PALM DESERT, Calif., Jan. 17, 2008 (PRIME NEWSWIRE) -- U.S. Mine Makers, Inc. (Pink Sheets:UCMC), formerly Uranium City Mining Corporation, announced today that its Board of Directors has voted to spinout the company's wholly owned subsidiary, "Nitro Lube Canada, Ltd." (a British Columbia corporation), as a partial self-liquidating dividend to its shareholders. Shareholders will receive one share of Nitro Lube Canada, Ltd. for every four shares owned in Uranium City Mining Corporation (UCMC), now U.S. Mine Makers, Inc. The record date for this dividend will be the close of business on January 25, 2008.
U.S. Mine Makers, Inc. President and CEO, Ronald Bell, was quoted, "The current Board of Directors has taken this action in accordance with an agreement with the former Board to permit Nitro Lube Canada, Ltd. to continue its business on behalf of its shareholders as a separate and independent public company."
About Nitro Lube Canada, Ltd.
Nitro Lube Canada, Ltd. is engaged in the business of manufacturing and worldwide marketing of ultra performance lubricants and fuel conditioners designed to perform in extreme temperatures. All products produced and sold by the company contain the revolutionary "PMF 2000" formula. Nitro Lube Canada, Ltd. has offices in Langley, B.C. and maintains a website at: http://www.nitrolube.com
U.S. Mine Makers, Inc. (formerly Uranium City Mining Corporation)
U.S. Mine Makers, Inc. is a mining and exploration company with executive offices in Palm Desert, California. Besides its own 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 Nitro Lube, Inc., 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.