United Resource Holdings Group, Inc. Announced Formation of a New Wholly Owned Subsidiary, United Minerals Investment Corp., for the Acquisition of Mineral-Bearing Materials and Completion of Certain 2010 and 2011 Audited Financial Statements
RENO, Nev.--(BUSINESS WIRE)-- United Resource Holdings Group, Inc. ("URHG") announced today the formation of a new wholly owned subsidiary, United Minerals Investment Corp. ("United Minerals"), a Nevada corporation headquartered in Reno, Nevada, the completion of its 2010 and 2011 audit process, and the issuance of audited financial statements for URHG's fiscal years ended December 31, 2010 and 2011.
United Minerals has entered into a commitment agreement with a Nevada-based company to acquire and process target mineral-bearing materials for the extraction of gold. "Subject to the completion of certain financing arrangements, URHG believes that United Minerals has the ability to generate revenue within sixty days of commencing operations," stated Mark Kersey, President of URHG. "Furthermore, this new investment subsidiary complements URHG's mining subsidiary, Dun Glen Mining Corp (''Dun Glen''), and its milling and processing subsidiary, United Milling & Refining Corp (''United Milling''), in URHG's continuing strategic plan to become a vertically integrated, mid-size precious metals resource company in the Western United States."
URHG has received notification from its auditor, Mark Bailey & Co., LTD (dba Excelsis Accounting) ("Excelsis") that audits for the fiscal years ended December 31, 2010 and 2011 for URHG and its then-existing subsidiaries have been completed. These supplemental reports can be reviewed on the OTCPK website http://www.otcmarkets.com/ in the financial section for URHG. The audited financial statements for URHG described herein pre-date URHG's acquisition of United Milling, and audited financial statements for the fiscal years ended December 31, 2010 and 2011 for United Milling are in progress.
Excelsis is a registered accounting firm with the Public Company Accounting Oversight Board and the Canadian Public Accountability Board and has been retained by URHG to perform the financial and non-financial services necessary for URHG to meet the U.S. Securities and Exchange Commission compliance, reporting, and internal controls requirements for audited financial reports as they may arise.
URHG continues to work forward with the implementation of operations at the Dun Glen Placer Mine as weather allows, in accordance with its recently-issued Water Pollution Control Permit. Similarly, United Milling is continuing its efforts to increase profitability and capacity through the implementation of a new aqua regia leaching circuit in accordance with its recently-issued Major Modification of its Water Pollution Control Permit.
About United Resource Holdings Group, Inc.:
United Resource Holdings Group, Inc. is a U.S.-based natural resource exploration and development company, focused on the acquisition of mining equipment, mineral-bearing materials, and the development of gold and other precious commodity projects that demonstrate a reasonable probability for near-term production and revenue. In addition, the company holds a controlling interest in a beneficiation process plant that recovers precious metals from mineral ores and ore concentrates on behalf of its captive mining properties and on behalf of third-party mining companies. The company is quoted on the OTCPK under the symbol "URHG".
Notice Regarding Forward-Looking Statements:
This news release may contain "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the accomplishment of any of our plans listed for 2012 such as any acquisitions, geophysics, production, construction projects, drilling programs or results from such programs, and the timelines within which such items may be accomplished, as referred to in this news release.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration, development, and production. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and that which is made publicly available by us from time to time.
United Resource Holdings Group, Inc.
Mark A. Kersey, 775-851-4700
KEYWORDS: United States North America Nevada
The article United Resource Holdings Group, Inc. Announced Formation of a New Wholly Owned Subsidiary, United Minerals Investment Corp., for the Acquisition of Mineral-Bearing Materials and Completion of Certain 2010 and 2011 Audited Financial Statements originally appeared on Fool.com.
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