Nu-Mex Uranium Completes Agreement With Strathmore for US $44.5
Million Commitment at Nose Rock, New Mexico Uranium Project
ALBUQUERQUE, N.M., Sept. 21 /PRNewswire-FirstCall/ -- Effective on September 14, 2007 Nu-Mex Uranium Corp. ("Nu-Mex" or "the Company") has completed its formal option and joint venture agreement (the "Agreement") with Strathmore Resources (US) Ltd. ("Strathmore") to form a joint venture in order to explore and develop Strathmore's Nose Rock properties (the "Nose Rock" project).
The Nose Rock project is located northeast of Crownpoint within the Grants Mineral Belt in the State of New Mexico. Strathmore acquired the property through mineral leases or by claim staking and the Nose Rock property as a whole consists of approximately 5,000 acres (2,023 Ha) of land.
The completed Agreement calls for the scheduled expenditure commitments as outlined in earlier news releases. (See news release June 18, 2007). For additional work commitments of US $25.5 million, for a new total of US $44.5 million, and a reduction of US $6 million in scheduled payments to Strathmore, Strathmore has granted Nu-Mex a right to acquire an additional 5% in the Joint Venture. Nu-Mex can now earn-in up to a 65% interest in the Nose Rock project by, among other matters: (i) paying $250,000 to Strathmore; (ii) by issuing 5,000,000 common shares of Nu-Mex to a limited liability company to be formed to consummate the joint venture; and (iii) by incurring a total of US $44.5 in work commitment expenditures during the next seven years. In addition, Strathmore has granted Nu-Mex a Right of First Refusal to negotiate a Joint Venture agreement for Strathmore's Dalton Pass, New Mexico, uranium project. A complete summary and copy of the completed Agreement forms part of the Company's most recent and Current Report filing on Form 8-K.
Strathmore Minerals Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties. Headquartered in Kelowna, British Columbia, the Company also has U.S. based Development Offices in Riverton, Wyoming and Santa Fe, New Mexico.
Nu-Mex Uranium Corp. is an international uranium mining company with corporate offices in London, England, and operational offices in New Mexico, USA. Its foundational assets are located in the southwest United States. The Company is focused on the development of in-ground uranium resources that can be brought to near-term production.
For further information see: http://www.nu-mexuranium.com Symbol: OTCBB - NUMX; Frankfurt AN4, WKN NO. A0MUN4 Contact North America: Investor Relations Tel.: 866-676-0153 Contact Europe: Investor Relations Tel.: +44-20-7665-1646 SAFE HARBOR STATEMENT
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
SOURCE Nu-Mex Uranium Corp.
CONTACT: North America, Investor Relations, 1-866-676-0153, or Europe, Investor Relations, +44-20-7665-1646, both of Nu-Mex Uranium Corp. -0- Sep/21/2007 13:15 GMT