Business
Unitronix's Mining Prospects Show Promise
Unitronix's Mining Prospects Show Promise.
About this update from Unitronix Corp.
[{"type":"text","content":"Unitronix Corporation\r\nPost Office Box 5835\r\nGreenville, SC 29606\r\nTelephone: (864) 233-6391 \r\nFax: (864) 242-0245\r\n\r\n\r\nUnitronix Corporation (UTRX.PK) announces a number of organizational and financial changes as it moves from a software company to focus on its mining exploration projects.\r\n\r\nFirst, it will submit a plan to restructure company debt to its creditors, so that the company will have the ability to raise the financial resources required by its Unitronix Mining and Exploration subsidiary for its two mining exploration projects. It anticipates that shareholder approval will be sought for this plan in the next 90 days.\r\n\r\nSecond, its negotiations with Advanced Business Communications for the company's legacy Praxa MRP system have been terminated. Over the past year, the company has lost more of its customer support clients, and has relocated its head office to Greenville, SC after closing its Peabody, MA and Westmont, NJ offices. It has reached agreements with two former employees to service the remaining clients on a revenue sharing basis. The company has sold its fully depreciated equipment conditional on having free access to its use as required by Praxa. Revenue from Praxa for the coming year is expected to be insignificant, and Praxa is no longer a factor in the company's business plans going forward.\r\n\r\nTwo simultaneous exploration programs are in progress in the Unitronix Mining and Exploration subsidiary (1522923 Ontario Incorporated). These were commenced after results obtained during the beta testing phase of Geo-Sleuth(TM), the company's software tool, pointed to regions of interest in the Sturgeon Lake Mining Camp north of Thunder Bay, Ontario, Canada.\r\n\r\nFollowing ground and sample confirmation, mining claims were staked, and option agreements executed with Noranda Mining (now part of Falconbridge NYSE:FAL) and Inmet Mining (TSX:IMN). Dale M. Hendrick, the company's President, directed an in depth analysis involving data and personnel made available by the two mining companies. This also included new data from the FUGRO Megatem airborne electromagnetic survey of the area for Noranda, with the company's financial participation. A drilling campaign on specific targets is expected to commence during the winter of 2006. There is, of course, no guarantee that the results obtained f...