Unitronix Corporation Expands Activity in Canada
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GREENVILLE, S.C.--(Business Wire)--
Unitronix Corporation ("Unitronix") (PINK SHEETS: UTRX) is pleased to announce
that its subsidiary 1522923 Ontario Incorporated, d\b\a as Unitronix Mining and
Exploration ("Exploration") has completed an analysis of its mining claims and
option agreements in Sturgeon Lake, Ontario, Canada. The mining claims have been
transferred to 3934649 Canada Limited, ("Venture") formerly an inactive
subsidiary, with the exception of the Option Agreement with Inmet Mining
Corporation, of Unitronix to act as the joint venture company in accordance with
previously released agreements.
Seventy nine (79) mining claim units in the Mattabi (Base Metal) area of
Sturgeon Lake have been transferred. The claims are in good standing for a
minimum of two years. An option on twenty one (21) claim units that adjoin the
seventy nine (79) claim units, with Xstrata Corp, was cancelled by Exploration.
Periodic review and analysis of the data base, the diamond drilling and the
field gravity study in conjunction with base metal prices provides the basis for
Venture exploration activity. Among other options being considered, Venture is
focused on finding an exploration partner to conduct a diamond drilling program.
Sixty seven (67) claim units in the Cobb Bay area (Gold) held by Exploration
were all transferred to the joint venture. On two field trips in 2008,
approximately 3,913 square meters of overburden stripping, washing, trenching,
rock sampling and assaying was performed. The 2008 data and analysis was added
to the data base that included the diamond drilling and gravity survey completed
in 2007. Funding for each program was provided by the investors.
Targets for the next round of diamond drilling will be chosen from the claims
identified and the joint venture will determine what financing sources are
available to fund the future drilling programs.
As previously reported, investors earned a 30% interest in a joint venture in
2007. Further advances in 2008 to complete two field programs have increased
investors interest to 37.5%. Services of a Management Company, engaged in July
2007, were compensated by the issuance of a 4.5% interest in the common stock in
Venture in lieu of fee payment. The contracted services of the data base
professional, who also became Chief Operations Officer in the fall of 2007,
resulted in the compensation for services rendered above a minimal rate by the
issuance of 4.5% interest in common shares.
As of April 30, 2009, Exploration, the wholly owned subsidiary of Unitronix
owned the remaining 53.5% of Venture.
In November 2008, Unitronix exercised an option to acquire Aur Lake Exploration
Inc. ("Aur"), a Canadian exploration company, from its Management Company. Terms
of the offer were funding a minimum of $25,000 immediate field work and
repayment of $12,500 in costs and expenses including the staking of two claims
of sixteen (16) units each in Fourbay Township, Ontario and the issuance of a 1%
net smelter interest on any future production from the claims.
Prior to the exercise of the option, Unitronix offered the investors and
management a share ownership in Aur in the same proportion as that owned in
Venture provided that the funding and services met the conditions of the option
and subject to the option being exercised.
The field trip and subsequent sample assays confirmed the presence of gold
mineralization on both claims and the option was exercised.
Aur has actively been engaged since its acquisition in an intensive program that
included detailed, structural and geological mapping and a fifteen (15) day
field trip presently underway. Funding has been provided by Investors and the
Management Company and advanced as a short term loan pending completion of terms
for the investment.
Unitronix has also agreed to transfer a 25% interest in Geo Sleuth to Aur
subject to plans to update and test the new version of the Geo Sleuth software
tool and provide further R&D.
Presently, Management of Aur has received a preliminary evaluation in regard to
the feasibility of updating the software tool (Geo Sleuth) and has also arranged
for the application of Geo Sleuth technology over a 40 square kilometres area in
Ontario. The project presently is in its early stages. Completion will depend on
the availability of funds to complete the project. Management believes it will
be at least ninety (90) days before all costs can be established.
Unitronix now has a clear agenda. Implementation of the agenda is contingent
upon engaging additional professional expertise and the necessary financing
required. The program continues to expand as the work base broadens and matures.
To date the programs and the company have been maintained and funded by the
Chairman of the Board, a former Director and current management. Without this
dedication and funding the company would not have been able to function.
Presently Management has succeeded in alleviating the constant pressure of last
minute financing to keep the properties in compliance. This position must be
maintained if long term success is to be realized. Management is creating an
attractive environment where third party financing could be more readily
available. Unitronix will continue its best efforts to implement its agenda and
determine the most feasible plan to attract funding for its ventures.
Safe Harbour Statement: This release includes "forward looking statements."
These statements are based on current expectations and involve a number of
factors that could cause the actual results to differ materially from those
stated and implied. Unitronix expressly does not undertake to update such
statements.
For Unitronix Corporation
Sandy McAlister, 864-233-6391
sandy@shawresourcesinc.com
Copyright Business Wire 2009
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