Message #1 From:
NewsBot Date: September 28, 2007 05:49:07 AM
Uranium 308 Corp. Corporate Update
Uranium
308 Corp. Completes Acquisition of Mongolia Energy Limited; Lin Dong
Hong and Anthony Tam Appointed as Directors; Dr. Surod Khurelsuhk Joins
as Advisor; and Ka Yu Resigns as Director and Officer Uranium 308
Corp.
(OTCBB: URCO) (the "Company") is pleased to announce that today
it completed the Share Purchase Agreement, dated September 21, 2007,
entered into between the Company, Mongolia Energy Limited ("MEL") and
all the shareholders of MEL (the "Share Purchase Agreement") whereby
the Company acquired 100% of the issued and outstanding shares in the
capital of MEL. The Company has now indirectly acquired through
Tooroibandi Limited, which is 100% owned by MEL, two exploration
licenses covering 196.38 sq. km known as the Janchivlan Property, which
is located approximately 70 km southeast of Ulaanbaatar, the capital of
Mongolia.
In addition, the Company is pleased to announce that Lin Dong Hong
and Anthony Tam have been appointed as directors of the Company, and
that Mongolian nuclear physicist Dr. Surod Khurelsuhk has joined the
Company as an advisor. Uranium 308 Corp. also announces that Ka Yu has
resigned as Secretary, Treasurer and a director of the Company
effective September 27, 2007. Anthony Tam will replace Ka Yu as the
Company's Secretary and Treasurer.
Mr. Lin Dong Hong is Chairman of Mongolia Resource Mining Group
Limited, a private company in the resource business in Mongolia. He has
more than 15 years of experience as a commodities trader and management
executive in China and Mongolia, most recently as Executive Director of
Artfield Group Limited, a publicly listed company in Hong Kong. His
extensive knowledge of, and relationships in the mineral development
industry in Asia will be of particular value to Uranium 308 Corp.
Mr. Anthony Tam is an engineer and chartered accountant with more
than 25 years of experience in the mining industry. He has held
numerous management positions in mining firms, including General
Manager for Denstone Minerals Ltd., a Canadian company specializing in
mineral investment in China, and President of Galactic Resources
(China) Ltd. He has special expertise in negotiating joint ventures and
conducting initial geological and engineering assessments of mineral
properties.
Dr. Surod Khurelsuhk currently serves as an advisor to the President
of Mongolia as well as the Director of the Research Institute for
Disaster Protection of the country's National Emergency Management
Agency (NEMA). Fluent in Russian and English, he taught nuclear physics
for more than 20 years at the Mongolian State University and the
Mongolian Technical University before becoming head of the Division of
Nuclear Physics of Moscow State University. He has also served as the
Senior Scientist at the Bogoliubov Laboratory of Theoretical Physics in
the Joint Institute for Nuclear Research in Dubina, Russian Federation.
"The participation of Mr. Lin, Mr. Tam and Dr. Khurelsuhk in guiding
Uranium 308 Corp. as it does business in Mongolia will significantly
strengthen our prospects for continued success," said Company CEO and
Director Dennis Tan. "Their collective knowledge and relationships in
both industry and government will be invaluable. The Company also
wishes to thank Mr. Yu for his contributions and wishes him every
success in new business ventures he is now pursuing."
Uranium 308 Corp. is a mineral exploration and development company
engaged in the acquisition, exploration and development of large scale
low-cost, high-value properties internationally. Uranium 3O8 Corp's
current primary focus is uranium exploration in Mongolia. www.uranium308corp.com
FORWARD LOOKING STATEMENTS This news release may include
"forward-looking statements" regarding Uranium 308 Corp., and its
subsidiaries, business and project plans. Such forward looking
statements are within the meaning of Section 27A of the Securities Act
of 1933, as amended, and section 21E of the United States Securities
and Exchange Act of 1934, as amended, and are intended to be covered by
the safe harbor created by such sections. Where Uranium 308 Corp.
expresses or implies an expectation or belief as to future events or
results, such expectation or belief is believed to have a reasonable
basis. However, forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results to
differ materially from future results expressed, projected or implied
by such forward-looking statements. Uranium 308 Corp. does not
undertake any obligation to update any forward looking statement,
except as required under applicable law.
