Fresh out of the press...'
MAPLE MINERALS CORP. "MPM" (TSXV)
Issued and Outstanding
Common Shares: 26,680,019
TORONTO, June 15 /CNW/ - Maple Minerals Corp. ("Maple") (TSXV:MPM) is
pleased to announce that it has entered into an alliance agreement with
UGL Enterprises ("UGL") ("UGS":TSXV) for uranium exploration and target
generation in Mongolia. The agreement covers UGL's current ground holdings for
uranium in Mongolia, totaling approximately 3700 sq. km, which are comprised
of 13 granted Exploration Licences, six Exploration Licence Applications and
an option to earn 100% of two Exploration Licences in the Nergui project. The
properties, which are at the early to medium exploration stage, cover various
uranium occurrences, radiometric anomalies and favourable geological settings
for uranium, which were detected during Russian/Mongolian uranium exploration
programmes in the 1966-1990 period. In addition, Maple and UGL will cooperate
during the term of the agreement in the generation and acquisition of other
uranium exploration targets in Mongolia.
Under the agreement, Maple can earn a 50% interest in UGL's current
portfolio of uranium exploration properties through the expenditure of
US$1.5 million over a three year period, including a commitment to expend a
minimum of US$350,000 within the first year. Once Maple has acquired a 50%
interest, it will have the option of increasing its interest to 60% through
additional expenditures of US$2 million over a further three year period.
Should Maple choose not to exercise this option, a joint venture will proceed
on a 50/50 funding and equity basis.
The agreement also calls for Maple to issue shares to UGL on two
occasions. Within 3 days of the date that the agreement is accepted and
approved by the TSX Venture Exchange, Maple will issue 50,000 common shares to
UGL. In addition, should UGL exercise its option to acquire 100% of the Nergui
property from a local vendor, Maple will issue to UGL common shares in its
capital to the value of CDN$75,000.
"Mongolia is a priority target for Maple as part of its strategy to
become a major force in the uranium business" stated Maple's President
Gino Falzone. "Over its past 4 years in Mongolia, UGL has established a firm
foundation for success in its detailed knowledge of the country's geology and
mineralization, its operating skills, its local contacts and its alliance with
the Mongolian geological consulting group MineInfo. Through this association
with UGL, Maple will fast-track its entry into promising uranium exploration
projects in Mongolia. Also, we look forward to combining resources with UGL in
the identification and acquisition of other quality uranium projects."
Stewart Taylor, Maple's Vice President, International Operations, is
acting as the Qualified Person for the UGL Uranium Project.
The agreement with UGL is subject to due diligence being completed by
Maple on or before July 6, 2005 and regulatory approval.
Maple is an international uranium resource company with property
interests in Australia, Argentina, Mongolia, Africa and Canada. For more
information about Maple, please visit the company's website at
www.mapleminerals.com.
This news release contains forward-looking statements within the meaning
of the "safe harbour" provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are subject to risks and
uncertainties and other factors that may cause Maple's results to differ
materially from expectations. These include risks relating to market
fluctuations, property performance and other risks. These forward-looking
statements speak only as of the date hereof. Maple disclaims any intent or
obligation to update these forward-looking statements and cautions investors
from placing undue reliance on forward-looking statements. Maple does have an
ongoing obligation to disclose material information as it becomes available.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information: L.M. (Gino) Falzone, President, (416) 643-7630
'
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