CLEVELAND, OH--(MARKET WIRE)--Jul 25, 2007 -- Trophy Resources, Inc. (Other OTC:TRSI.PK - News) announced today that they have completed the due diligence and are proceeding with the acquisition process of an initial block of 65 uranium claims. This is the first phase of our uranium claim acquisition program to acquire the maximum of 310 claims allowed under federal guidelines.
The claims are located in the North Cottonwood area of San Juan County, Utah. They run in concert with and geographically complement those owned or currently being acquired by Trophy's JV partners: Russell Industries (Other OTC:RSDS.PK - News) and American Uranium Mining Company. While the three companies are independently operated, they have a JV agreement in place allowing for the best use of over all resources in the development of these claims.
"This is a key step forward for the Mining Division of our company. We plan to have these initial 65 claims in house in the next 30 days," said Eric Leonetti, President and CEO of Trophy Resources. "Our relationship with our Director, Rick Berman, Russell Industries and American Uranium Mining Company, is producing the opportunities that the company expected. We believe that a long-term bond between the three companies serves many aspects of our individual plans. This synergism will allow for the sharing of experience and expertise, and will specifically offer a more cost effective approach."
The companies have elected to engage two independent geologists to issue (NI) 43-101 compliant reports to establish economic valuation of the underlying assets. They also plan to explore the possibility of oil, natural gas, and coal bed methane on the group's independent holdings in San Juan Basin, Utah. |
