TORONTO, ONTARIO — (Marketwire) — 03/26/12 — U3O8 Corp. (TSX VENTURE: UWE), a Canadian-based company focused on exploration and resource expansion of uranium and green commodities in South America, has signed a definitive agreement (the „Agreement“) in which Minexco Minerals Corporation („Minexco“), a private company based in the British Virgin Islands, will acquire non-core exploration properties in Guyana from U3O8 Corp. This transaction will result in the consolidation of exploration properties around Minexco-s Tamakay gold concession. The principal targets in the consolidated exploration area are gold and potential for gold-copper deposits.
„We are delighted to partner with Minexco, a dynamic young company, to consolidate our non-core exploration assets with Minexco-s high-potential gold property in a very prospective part of Guyana that lies adjacent to Sandspring Resources Ltd-s Toroparu gold-copper deposit with Measured and Indicated resources of 6 million ounces and Inferred resources of 4 million ounces,“ said Dr. Richard Spencer, U3O8 Corp-s President and CEO. „Our shareholders will gain exposure to Minexco-s gold property and to early-stage targets that show potential for gold-copper deposits while U3O8 Corp. remains focused on rapid uranium resource growth on our lead projects in Colombia, Argentina, and Guyana.“
Transaction highlights include:
About U3O8 Corp.
U3O8 Corp. is a Toronto-based exploration company focused on exploration and resource expansion of uranium and associated commodities in South America – a promising new frontier for exploration and development. U3O8 Corp. has one of the most advanced portfolios of uranium projects in the region comprising NI 43-101 compliant resources in Colombia, Guyana and Argentina. Information on U3O8 Corp. and its projects are available on the company-s web site at .
About Minexco Minerals Corporation
Minexco Minerals Corporation is a private exploration company, focusing on projects in Guyana, South America. The company-s Tamakay Gold Project covers approximately 12,800 acres and is strategically located near the gold deposits of Sandspring Resources Ltd. and Guyana Goldfield Inc. Additional information on the company is available on its web site at .
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, legislative change, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing, exploration risk and that the joint venture with Minexco will result in a mineral discovery or resource. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: U3O8 Corp. Nancy Chan-Palmateer Vice President, Investor Relations (416) 868-1491
U3O8 Corp. Richard Spencer President & CEO (416) 868-1491
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