VANCOUVER, British Columbia, Sept. 7, 2007 (PRIME NEWSWIRE) -- Trent Moore, Vice President, reports:
Running Fox's (TSX-V:RUN) (Pink Sheets:RFXRF) (Frankfurt:C8Q) Claymore Field Services has successfully expanded facility construction services into Saskatchewan by winning a contract to build a new industrial and oilfield waste disposal facility. This new low impact facility will be the newest addition to a network of over 80 disposal facilities for the operator, who is the largest industrial and oilfield waste management and environmental services company in Canada.
These new age waste disposal facilities are designed to be both environmentally friendly and cost efficient to operate. As such, they will exceed the most stringent regulatory requirements and be able to be operated at costs comparable to conventional facilities, yet with a greatly reduced environmental footprint. Claymore will be sending 20 men to build the facility.
These diversification steps follow other initiatives including exposure to the oil sands and S.A.G.D. pad project construction. New preparations to test the Company's Wire Dryer in further sand-separation objectives following successful heavy-oil applications are in progress.
The Company now has three Wire Dryers in final stages of assembly for hydrocarbon fluids separation and handling in addition to the first intended use of drill-fluid recycling utilizing its patent-pending recycling technology. A brief news video clip on the Wire Dryer is on the website at www.foxgold.ca As is common with innovative technology, new uses are being discovered.
Recent Market Activity -- Running Fox is the same Company it was two months ago. The Company's cash is not invested in sub-prime mortgage investment products, nor does it have direct exposure to that area. In recent weeks an institutional shareholder that was affected by the international liquidity crisis has been selling approx. 1.8 million shares of the Company. This has impacted the share price of the Company but has no relation to Running Fox's operating divisions, its resource properties, nor its substantial growth potential and upside to energy, gold and uranium. The third quarter was better than the second quarter.
AGM -- At the recent Annual General Meeting held August 30, 2007, a strong voter turnout of 34% passed all resolutions including re-electing the Board of Directors, re-approving the standard 10% Rolling Stock Option Plan and the previous grant to insiders, and also pre-approved the eventual dividend spin-out of the oilfield services and technology division when market conditions are appropriate. The Stock Option Plan and dividend share spin-out are subject to TSX-V approvals.
Running Fox is a Canadian growth-oriented small cap company developing four key divisions:
1. Energy Sector Oilfield Services and Technology; 2. Oil and Natural Gas Exploration and Production; 3. Uranium and Gold Exploration Mineral Projects; and 4. Environmental Services: Encapsulation and Remediation.
On behalf of the Board of Directors: Trent Moore, VP, Running Fox Resource Corp. 403 742 0500 www.foxgold.ca
The Company relies on legislation applicable to forward looking statements, seeking safe harbour.