VANCOUVER, British Columbia, April 26, 2007 (PRIME NEWSWIRE) -- Ultra Uranium Corp. ("Ultra") (TSX-V:ULU) is pleased to announce it has agreed to acquire Xyquest Mining Corp.'s uranium property acquisition program for two European nations.
Xyquest has been developing uranium based corporate opportunities in Europe for more than three years identifying existing uranium properties that have been extensively explored and developed. Property areas include former producing mines with reported existing historical uranium. All of the properties have near term uranium production potential.
Ultra and Xyquest will immediately file for exploration and development rights for seven separate property areas.
The seven application areas have been targeted based on historical reports and information that suggest that in excess of 22 million lbs of uranium remain on the properties with potential to host additional uranium resources. Some of the property areas are past uranium producers. There is no assurance any of the applications will result in the granting of rights to explore or mine a property. None of the historical information complies with NI 43-101 standards and should not be relied upon.
"The opportunity to immediately use Xyquest's position to acquire interests in additional advanced stage uranium properties in Europe to compliment its Kalnica-Selec Uranium Property in Slovakia is an excellent corporate opportunity for Ultra Uranium Corp., and confirms its commitment to aggressively add additional uranium interests to its assets" said Ultra's President, Raymond Roland.
Ultra will immediately fund the applications and operations utilizing Xyquest's technical assistance and European based professionals.
If uranium exploration and development rights are granted, Ultra may issue varying amounts of shares up to two million common shares for each of the property areas for a 100% interest. A maximum of five million, six hundred thousand common shares will be issued for the identified properties. Ultra has the right to issue a lesser number of shares for a smaller interest in any particular property. Ultra will make a one time payment of $283,000 to Xyquest Mining Corp. on TSX acceptance for filing of the Agreement. Xyquest retains marketing rights to the uranium on standard industry terms and a graduating royalty based on grade and achieved uranium sale price.
Xyquest is owned by Mr. Anthony Beruschi, LLB., B.Sc. Mr. Beruschi was instrumental in Ultra's acquisition of the Kalnica-Selec Uranium Property in Slovakia where Ultra recently announced historical resources estimates of 5.5 million lbs of U3O8 which was calculated using data from only 84 of the 339 drill holes by the State run exploration enterprise and three exploration adits and cross cuts.
The Agreement is subject to acceptance for filing by the TSX Venture Exchange.
This news release was reviewed and approved for technical disclosure by Stephen Kenwood, P.Geo., an independent Qualified Person.
ABOUT ULTRA URANIUM CORP.
Ultra owns a 100% interest in the Kalnica-Selec Uranium Property in Slovakia and is actively pursuing the acquisition of further uranium properties throughout the world.
ULTRA URANIUM CORP.
Per: "Raymond W. Roland"
Raymond W. Roland
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.