EX-99.2
27
v100444_ex99-2.htm
URANIUM
308 CORP.
2820
W.
Charleston Blvd., Suite 22
Las
Vegas, NV 89102
Symbol:
URCO - OTCBB
News
Release
URANIUM
308 CORP. ACQUIRES TWO ADDITIONAL
URANIUM
EXPLORATION LICENSES IN MONGOLIA
COVERING
A TOTAL OF 4,656 HECTARES (46.56 SQ. KM)
January
17, 2008
Las
Vegas, Nevada - Uranium 308 Corp.
(OTCBB:
URCO) (the "Company") is pleased to announce that it has entered into an asset
purchase agreement (the "Asset Purchase Agreement") with Success Start Energy
Investment Co. ("Success Start"), a Hong Kong corporation, and the Company's
subsidiary, Tooroibandi Limited, whereby the Company has agreed to provide
the
consideration on behalf of Tooroibandi Limited for the acquisition of two
uranium exploration licenses from Success Start referenced as license number
10256X covering 1540 hectares (15.40 sq. km) (known as the Tsagaan Chuluut
property) and license number 13060X covering 3116 hectares (31.15 sq. km) (known
as the Khar Balgast property) (collectively, the "Licenses"), which Licenses are
located 385 km east from the city of Ulaanbaatar, Mongolia and 75 km northwest
from Undurkhaan town on the border of Umnudelger, Kherien and Binder Sum of
Khentii Province of Mongolia in exchange for 10,000,000 shares of common stock
of the Company and $8,000,000 in cash in accordance with the terms and
conditions of the Asset Purchase Agreement.
The
consideration from the Company to Success Start is to be paid as follows:
(i)
upon
confirmation of the transfer of the Licenses to Tooroibandi Limited, the Company
has agreed to issue 5,000,000 shares of common stock to Success Start;
(ii)
within 75 days of the Closing of the Asset Purchase Agreement, which is set
for
January 18, 2008, the Company will pay $1,500,000 to Success Start;
(iii)
within 10 days after the completion of a final geological resource estimate
that
confirms the uranium mineralization calculations and survey results of the
property covering the Licenses that were prepared by Russian geologists in
1951
and 1954, which is scheduled to be completed by September 30, 2008, the Company
has agreed to issue another 5,000,000 shares of common stock to Success Start;
and
(iv)
within 60 days after the completion of the final geological resource estimate
that confirms such uranium mineralization calculations and survey results
mentioned above, the Company has agreed to pay an additional $6,500,000 to
Success Start.
If
the
final geological resource estimate does not confirm the results of the reports
prepared by the Russian geologists, then the parties hereto may mutually amend
the terms and amounts of the cash portion and share portion of the purchase
price, or else the Company and Tooroibandi Limited may terminate the Asset
Purchase Agreement and Success Start shall return the initial payment of
$1,500,000 and surrender the 5,000,000 shares of common stock for cancellation
within 30 days and Tooroibandi Limited shall have the Licenses transferred
back
to Success Start within the same time period.
1
"Uranium
308 Corp.'s success to date in confirming uranium mineralization calculations on
our Mongolian Janchivlan property prepared by Russian geologists based on 1980's
exploration augurs well for this new agreement', said Company President Dennis
Tan. "The agreement, when completed, will increase Uranium 308 Corp.'s property
holdings by some 23 percent. With projected continued rising demand for uranium
- and a projected sustained supply shortfall - the confirmation of uranium
mineralization on the Tsaagan Chuluut and the Khar Balgast licenses would augur
well for Uranium 308 Corp. and our shareholders".
About
Uranium 308 Corp.
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 308 Corp.'s current primary focus is uranium
exploration in Mongolia. www.uranium308corp.com
For
more
information contact Investor Relations: 1-866-892-5232
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.

EX - 99 . 2 27 v100444 _ ex99 - 2 . htm URANIUM 308 CORP . 2820 W . Charleston Blvd . , Suite 22 Las Vegas , NV 89102 Symbol : URCO - OTCBB News Release URANIUM 308 CORP . ACQUIRES TWO ADDITIONAL URANIUM EXPLORATION LICENSES IN MONGOLIA COVERING A TOTAL OF 4,656 HECTARES ( 46.56 SQ. KM ) January 17 , 2008 Las Vegas , Nevada - Uranium 308 Corp . ( OTCBB : URCO ) ( the " Company " ) is pleased to announce that it has entered into an asset purchase agreement ( the " Asset Purchase Agreement " ) with Success Start Energy Investment Co . ( " Success Start " ) , a Hong Kong corporation , and the Company 's subsidiary , Tooroibandi Limited , whereby the Company has agreed to provide the consideration on behalf of Tooroibandi Limited for the acquisition of two uranium exploration licenses from Success Start referenced as license number 10256X covering 1540 hectares ( 15.40 sq. km ) ( known as the Tsagaan Chuluut property ) and license number 13060X covering 3116 hectares ( 31.15 sq. km ) ( known as the Khar Balgast property ) ( collectively , the " Licenses " ) , which Licenses are located 385 km east from the city of Ulaanbaatar , Mongolia and 75 km northwest from Undurkhaan town on the border of Umnudelger , Kherien and Binder Sum of Khentii Province of Mongolia in exchange for 10,000,000 shares of common stock of the Company and $ 8,000,000 in cash in accordance with the terms and conditions of the Asset Purchase Agreement . The consideration from the Company to Success Start is to be paid as follows : ( i ) upon confirmation of the transfer of the Licenses to Tooroibandi Limited , the Company has agreed to issue 5,000,000 shares of common stock to Success Start ; ( ii ) within 75 days of the Closing of the Asset Purchase Agreement , which is set for January 18 , 2008 , the Company will pay $ 1,500,000 to Success Start ; ( iii ) within 10 days after the completion of a final geological resource estimate that confirms the uranium mineralization calculations and survey results of the property covering the Licenses that were prepared by Russian geologists in 1951 and 1954 , which is scheduled to be completed by September 30 , 2008 , the Company has agreed to issue another 5,000,000 shares of common stock to Success Start ; and ( iv ) within 60 days after the completion of the final geological resource estimate that confirms such uranium mineralization calculations and survey results mentioned above , the Company has agreed to pay an additional $ 6,500,000 to Success Start . If the final geological resource estimate does not confirm the results of the reports prepared by the Russian geologists , then the parties hereto may mutually amend the terms and amounts of the cash portion and share portion of the purchase price , or else the Company and Tooroibandi Limited may terminate the Asset Purchase Agreement and Success Start shall return the initial payment of $ 1,500,000 and surrender the 5,000,000 shares of common stock for cancellation within 30 days and Tooroibandi Limited shall have the Licenses transferred back to Success Start within the same time period . 1 " Uranium 308 Corp . 's success to date in confirming uranium mineralization calculations on our Mongolian Janchivlan property prepared by Russian geologists based on 1980 's exploration augurs well for this new agreement ' , said Company President Dennis Tan . " The agreement , when completed , will increase Uranium 308 Corp . 's property holdings by some 23 percent . With projected continued rising demand for uranium - and a projected sustained supply shortfall - the confirmation of uranium mineralization on the Tsaagan Chuluut and the Khar Balgast licenses would augur well for Uranium 308 Corp . and our shareholders " . About Uranium 308 Corp . 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 308 Corp . 's current primary focus is uranium exploration in Mongolia . www.uranium308corp.com For more information contact Investor Relations : 1 - 866 - 892 - 5232 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 .
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