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U Mining Resources Inc. Signs Joint Venture Agreement to Earn 50% Interest in Nevada-Based Toiyabe Peaks Uranium Mining Project From ABV Gold Inc.

Posted on: Thursday, 21 June 2007, 12:00 CDT

U Mining Resources Inc. (PINKSHEETS: UMNG), is pleased to announce that it has signed a Joint Venture Agreement to earn a 50% interest in the Nevada-based Toiyabe Peaks Uranium Mining Project (the "Project") from ABV Gold Inc. (PINKSHEETS: ABVG). The Agreement stipulates that U Mining secures the requisite financing for Phase I and II of the exploration and drilling program and provides its Uranium exploration expertise and resources in exchange for a 50% interest in the Project.

ABV Gold Inc., a Canadian-based gold and precious metals mining company (www.abvgold.com), acquired full ownership of the Project in May 2007. The Project comprises a 100% undivided interest in 62 contiguous unpatented lode mining claims staked on federal lands in Nevada administered by the Department of the Interior, Bureau of Land Management. The Project covers approximately 1,240 acres (1.94 mi2) in the Reese River and Birch Creek mining districts of Lander County, Nevada.

The Project is situated between two past-producing uranium mines, and will cover more than five linear miles of altered, mineralized structure (more ground is open for claim staking). Reconnaissance surface sampling along this regional structure has returned uranium assays with grades equal to those of the ore resources at the adjoining uranium mines; assays for precious metals have also been positive, with surface samples returning 0.08 to 0.22 oz Ag/ST.

The combined indicated resource of the two adjoining mines is approximately one million pounds of U3O8 at a grade of about 1.5 pounds U3O8 per ton. Mineralization at these mines has not been limited by drilling along strike or to depth. Hence, the total mineralized zone may have several times more uranium than the indicated resource.

Several independent geologists have visited the Project, reviewed the data, and estimate that the discovery potential could be on the order of 10,000,000 ST grading 0.06% to 0.10% U3O8 (containing approximately 12 to 20 million lbs U3O8). Spot uranium prices are currently about US$135/lb (http://www.uxc.com/review/uxc_Prices.aspx).

Phase I of the exploration program is scheduled to commence this summer in order to develop a NI 43-101 Report on the Property. This initial Phase involves reconnaissance geological mapping and rock sampling of the entire Project area, with the collected rock samples sent to one or more independent analytical labs for silver, gold and uranium determination. In addition, target areas would be defined for future exploration activity (trenching and drilling).

Further details on the Toiyabe Peaks Uranium Mining Project and the related Joint Venture Agreement will be released in the coming weeks.

For more information on U Mining Resources Inc, please visit the Company's corporate website at www.umining.com, and/or speak with one of the Investor Communications Representatives at U Mining's Investor Relations firm Equiti-trend Advisors. Reps are available on market days from 9:30 a.m. to 5:30 p.m. EDT by calling (800) 953-3350.

Forward-Looking Statements:

Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.

 Contact: Investor Relations Equiti-trend Advisors (800) 953-3350  

SOURCE: U Mining Resources Inc.

Source: MARKET WIRE

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