NEW YORK, Dec. 6 /PRNewswire-FirstCall/ - UMining Resources Inc. (PINKSHEETS: UMNG) announces that Fraser Gold has purchased UMNG Control Block.
After several months of negotiation and following completion of a rigorous due diligence, UMining management has accepted Fraser Gold's offer to acquire UMINING's voting control block position. The details regarding the purchase agreement terms will remain confidential until all binding conditions have been met.
Both UMINING and FRASER GOLD management deemed in the Company's best interest to proceed under these bases to accelerate the financing of the production operation of the Tantolos Mine project.
About Fraser Gold
Founded in June 2009, Fraser Gold is a private Company duly incorporated under the state of Oregon specializing in the development of small and medium sizes gold ore bodies. Fraser Gold has built its reputation in the industry for developing cost effective gold properties for its shareholders.
Looking towards the future, UMining main focus is to obtain mining and exploration permits and rights, and acquire open pit gold mines from independent or private entities.
UMNG intends on operating in a socially, environmentally and ethically responsible manner in order to meet its objectives.
For more information, please visit www.uminingresources.com
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its operating results.
SOURCE Umining Resources Inc