Los Angeles, Ca – May 24, 2010 - UC Hub, Inc. (Pink Sheets: UCHB), a resource company focused on acquiring and developing revenue-producing assets, today released the following progress report on its active projects. The Company continues to acquire heavy equipment to be used in its gold and sapphire mining activities in Montana, while employees at the mine site continue to upgrade the infrastructure to prepare for the full-scale mining operations.. Through effective networking and good timing, the Company has been able to purchase most of the equipment at significant discounts to market prices. This is allowing the Company to proceed under budget toward our goal. We are also completing the required licensing of applicable vehicles through the Montana Department of Transportation as we go, to avoid unnecessary delays later.
With over $100,000 (at cost) worth of heavy equipment and parts already acquired and more under negotiation, we expect this phase of the launch strategy to complete shortly. Once operational, the Company will lease the equipment to a closely held operations company that will extract the resources exclusively for UC Hub.
Additionally, the Company continues to purchase significant amounts of steel, electrical components, motors, breakers, boxes, hoppers, conveyors, fuel and miscellaneous materials to complete the site upgrade and to comply with all code requirements. Simultaneously, permits through operating entities have been obtained, and Mine Safety & Health Administration (MSHA) training is now scheduled as we move forward with property upgrades.
Oil Properties
Within this week, the Company will have completed the first set of upgrades to our producing wells and expects to see an anticipated production increase to approximately 5 to 6 barrels a day. The final increase in anticipated production may be realized as the Company finishes drilling and engages the injection well. Additionally, our new Henderson drilling project has pushed through the hard rock and continues towards the potential Cypress pay-zone. Based upon the content of the mud recovered from the drilling process, we remain highly optimistic about the potential of this well.
UC Hub continues to pursue additional acquisitions and will disclose material progress as it occurs. The Company's website at www.uchub.net is expected to be updated regularly with photos documenting visible progress at our gold and sapphire sites in Montana and our oil wells in Illinois.
UC HUB GROUP, INC. is an acquisition-oriented company focused on recurring revenue and growth through a portfolio of producing oil and gas leases and proven mineral and gem properties throughout North America..
This news release includes forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this news release include statements regarding the potential of the property and the enhanced value of the Company. The forward- looking statements are subject to risks and uncertainty, that could cause actual results to differ materially from those projected in these forward-looking statements Such statements include the risks that the property may not be as valuable as anticipated, the ability of management to successfully operate the property and market any products derived therefrom and general economic conditions.. All forward-looking statements in this news release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the risk factors discussed in the Business and Management’s Discussion and Analysis sections in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings are available at www.sec.gov.
Contact:
Jordan Richard Associates LLC
Madeleine Franco – 702 256 4905
Larry Wilcox – info@uchub.net
1 800 278 8870
