2005 News Releases
Mongolian Uranium Property Update
TORONTO, ONTARIO, September 22, 2005 – Maple Minerals Corp. ("Maple") (MPM:TSX-V) and UGL Enterprise Ltd. (“UGL”) (UGS:TSX-V) are pleased to provide the following update on UGL's Mongolian group of Uranium properties. As announced June 15, 2005, UGL is the 100% owner of 18 Mongolian uranium properties covering 339,000 hectares in which Maple Minerals has the right to earn a 50% interest through the expenditure of US$1.5 million over three years, with a minimum of US$350,000 to be expended within the first year. Upon earning a 50% interest, a joint venture will be formed with the parties contributing pro-rata. Maple will also have the option to increase its interest to 60% by expending a further US$2 million over the subsequent three years.
UGL senior uranium staff recently met in Russia with several senior Russian geologists who conducted the original uranium exploration programs on a number of UGL's key uranium properties during the 1980's and 90's. Significant original data on several of UGL's projects was obtained, in addition to many key insights pertaining to drill targets, resource potential, and areas for exploration expansion. This historical data in combination with observations made on several of the properties during recent reconnaissance trips further verifies the potential of UGL's properties to host significant uranium mineralization.
The recent reconnaissance work on the properties has also enabled UGL to confirm the accuracy of certain statements in existing Russian reports. UGL is in the process of implementing phase 3 exploration including further ground radiometric surveys to isolate targets for reverse circulation drilling. Observations made during the reconnaissance trips and the information gained during the trip to Russia have enabled UGL to prioritize several properties for detailed exploration work and to select additional hectares for acquisition through license applications and/or purchases.
UGL has recently engaged Pavel Dubchak, P.Geo. to assist UGL with its Uranium portfolio in Mongolia. Mr. Dubchak has extensive uranium experience including working with a major Russian Uranium company in Siberia and possesses a wide network of professional contacts within the Russian/Mongolian Uranium geological community.
In addition to UGL's current uranium portfolio of properties Maple and UGL are cooperating (under the terms of the agreement) in the generation and acquisition of further uranium properties inside Mongolia.
Stewart Taylor, Maple’s Vice President, International Operations, is acting as Maple’s Qualified Person for the UGL Uranium Project. Maple is a Toronto based resource company with property interests in Australia, Argentina, Mongolia, Africa and Canada. For more information about Maple, please visit the company’s website at www.mapleminerals.com.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Maple’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Maple disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Maple does have an ongoing obligation to disclose material information as
it becomes available.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
L.M. (Gino) Falzone