Utah Uranium Corp. Proposes Name Change
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Utah Uranium Corp. Proposes Name Change Reflecting New Opportunities
Marketwire
June 25, 2008: 12:11 PM EST
Utah Uranium Corp. (OTCBB: UTUC) (the "Company") is pleased to announce the commencement of legal filings to change the name of the corporation to Universal Potash Corp. to more closely reflect the direction of the Company moving forward.
While still maintaining interests in several past-producing or highly promising uranium projects in Utah and western Colorado, the Company has been actively pursuing several Potash opportunities. The Company has an agreement in place to purchase a total of 192,000 contiguous hectares (474,400 acres) of prospective Potash property in east central Alberta, on the Saskatchewan border. The Company has received some of the permits derived from the applications, and anticipates receipt of the outstanding applications shortly.
The Company has also filed Potash applications covering a total of 29,000 acres near Moab, Utah. Included in this is an Exploration Permit application covering a total of 3,880 acres (over 6 sections) of prospective ground northwest of Moab, and Potash Lease Applications for a total of 7,360 acres (11 1/2 sections) of School Sections and a total of 17,760 acres (27 3/4 sections) of ground within the Known Potash Leasing Areas ("KPLAs") within 3 miles of Intrepids' Cane Creek operations. All of the Utah ground applied for is within the Paradox Basin. The auction for these lease applications is anticipated to be held in mid July.
The Paradox Basin, a massive Salt Anticline covering a large area of eastern Utah and western Colorado, contains as much as 2.0 billion tons of Potash in reports from the US Geological Society. Production to date has almost entirely come from the Cane Creek Mine complex operated by Intrepid Potash, Inc., located 5 miles west of Moab, Utah, which has been in production since the mid 1960s. Current production from the mine is in excess of 100,000 tons of Potash per year.
The property subject to the Potash Exploration Permit applications is located immediately to the west of School Sections that have seen previous drilling for oil/gas. The Company has applied for leases covering those School Sections as well. Historic drilling activity on the School Sections encountered significant intersections of both Sylvite and Carnallite, with Sylvite values averaging near 20%, but ranging as high as 49%.
About the company - Utah Uranium Corporation is a Moab, Utah-based junior exploration and development company focused on the acquisition of highly sought after Fertilizer and Energy related opportunities in addition to cash-flow investments.
On behalf of the Board,
Peter Dickie, President
Cautionary note: This report may contain forward-looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. Unless otherwise stated, any and all resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Contact:
Utah Uranium Corp.
Unit B-9, 11850 South Hwy 191
Moab, UT 84532
1-866-669-9377
info@utah-uranium.com
www.utah-uranium.com |
