RENO, Nev.--()--United Resource Holdings Group, Inc. (“URHG”) announced today that a letter agreement for the financing, acquisition and processing of mineral-bearing materials has been executed by United Minerals Investment Corp. (“United Minerals”), a wholly owned subsidiary of URHG.
“Furthermore, the new investment subsidiary complements URHG’s subsidiaries, Dun Glen Mining Corp. and United Milling & Refining Corp., in URHG’s continuing strategic plan to become a vertically integrated, mid-size precious metals producing resource company in the Western United States.”
United Minerals has entered into a letter agreement with Northern Gold Producers, LLC (the “Investor”), a Nevada-based company headquartered in Las Vegas, Nev., regarding the financing, acquisition and processing of certain mineral-bearing materials that may be identified by United Minerals or its Nevada-based processing partner.
The Investor has agreed to make an investment in United Minerals’ parent company, URHG, in the amount of $300,000 (the “Initial Investment”) in exchange for 1,500,000 shares of URHG common stock; these shares would be issued with a Rule 144 restrictive legend. As an inducement for the Initial Investment, United Minerals has agreed to pay to the Investor a one-time fee of 50% of United Minerals’ share from the first batch of material processed pursuant to the processing agreement between United Minerals and its Nevada-based processing partner.
Additionally, the Investor has agreed to make a subsequent investment in URHG in the amount of $2,200,000 (the “Subsequent Investment”) in exchange for 11,000,000 shares of URHG common stock; these shares would be issued with a Rule 144 restrictive legend. As an inducement for the Subsequent Investment, United Milling has agreed to pay to the Investor a fee of 50% of two of United Millings' proprietary batches of material processed pursuant to the processing agreement between United Minerals and its Nevada-based processing partner.
“With the completion of the financing arrangements, URHG believes that United Minerals has the ability to begin production and generate revenue within 60 days of commencing operations,” stated Mark Kersey, President of URHG. “Furthermore, the new investment subsidiary complements URHG’s subsidiaries, Dun Glen Mining Corp. and United Milling & Refining Corp., in URHG’s continuing strategic plan to become a vertically integrated, mid-size precious metals producing resource company in the Western United States.”
URHG continues to work forward with the implementation of operations at the Dun Glen Placer Mine as weather allows, in accordance with its recently-issued Water Pollution Control Permit. Similarly, United Milling is continuing its efforts to increase profitability and capacity through the implementation of a new aqua regia leaching circuit in accordance with its recently-issued Major Modification of its Water Pollution Control Permit.
About United Resource Holdings Group, Inc.:
United Resource Holdings Group, Inc. is a U.S.-based natural resource exploration and development company, focused on the acquisition of mining equipment, mineral-bearing materials, and the development of gold and other precious commodity projects that demonstrate a reasonable probability for near-term production and revenue. In addition, the company holds a controlling interest in a beneficiation process plant that recovers precious metals from mineral ores and ore concentrates on behalf of its captive mining properties and on behalf of third-party mining companies. The company is quoted on the OTCPK under the symbol “URHG.”
Notice Regarding Forward-Looking Statements:
This news release may contain "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 press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the accomplishment of any of our plans listed for 2013 such as any acquisitions, geophysics, production, construction projects, drilling programs or results from such programs, and the timelines within which such items may be accomplished, as referred to in this news release.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration, development, and production. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and that which is made publicly available by us from time to time.