NEWS
Bluerock and Uranerz Sell Mongolia Assets to Jindal Steel & Power for USD $2.6 Million
Tuesday June 24, 8:30 am ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Bluerock Resources Ltd. ("Bluerock") (TSX VENTURE:
BRD -
News)and Uranerz Energy Corporation ("Uranerz") (or jointly "the Companies")announce that they have arranged for the sale of 100% of theirMongolian Joint Venture project to Jindal Steel & Power (Mauritius)Limited ("Jindal") for USD $2.6 million. The Mongolian JV assets weredeemed to be noncore by both Bluerock and Uranerz as they focus ontheir respective near term production development projects in thecontinental USA.
Thesale includes all Mongolian uranium exploration projects and existingmaterial assets the Companies maintain in Mongolia. Jindal has untilAugust 26th, 2008 to conduct its due diligence review and close theagreement. Significant technical and financial review has already beencompleted by Jindal.
Bluerock has been acting as the operator ofthe Mongolian JV with Uranerz for the past three (3) years and wasmaterially involved in the negotiation of this transaction with Jindal.Under the terms of the JV, Bluerock holds a 60% ownership and Uranerzholds the remaining 40% (See the Company News Release of April 1,2008). Bluerock spent the 2006 and 2007 seasons advancing the MongolianJV Project, which resulted in several significant discoveries (See NewsRelease of January 22, 2008).
"The sale of Bluerock's Mongolianexploration arm is a timely step for Bluerock as it allows the Companyto monetize the exploration results over the last two field seasons andredirect these funds towards Bluerock's main focus, our Southwest USuranium mining projects," President Michael Collins commented."Bluerock remains focused on building production, and in the groundresources in Colorado and Utah to support the Company's on-going planof becoming the next uranium producer in the United States."
BluerockResources Ltd. is a uranium mining company focused on developingtomorrow's energy today through the acquisition and development ofconventional uranium resources.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins, President and CEO