Abaxx Technologies Inc N.ABXX

What really matters here

[joejoe88]

What really matters here is the value of this resource. Read this, do the math and tell me this NML 9 odd billion ton resource should be considered for a take over if it comes to that, for less then 5 billion dollars or about 50.00 per share.

JoeJoe88

U Mining Resources Inc. Announces $4.7 Billion Potential Value of BOOT Agreement to Be Signed With the Republic of Guinea

Thu Feb 21, 2008 8:34am EST

 

NEW YORK, NY, Feb 21 (MARKET WIRE) --
U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that the BOOT
(Build-Own-Operate-Transfer) Agreement (the "Agreement") that Comitrag (U
Mining's majority-owned subsidiary) will enter into with the Republic of
Guinea has a potential value of $4.7 billion.

    The potential value figure is based on the estimated annual export sales
of iron ore and iron pallets or nuggets from the Mining Concession that will be
awarded to U Mining, through Comitrag, upon signing of the Agreement. The export
sales were then multiplied by the following current benchmark contract prices:
Iron
Ore: $85.00 per ton and Iron Pellets: $115.00 per ton (Sources: CVRD, Wall
Street Journal, US Steel and other steel producers).

    As per the Agreement: "The Investor (i.e. Comitrag) foresees to produce
annually for export 15 million tons of pallets or nuggets.  It also foresees to export
annually 35 million tons of iron ore.  The Investor may increase these
quantities as required to meet the level of demand."

    These projected annual export sales are based on the following Guarantee
with respect to the Mining Concession: "The State guarantees the Investor an iron ore
reserve of at least three (3) billion tons for the whole duration (i.e. 60
years) of this Agreement."

    In addition, the Agreement will assign a management contract to U Mining for
the construction and re-development of a new railroad and mineral seaport.  The $4.7
billion potential value of the Agreement does not take into account the
revenues that will be generated from the operation of these infrastructure
projects.  U Mining will earn revenue from the commercial transport of iron
ore on the new railroad and from the export of bauxite via the mineral
seaport.

    Chairman of the Board of Directors, Colonel James Krilich, stated the
following: "The strategic importance of this Agreement for U Mining cannot be
overstated, given the potential size and quality of the iron ore deposit, the
market opportunity, and its profound positive impact on the people of Guinea."

    About the Mining Concession

The Mining Concession covers a 55-km-long zone in the Simandou Mountain
Range.
Drill assays from previous exploration programs on the Simandou Range indicated
a high-grade hematite, with a concentration of over 67% Fe (Iron), and an
estimate of over 3 billion metric tons of iron ore resources.  In fact, the
nearby Pic de Fon iron ore deposit has an estimated 1.2 billion metric tons
of iron ore at a grade of about 65% to 68% iron (Source: Guinea Ministry of
Mines and Geology, 2005d). It is this fact together with the previous tests
done in the area that have lead U Mining and its team to believe that this
Mining Concession will soon be regarded as a world-class iron ore resource,
and the Simandou region home to Africa's largest iron ore deposits.