Unitronix (PK) (USOTC:UTRX)
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Unitronix Corporation (UTRX:PK) is pleased to announce
that corporate financial statements (unaudited) for the year ended
June 30, 2005 have been brought up to date and are being posted on the
Pink Sheets web site (www.pinksheets.com). The organizational and
financial changes referenced in our press release of December 12, 2005
are delayed, but it is anticipated that they will be completed for
inclusion in the financial statements for the year ended June 30,
2006.
Unitronix regrets the delay. Protracted negotiations to amend
existing agreements with Inmet Mining Corp.(TSX:IMN) and Noranda Inc.
(NYSE:FAL) (now Falconbridge) to incorporate results interpreted
during the ongoing exploration activity and the resulting future
program in Sturgeon Lake East were necessary. The agreement with Inmet
Mining has been extended to April 30, 2007. The agreement also
includes a $150,000 Letter of Credit provided by a director to
guarantee performance. The agreement with Noranda (Falconbridge) was
changed to an outright purchase of 21 unit claims covering the part of
the original agreement that remains in the area of interest for
further exploration activity. The company, through its Canadian
Subsidiary, has also conducted an extensive exploration program in
Sturgeon Lake West. Both of these programs started in 2002 with all
financing during this four year period being provided by members of
the Board of Directors.
The Company was originally in the software marketing business
providing business systems under a proprietary license called Praxa.
This business has been wound down with minimal annual revenue accruing
to the Company.
The company now fully focuses on growth through mineral
exploration and discovery of precious (gold and silver) and common
metal (copper and zinc) deposits. These metals in present global
markets are in very short supply and have high potential for
increasing unit price in a volatile high demand market.
To this end and of significant merit are the mineral land holdings
in the region of Sturgeon Lake, Ontario, Canada located within a
former producing mineral belt that produced gold, silver, copper and
zinc ores for major mining companies Noranda (Falconbridge) and Inmet.
During the period 1972 to 1991 total mining production from five
separate operations amounted to 18.2 million tons grading 8.59% Zinc,
1.09% Copper, 0.94% Lead, 3.81 oz. /ton Silver and 0.011 oz. /ton
Gold. The Sturgeon Lake area was one of three mineral areas that was
researched and processed by the Unitronix partially developed mineral
potential analysis software tool named "Geosleuth". The other areas
studied were the Noranda and Eastmain River regions in Quebec.
In 2002, and based on Geosleuth mineral potential analysis, an
untested prospective gold area and an untested extension of the
Sturgeon Lake copper-zinc mining belt were identified, respectively,
at the west end (Sturgeon Lake West gold project) and east end
(Sturgeon Lake East copper-zinc project) of the current project area.
Gold prospecting during the summers of 2003, 2004 and 2005 in the
Sturgeon Lake West gold area, and directed by an airborne geophysical
survey carried out by Terraquest Ltd., has identified the Cobb Lake
gold target where numerous high grade gold samples and detailed
mapping warrants diamond drill core sampling. The prospective gold
targets are within Unitronix's 100% owned claims - 33 claims
consisting of 495 claim units or 1,238 acres, and one option agreement
(claim 3014787) consisting of 16 units or 40 acres with prospector
Sherridon Johnson. Further work including drilling is dependant on
future financing.
Geosleuth data warranted the commencement of the Sturgeon Lake
East copper zinc project and to this end, properties were acquired
through 100% claim staking ownership by Unitronix and through options
with major mining companies holding adjoining mining lands. In 2003
option agreements were arranged with Noranda Inc. (Falconbridge) and
Inmet Mining Corporation. As a result of a high powered maximum depth
detection Fugro airborne survey carried out in 2004 utilizing new
technology "state of the art" magnetic and electromagnetic sensors, a
significant untested magnetic and EM anomaly was identified and is
located on contiguous properties of Unitronix, Noranda and Inmet. This
target has been recently surveyed with airborne geophysics on close
spaced lines, and initial field results suggest an attractive volcanic
hosted untested copper zinc target.
A drilling program is planned for this summer, subject to
financing. The amended agreements still provide for Unitronix a 100%
working earn-in subject to a one-time purchase back in of 51%. A
drilling program for the gold properties (Sturgeon Lake West) is being
finalized and will also commence this summer subject to financing.
Dale M. Hendrick, P. Eng. is the President and Director of
Unitronix and the private, wholly owned Canadian subsidiary 1522923
Ontario Inc. doing business as Unitronix Mining and Exploration. He is
a well respected and highly regarded professional geologist and
engineer with fifty years of successful exploration and mine finding
experience around the world. He points out that the untested copper
zinc target lies about 1.5 miles south east of the last mined deposits
in the area. Mining of these deposits terminated in 1991 at relative
shallow depths and total production was 5.3 million tons grading 9.43%
Zn, 1.95% Cu, 1.19% Pb, 5.15 oz./ton Ag and 0.012 oz./ton Au..
Hendrick is very encouraged that the magnetic and electro conductive
anomaly represents at depth a continuation of the sulfide
mineralization hosting the above deposits.
Resumption of further software development of GeoSleuth is
anticipated in 2007 if the next phase of the Sturgeon Lake project is
successful.
This press release may contain forward-looking statements, such as
our financial projections for 2006 and beyond. Forward-looking
statements are statements that contain predictions or projections of
future events or performance, and often contain words such as
"anticipates", "can", "estimated", "believe", "expects", "projects",
"will", "might", or other words indicating a statement about the
future. The Company notes that any such forward-looking statements are
subject to change and are not guarantees of future performance, and
that actual results may differ materially from any such predictions or
projections, based on various important factors and including, without
limitation, the ability of the Company to restructure, obtain
financing and the high risk and low probability of success associated
with mining exploration. Further actual performance and results may,
in whole or part, differ materially from results predicted, forecast
or implied. Some factors that can affect the company's ability to meet
objectives include; ability to fund operations, volatility of resource
prices, risks related to exploratory drilling, Government regulation,
and the ability of the Company to implement its business strategy.
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Unitronix Corporation
Dale M. Hendrick
President and Director
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