common shares of the Company.
Universal Uranium Ltd. (TSX-V: UUL) is a publicly held Canadian exploration company focused on acquiring, exploring and developing mineral properties located in favorable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
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.
The Company seeks Safe Harbour.