UCR Acquires Uranium Interests in the State of New Mexico - (xx) Amended Version of the News Release Issued Earlier Today (xx)

    In the press release issued earlier today, statements were made about
    historical ore bodies. UCR retracts these references and cautions
    investors not to rely on these statements. These references are
    historical in nature and are not 43-101 compliant.

    TSX.V: UCR

    KIRKLAND LAKE, ON, Sept. 30 /CNW/ - Uranium City Resources Inc. ("UCR"),
is pleased to announce that it has entered into an Option Agreement with
Running Fox Resources (TSXv:RUN) whereby UCR can earn up to a 60% interest in
178 lode mining claims (over 3160 acres) located in a well known area of
mineralization south and west of Albuquerque, New Mexico.
    In the late 1970s, this area was the subject of serious exploration
efforts by Gulf Mineral Resources, Pioneer Nuclear, Occidental Petroleum and
Energy Reserves Group. Of this group, Gulf Minerals enjoyed the most success,
but ceased exploration efforts when the price of Uranium collapsed in the
early 1980s.
    For UCR to earn a 50% interest, the terms of this Agreement (subject to
TSX Venture Exchange Approval) are as follows:

    Year 1

    UCR to grant 1.5 million common shares to Running Fox Resources
    (TSXv:RUN) upon approval of Agreement
    UCR to undertake a US$200,000 exploration program

    Year 2
    UCR can elect to grant either 1 million common shares or make cash
    payment of $150,000 to Running Fox
    UCR to undertake a US$200,000 exploration program

    Year 3
    UCR can elect to grant either 1 million common shares or make cash
    payment of $200,000 to Running Fox
    UCR to undertake a US$200,000 exploration program

    In Year 3, UCR can earn an additional 10% interest (taking its total to
    60%) by producing a bankable feasibility study.

    This Option Agreement sets in motion a comprehensive strategic plan by
UCR to expand its uranium exploration focus beyond the Province of
Saskatchewan in Canada into a mining and exploration friendly jurisdiction
which enjoys a year-around exploration season.

    About Uranium City Resources

    Uranium City Resources is a Canadian based junior exploration company
with existing projects in the Province of Saskatchewan. UCR has over 100,000
acres of exploration property in northern Saskatchewan. More information about
UCR is available on line at www.uraniumcityresources.com

    Forward looking statements:

    This news release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond UCR's control or prediction and could cause actual events or results to
differ materially from those anticipated in such forward-looking statements.
Although UCR believes that the assumptions inherent in the forward-looking
statements are reasonable, undue reliance should not be placed on these
forward-looking statements.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.

For further information:

For further information: Malcolm Bucholtz, President & CEO, T: (306)
525-0852, E: saskmining@hotmail.com

Organization Profile

Strategic Resources Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890