Urex Energy Corporation : (the “Company” or “Urex”) (OTCBB: URXE) reports that it has completed an agreement for the sale of its Argentine subsidiary, United Energy Metals SA (UEM) to SGI Partners, LLC of Carlsbad, CA.
The agreement provides for a US$500,000 dollar cash payment with the Company retaining a 2% NSR royalty. The royalty is subject to a
buy down provision that allows SGI at anytime to reduce the royalty by 1% NSR by making US$2 million dollar payment. SGI Partners will assume responsibility for the outstanding UEM debts.
The Company will use the proceeds of the sale to pay down debt and to focus on developing its 100% owed La Jara Mesa Extension uranium property in New Mexico. The La Jara Mesa property is in the process of obtaining exploration drill permits.
About Urex Energy Corporation
Urex Energy Corp. is focused on actively exploring and developing uranium properties in New Mexico. Urex also owns a 100% interest in the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico.
The La Jara Mesa Extension property lies adjacent to Laramide Resources Ltd.'s La Jara Mesa deposit. Between 1950 and 1978 the Grants Mining District produced 270 million pounds of uranium oxide which ranks it as the most prolific uranium district in the United States.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Urex Energy Corporation
The agreement provides for a US$500,000 dollar cash payment with the Company retaining a 2% NSR royalty. The royalty is subject to a
buy down provision that allows SGI at anytime to reduce the royalty by 1% NSR by making US$2 million dollar payment. SGI Partners will assume responsibility for the outstanding UEM debts.
The Company will use the proceeds of the sale to pay down debt and to focus on developing its 100% owed La Jara Mesa Extension uranium property in New Mexico. The La Jara Mesa property is in the process of obtaining exploration drill permits.
About Urex Energy Corporation
Urex Energy Corp. is focused on actively exploring and developing uranium properties in New Mexico. Urex also owns a 100% interest in the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico.
The La Jara Mesa Extension property lies adjacent to Laramide Resources Ltd.'s La Jara Mesa deposit. Between 1950 and 1978 the Grants Mining District produced 270 million pounds of uranium oxide which ranks it as the most prolific uranium district in the United States.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Urex Energy Corporation
Mr. Al Kau, Investor Relations,
888-795-3166
888-795-3166
www.urexenergy.com
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