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Gold/Mining/Energy : United Industrial Services (UIS/ASE)
UIS 3.210+2.6%Jan 9 9:30 AM EST
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To: DaveU who wrote (83)11/4/1999 10:39:00 PM
From: Frankly Speaking   of 90
 
In case you missed it:

NEWS RELEASE

ASE Trading Symbol:  "UIS"                                                                       
November 4, 1999

Calgary, Alberta - 1999 Drilling Results at Peace River Exceed Expectations

Mr. Jim Norrie, President of United Industrial Services Ltd. is especially pleased to report on the results of this years drilling program on the Peace River silica sand deposit.  The successful drill sampling program has accomplished a number of objectives including:

1) As a result of this drilling program, previously announced maximum thickness of silica sand has increased from 36 feet to 50 feet was confirmed by independent  geotechnical consultants with samples documented by J.R. Paine & Associates Ltd.
2) The proven reserves on the east side have increased dramatically because of the thickness increase to allow the Company to continue the open pit operation for 30+ years minimum from the originally projected 22+ years.

Each year, drilling has improved the Company's confidence level in its natural resource, but the 1999 program has significantly enhanced and enlarged the potential in this key resource asset.

United's entry into the frac sand market could not have been timed better. Oil and gas drilling activity for the year 2000 and the following two years will be at record levels with the emphasis on gas. This means record levels of activity for the service industry and particularly the fracing industry. United estimates that the Canadian industry will require over 300,000 tonnes of frac sand per year. It is management's goal to acquire over one-third of this market.

The Company has released financial results for the nine months ended September 30, 1999.  The revenue of $334,000  was generated mostly from product sales during the month of September.  Management's focus is establishing new links in the market area and a broader base of distribution in the industry.  The complete financial statements have been mailed to shareholders of record and can be found on the Company's web site (www.uisl.com).

For further information contact:

        
Jim Norrie, President or
  
Phone: (403) 201-4860    Fax: (403) 201-4865
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