Unitronix Corporation Exchanges Debt for Stock

UNITRONIX CORPORATION EXCHANGES DEBT FOR STOCK

Retains control of Canadian Mining Exploration Subsidiaries

Extension of Phase 2 Aur Lake Exploration Program underway

Unitronrix Corporation (“Unitronix”) has entered into two memorandums of understanding that have been negotiated with creditors to virtually eliminate all debt and will enable the company to retain a controlling interest in its subsidiaries.

The first Memorandum of Understanding with creditors of Unitronix Corporation will exchange $1,066,320 of debentures including interest at 10% payable June 30, 2010 and $43,975 in loans.   

 In addition debt in 1522923 Ontario Incorporated, a majority owned subsidiary of Unitronix will exchange $(Can) 411,878 in debt for shares of Unitronix under the same terms. The amount may vary to reflect the foreign currency equivalent in U.S. dollars on the date of exchange. This transaction will result in an increase of ownership by Unitronix Corporation in the subsidiary to be calculated prior to the exchange.  Unitronix Corporation will issue 5 common shares for every dollar due, or twenty cents (0.20) per share. The shares will all carry a legend under Rule 144 of the Securities Act.

A Second Memorandum of Understanding is with investors in the exploration program of Aur Lake Exploration Inc. (“Aur”) a majority owned subsidiary of Unitronix has been finalized. In addition to the $200,000 previously advanced, another $100,000 is being provided by investors.  As previously  arranged, a 1% net smelter return (NSR) royalty on future production that may occur from the 87 claim units presently staked and in good standing  in favour of the investors will be recorded.  A note to the investors, bearing 6% interest payable on June 30, 2011 will be executed for $300,000.

An agreement has also been negotiated with Michael Bulatovich, the Chief Operating Officer (COO) of the Unitronix Corporation’s Canadian Subsidiaries, who commenced providing services in April 2007, under agreements structured at that time to include an incentive of ownership interest for performance.

The agreement settles obligations to the COO by the subsidiaries to date and also provides for continued services by the COO through April 15, 2011 by granting options to purchase 1,500,000 shares of Unitronix Corporation at twenty cents (0.20) per share calculated and exercisable in full or part until June 30, 2013, as follows:

200,000 shares for each 1% of the Common Stock earned of the subsidiaries for the year ended April 17, 2009.  4.5% interest earned but shares not issued.   4.5% x 200,000  shares =               900,000  shares option

Shares to compensate for services rendered for year ended April 17 2010                  300,000 shares option        (additional compensation committed but not remitted) 

Shares to compensate to provide for continued services to April 15, 2011              300,000 shares option                                                                                                     

  
Total                                                                                        1,500,000 shares option

The option to purchase will not be registered.  The underlying shares if and when executed will carry a legend under Rule 144 of the U.S Securities Act and not registered for sale to the public. Any shares acquired will have the right of prior registration however, should the company file for registration for any other common shares. 

The granting of this option and the corresponding cancelation of obligations by the subsidiaries to the COO will result in an increase in ownership by Unitronix in the subsidiaries to be finalized prior to the issuance of the option agreement.

EXTENSION OF PHASE 2 PROGRAM

The original program was designed to check the possibility that the mineralized vein is open at both ends and could extend beyond its known length of 180 metres and to see if other mineralization could be found under overburden nearby.

On a single transect between the known mineralized vein and a nearby felsic intrusion, 400 meters northwest of the vein, 60 soil samples collected  for Soil Gas Hydrocarbon (SGH) geochemical analysis by Activation Laboratory Inc (“Actlabs”) identified a broad gold anomaly.

The prime goal of the extension to the program is to better delineate the SGH anomaly found in the fall of 2009 and see if the anomaly and the known mineralized vein are related or connected.

The decision to extend Phase 2 resulted in enlarging the grid from 3 km to 8 km by additional line cutting. This work was performed in mid April 2010 and verified by Aur, resulting in full and final payment to the contractors. The new cut lines assisted in the collection of 270 geochemical samples taken due north, south and west of the vein and encompassed the new lines cut in and around the SGH gold anomaly.  The collection of samples, collected over a period of one week were catalogued, bagged and delivered for analysis.

Despite technical problems with the initial IP survey, a significant resistivity and IP response was detected and could therefore be anticipated on the rest of the claim. A contract was entered into with Clearview Geophysics of Brampton Ontario to conduct an IP survey over the entire 8 kilometre grid. Prior negotiations resulted in the agreement on many technical matters, including electrode configuration and configurations to adjust for shallow and deeper depths as well as the degree of sensitivity to survey narrow vein structures.  The  contract also requires Clearview to perform the necessary “inversion “ of the IP data, which approximates cross sectional views of the sub-surface and Clearview will also provide a final certified report of the work performed and the results obtained.

An internal review of archival geophysical data has also suggested that the SGH anomaly recently located might be spatially associated with a previously indentified conductor.  The preliminary magnetic survey work completed last winter for Aur showed a magnetic dip associated with the known vein. Clearview also contracted to perform a magnetic ground survey (“mag”) and a ground electromagnetic (“EM”) survey over the same grid, providing a very comprehensive set of geophysical data on the claim.

The Clearview work is scheduled to commence in late May 2010. Aur staff will accompany the Clearview crew to the field initially, restricting their input to the review of data.  Aur will otherwise conduct other field reconnaissance in specific areas on and off the grid while the geophysical surveying is underway.

As previously stated, Aur and Unitronix are deeply committed to the project.  After all the data is generated and analysed Unitronix will weigh and determine the alternatives available to move the project ahead.

Management cannot predict or warrant future results nor the terms of financing that may be required. Management will pursue the best interest of the shareholders of Unitronix.

Safe Harbor Statement:

This press release contains forward looking statements.  Such statements include without limitations, statements regarding future results of operations, performance and achievements of the company and its subsidiaries, including cost and results of proposed work programs, the discovery and delineation of mineral deposits, geological interpretation, business and financing plans, business trends and other numerous factors that can adversely impact the business of mineral exploration.

Statements made are based on current expectations and involve various factors that could cause the actual results to differ materially from those stated or implied.  Unitronix Corporation expressly does not undertake to update such statements.

Contact:

Sandy McAlister

864.233.6391

sandy@shawresourcesinc.com