Unitronix Corporation Expands Activity in Canada
2009年5月19日 - 1:29AM
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Unitronix Corporation (�Unitronix�) (PINK SHEETS: UTRX) is
pleased to announce that its subsidiary 1522923 Ontario
Incorporated, dba 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.
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