May 26 2005
St. George Metals has announced that it has entered into a Letter of Intent to acquire all of the uranium properties owned by Mineral Energy and Technology Corporation.
SGGM has agreed to purchase, and MET has agreed to sell, all its uranium properties. These properties consist of 33 unpatented lode mining claims in New Mexico, known as the Rio Puerco uranium mine, 10 unpatented lode mining claims in Nevada, known as the Apex uranium mine, and 29 unpatented lode mining claims in Nevada, known as the Lowboy uranium mine, and any and all future uranium unpatented lode mine claims MET may be successful in acquiring.
William Haseltine, President of SGGM, stated, "This Letter of Intent with Mineral Energy and Technology adds tremendous value to our shareholders. We are pleased to enter this due diligence period with MET, and hope to finalize this deal within 45 days".
Karl F. Meyers, President of MET, added, "We have been looking for the right partner for our company and are pleased that we have a working partner that can help us develop and produce this very lucrative uranium opportunity. We have proven uranium reserves of over 7 million pounds. Once produced, these reserves will, at the current uranium spot price of US$29, have a market value of approximately US$200,000,000."
These uranium reserves are well documented, and have been reviewed by many qualified individuals, including Mr. Samuel E. Sapper, MSC, DIC, a graduate of the College of Science, University of Baghdad and the Royal School of Mines, Imperial College of Science in London. Mr. Sapper, a highly experienced and qualified Geophysicists, has represented major companies such as Inco, Falconbridge, and Geneva Pacific and has made significant mineral discoveries worldwide. He was one of the first geologists to report Kimberlitic Pipes in the Northwest Territories of Canada.