Business
Unitronix Finalizing Plans for Summer Drilling Program
Unitronix Finalizing Plans for Summer Drilling Program.
About this update from Unitronix Corp.
[{"type":"text","content":"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.\r\n\r\nUnitronix 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.\r\n\r\nThe 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.\r\n\r\nThe 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.\r\n\r\nTo 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...