Uranium Power Corporation: Progress Report
VANCOUVER, British Columbia, Oct 30, 2003 (BUSINESS WIRE) -- Uranium Power Corporation (OTCBB:URMP) (DAX:URP) Maxxam Analytical has collected a significant number of samples from various collection points within the Earth Energy plant which successfully processed Athabasca Tar Sands on October 25. Extremely clean sand was produced as well as good separation and upgrading of oil was noted and sampled. Further tests are scheduled at Maxxam's laboratory the week of November 3 with analytical results from the Earth Energy plant and lab work to be released thereafter.
Bill Timmins, a Director of Uranium Power Corporation as well as a Professional Engineer notes "a high level of interest from tar sand producers has developed. On receipt of the next results, the Company intends to continue its discussions with major companies in keeping with its mandate to develop and commercialize the Earth Energy Process."
Maxxam Analytical is also in receipt of Pasquia Hills oil shale samples and will be completing an initial analysis of the oil shale to determine the percentage recovery of hydrocarbons using the Earth Energy catalytic process.
Please visit Uranium Power Corporation's web site at www.apioil.net on November 2nd to view a new 2-minute video of the Earth Energy plant in operation. In addition, the Company plans to hold a conference call for its shareholders and other interested parties on release of the analytical results. Conference call details will be included in that release.
Uranium Power Corporation has an exclusive license for the Earth Energy Resources Inc. catalytic process which separates hydrocarbons and other particulates from tar sands, oil shale, heavy oils and contaminated soils. The license agreement is for Canada, Central and South America. The world's largest deposits of tar sands are located in Canada and Venezuela. In addition, Uranium Power Corporation has completed a joint venture with Western Petrochemical Corporation to develop its Pasquia Hills Oil Shale deposit located in Saskatchewan. The mine site area contains a geologic resource of 4.3 billion barrels oil. The oil contains 58% natural aromatics which are a valuable petrochemical feedstock for the plastics industry. The Pasquia Hills oil has been valued at $75 per produced barrel at an estimated cost of $20 per barrel by Western Petrochemical's consultants. The Earth Energy Process may be applicable to the Pasquia Hills oil shale deposit which may significantly reduce estimated production costs.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors effecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission.
SOURCE: Uranium Power Corporation
Uranium Power Corporation
Bob Faris, 800-877-1626 or 604-606-7979
or
Randal Pow, 888-858-7759 or 604-685-2300
Email: investor@apioil.net
Website: www.apioil.net
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