U.S. Energy Corp. Announces Kobex Terminates Exploration, Operating and Mine Development Agreement at "Lucky Jack" Molybdenum Pr
01 Avril 2008 - 1:53AM
Marketwired
RIVERTON, WY announced today that its partner, Kobex Resources
Ltd. (Kobex) (TSX-V: KBX), has terminated its agreement with U.S.
Energy Corp. in relation to the Lucky Jack molybdenum Project in
Gunnison County, Colorado.
Kobex reported that its decision was made reluctantly since the
Lucky Jack (Mt. Emmons) molybdenite property is still considered to
be one of the best undeveloped primary molybdenum deposits in the
world. However, their concerns with the regulatory and legal
uncertainties at the Federal, State, County and Municipal levels,
in their opinion, were too great for them to justify the necessary
time and major pre-development expenditures that are required to
advance this property.
Mark Larsen, President of U.S. Energy Corp., stated, "While we
are disappointed to see Kobex leave the project, we are still very
confident that the Lucky Jack Project will be mined in the future.
We understand the political and regulatory environment involves
uncertainty; however, we remain undeterred in our resolve to move
this project forward. U.S. Energy Corp. is in a very strong cash
position and we plan to continue the studies and permitting efforts
currently in progress to develop the Lucky Jack molybdenum
project."
Keith G. Larsen, CEO of U.S. Energy Corp., stated, "Kobex's
decision to move on to other opportunities means that U.S. Energy
Corp. again owns and controls 100% of the 'world-class' Lucky Jack
molybdenum deposit. Kobex spent over $8 million on the project, all
for the benefit of our shareholders. This is in addition to over
$150 million reportedly spent by the previous owners. We are
evaluating all of our options in regards to the property, which may
include bringing a much larger mining company in as a joint venture
partner."
About U.S. Energy Corp.
U.S. Energy Corp. is a diversified natural resource company with
interests in molybdenum, oil and gas, gold, and real estate. While
the Company's primary emphasis is investments in the natural
resources sector, it is also broadening its business interests to
include cash-flow-generating investments driven by surging growth
created by energy and mining activity in the intermountain west
region of the United States.
The Company is headquartered in Riverton, Wyoming, and its
common stock is listed on The NASDAQ Capital Market under the
symbol "USEG."
Disclosure Regarding Mineral Resources Under SEC and Canadian
Regulations; and Forward-Looking Statements
The Company owns or may come to own stock in companies which are
traded on foreign exchanges, and may have agreements with some of
these companies to acquire and/or develop the Company's mineral
properties. Examples of these other companies are Sutter Gold
Mining Inc. and Kobex Resources Ltd. These other companies are
subject to the reporting requirements of other jurisdictions.
United States residents are cautioned that some of the
information available about our mineral properties, which is
reported by the other companies in foreign jurisdictions, may be
materially different from what the Company is permitted to disclose
in the United States.
This news release includes statements which may constitute
"forward-looking" statements, usually containing the words
"believe," "estimate," "project," "expect," or similar expressions.
These statements are made pursuant to the safe harbor provision of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
future trends in mineral prices, the availability of capital,
competitive factors, and other risks. By making these
forward-looking statements, the Company undertakes no obligation to
update these statements for revision or changes after the date of
this release.
For further information on the differences between the reporting
limitations of the United States, compared to reports filed in
foreign jurisdictions, and also concerning forward-looking
statements, please see the Company's Form 10-K ("Disclosure
Regarding Forward-Looking Statements"; "Disclosure Regarding
Mineral Resources under SEC and Canadian Regulation"; and "Risk
Factors"); and similar disclosures in the Company's Forms 10-Q.
For further information, please contact: Keith G. Larsen CEO or
Mark J. Larsen President U.S. Energy Corp. (307) 856-9271 877 North
8th West Riverton, WY 82501 USA Ph: (307)856-9271 Fx: (307)857-3050
www.usnrg.com
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