PALM DESERT, Calif., Feb. 28, 2008 (PRIME NEWSWIRE) -- U.S. Mine Makers, Inc. (Pink Sheets:USMM) announced today that it has completed an Asset Purchase Agreement entered into on January 23, 2008. The assets purchased consist of various mining and ore processing equipment and machinery together with ore stockpiles, all of which are at USMM's facilities. The equipment and ore purchase was valued in excess of $8,000,000 in exchange for 30,000,000 shares of common stock of USMM. The transaction closed on Friday, February 22, 2008.
Ronald Bell, President and CEO of USMM stated, "Now, that we have processing equipment in place, our chemists have begun new testing to confirm the amount of precious metals in our ore stockpiles. This information is crucial and we will be able to release initial data from these tests in 30-60 days. These are exciting times."
About U.S. Mine Makers, Inc.
U.S. Mine Makers, Inc. is a mining and exploration company with executive offices in Palm Desert, California. Besides its precious metals mining operations, the company also prides itself as an 'eco-friendly' mine restoration company that uses its own modern technology to clean up toxic mine sites. The company motto is, "We Clean the Planet -- One Mine Site at a Time." U.S. Mine Makers, Inc. maintains a web site at: www.usminemakers.com.
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Uranium City Mining Corporation, and members of management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. These risks and uncertainties include, among other things, volatility of market prices, product demand, market competition, risks inherent in the Company's international operations, and the Company's ability to expand. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.