New spinoff ? Excellent-- Uranium Bay Transfers Non-Uranium Properties to its Subsidiary and Commences Listing Process --
Marketwire
Uranium Bay Resources Inc.
February 12, 2008 - 09:57:12 AM
Uranium Bay Transfers Non-Uranium Properties to its Subsidiary and Commences
Listing Process
MONTREAL, QUEBEC--(Marketwire - Feb. 12, 2008) - URANIUM BAY RESOURCES INC.
(TSX VENTURE:UBR) is now implementing the proposal, approved by shareholders
in 2007, authorizing the transfers to its new subsidiary, Eragon Resources
Inc. ("Eragon"), of the Namibian concessions known as Gunib and Grootfontein
as well as all other non-uranium properties held by the Corporation in Quebec
and the subsequent distribution to its shareholders of common shares received
from Eragon in consideration of the transfers of properties.
The conclusion of this transaction is subject to approval by the regulatory
authorities and the TSX Venture Exchange, of the listing of Eragon's
securities on the TSX Venture Exchange, of the transfers of the assets and of
the distribution to shareholders of the Corporation. The distribution of the
10,000,000 common shares of Eragon to shareholders of Uranium Bay, will be
based on the proportion of common shares held by each Uranium Bay shareholder
on a record date to be announced at a later date, as approved by the TSX
Venture Exchange.
The Corporation will keep shareholders informed of future developments with
respect to this matter.
In other corporate news, the Corporation would like to inform its shareholders
that Mr. Eric Hurtubise has handed in his resignation to the Board of
Directors. The Corporation wishes to thank Mr. Hurtubise for his involvement
and for his services. He will be replaced by Mr. Vivian Stuart-Williams who
has agreed to join the Board of the Corporation. Mr. Stuart Williams is a
member the South African Council for Natural Scientists (SACNASP); South
African Geological Society (SAGS) and he is a Registered European Union
Geological Consultant.
Mr. Bernard Tourillon, UBR's President and CEO comments: (...) Uranium Bay is
extremely fortunate to have been able to attract a geologist of Mr.
Stuart-Williams caliber (...) he obtained his M.Sc. Geology in 1981 (Univ. of
Cape Town) writing a thesis entitled "The geometry of some Beaufort Group
sandstones and its relationship to uranium mineralization" (...) He is a
senior geologist with 25 years of practical experience all over the world and
in Namibia (...) he brings to the Corporation a unique first hand knowledge of
Rossing type alaskitic granite / pegmatite uranium mineralization (...)
About Uranium Bay Resources Inc.
Uranium Bay Resources Inc. is a Canadian based junior resource and exploration
company trading under the symbol UBR on the TSX Venture Exchange. It has
67,048,642 shares outstanding (88,376,142 fully diluted). The Corporation
holds 100% of several U3O8 mineral exploration properties including the 314
km2 Uskawanis Uranium property located just south of the Opinaca reservoir,
the 90 km2 Kauschiskach Uranium property located just 100 km NE of Radisson in
the Quebec James Bay area of northern Quebec, and the five properties
totalling 197 claims covering the Lac Georges (100 claims), Lac Forget (24
claims), Ruisseau Lebrun (38 claims), Maurice (19 claims) and Bloc extension
06 (16 claims) properties located in the Wakeham area, in eastern Quebec.
The TSX Venture Exchange (TSX-V) does not accept responsibility for the
adequacy or accuracy of this release. This news release contains
forward-looking statements reflecting Uranium Bay objectives, estimates,
expectations and the impact of acquisitions on Uranium Bay's financial
performance. These statements are identified by the use of verbs such as
"believe", "anticipate", "estimate", and "expect" as well as by the use of
future or conditional tenses. By their very nature, these types of statements
involve risks and uncertainty. Consequently, reality may differ materially
from Uranium Bay's projections or expectations.
FOR FURTHER INFORMATION PLEASE CONTACT:
Uranium Bay Resources Inc. Bernard J. Tourillon President and CEO
514-846-3271 Toll-free 1-888-666-3431
Uranium Bay Resources Inc. Guy Girard V.P. and CFO 514-846-3271 Toll-free
1-888-666-3431
Symbols:
CA;UBR
12-Feb-2008 14:57:12 GMT
Source MW - MarketWire
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