U Mining Resources Inc. States the Social and Economic Benefits of ...

Tag : Mining Boot
U Mining Resources Inc. States the Social and Economic Benefits ofthe BOOT Agreement for the Republic of Guinea (Marketwire Via Acquire Media NewsEdge) NEW YORK, NY, May 9 /MARKET WIRE/ --

U Mining Resources Inc. (PINKSHEETS: UMNG)
today announced that the imminent BOOT (Build-Own-Operate-Transfer)
Agreement with the Republic of Guinea will provide indispensablesocial and
economic benefits for all parties involved.

Under the terms of the Agreement, U Mining affiliate Comitrag S.A,will be
awarded a management contract for the construction and developmentof
numerous infrastructures including the country's first railway andmineral
seaport. In addition, Comitrag S.A. will be granted a MiningConcession for
the exploration, development and production of Guinea's world-classiron
ore resource located in the Simandou Mountain Range.

The implementation of the Agreement will generate significantrevenues not
only for signatories of the BOOT (Build-Own-Operate-Transfer)Agreement but
also for American-based companies that will be contracted toexecute the
specified infrastructure redevelopment and mining concessionprojects.
Based on the estimated annual export sales of iron ore and ironpallets or
nuggets from the mining concession, the Agreement has a grosspotential
value of $4.5 billion.

On a social level, thousands of skilled jobs will be created toimprove the
workforce of American and Guinean citizens. Furthermore, anadditional
project under consideration involves the construction of a hospitalin
Guinea to enhance the overall health of the population.

The Agreement's infrastructure projects will enable the transportof
Guinea's abundant mineral, oil and gas reserves to the seaportwhile the
establishment of a more balanced import/export infrastructure willincrease
Guinea's prosperity in the 21st century.