Vancouver, British Columbia -- (Marketwire - July 26, 2010) - United Mining Group, Inc. (the "Company" or "UMG"), (CNSX: UMG) announces that the Board has appointed Charles Pitcher as an independent director. Mr Pitcher is a mining engineer with over 40 years experience and has held several senior executive management and operating positions in the minerals industry.
"We believe Charles will make a significant contribution to UMG. He has an enviable reputation in the market and deep knowledge of Idaho's Silver Valley as a result of his previous association with strategic planning for exploration, development and production at the Sunshine and Crescent Silver Mines. He brings to UMG his critical mining expertise as well as his extensive network in the industry. I am very pleased to welcome Charles to our team," comments CEO, Greg Stewart.
Charles G. Pitcher, P.E.
Charles Pitcher has over 40 years of experience in senior executive positions in civil construction and mine development with a consistent record of accomplishment. He has extensive experience in the development and operations associated with underground and open-pit mining. He has built successful teams for the mine management and operations in both developed and developing regions of the world.
More recently Mr. Pitcher was President and CEO of Western Canadian Coal Corp in the development of the Northeast coal deposits for the Company and remains a director of that company. He joined the Company in 2002 as Chief Executive Officer to oversee the completion of feasibility studies and then served as Chief Operating Officer. Mr. Pitcher is President of The Mining House Inc, a provider of engineering services related to project development and management. Mr Pitcher also holds Board positions with
Western Coal Corp., Wildcat Resources and Sila Industries Ltd.
Board Appointment
Mr Pitcher has been appointed as an independent director. The Board has granted Mr Pitcher 300,000 options exercisable at $0.54 for a period of five years from the date of issue, July 15, 2010.
About United Mining Group
United Mining Group is a vertically integrated mining company which generated $15.7 million revenue in 2009 with operations in Idaho, USA It combines both mining services and a significant interest in the Crescent Silver Mine.
The Company has commenced work on its option to acquire an 80% interest in the Crescent Silver Mine through the expenditure of $9 million on mine exploration, development and operations over three years. The mine is located in the Silver Valley, Idaho, the second largest silver district in the world. The Crescent Mine has a NI 43-101 indicated silver resource of 6.1 million ounces silver (324,000 tons grading 18.7 opt silver) and additional inferred silver resources of 4.1 million ounces silver (211,000 tons grading 19.5 opt silver).
The Crescent Silver Mine has historically produced 25 million ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101 report, March 1, 2010).
The Company offers a full suite of mining services including contract mining, contracting/construction (including mine remediation), and fabrication/machine services. The Company owns its own custom welding and fabrication shop, allowing it to repair/rebuild its own equipment and supply outside customers. In 2009, Mining Services generated $15.7 million revenue and $3 million operating income.
UMG is committed to building a senior silver producing mining company based on aggressive exploration and development of the highly-prospective Crescent Mine and through additional acquisitions in the Silver Valley and other silver districts.
For more information about the Company, please visit:
www.unitedmininggroup.com
In compliance with NI 43-101, Lawrence Dick, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.
On behalf of the Board of Directors of United Mining Group, Inc.,
Greg Stewart
President, CEO and Director
FORWARD LOOKING STATEMENTS:
This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that Charles Pitcher will make a significant contribution to the Company. Risk factors which may prevent this from occurring include other requirements on Mr. Pitcher's time and the potential that he does not expend time or effort on the Company's projects. In addition, past revenues and profit levels are not necessarily an indication of future revenues or profits. The Company's actual results and financial position could differ materially from those anticipated as a result of numerous factors, some of which may be beyond the Company's control. These factors include, among others, risks related to actual results of exploration activities and development of mineral properties, actual results of remediation and services activities, lower than expected revenues and profitability and potential early termination of existing remediation or services contracts, fluctuations in the marketplace for the sale of minerals or services required by mining companies, the inability to implement corporate strategies, loss of key personnel, mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of feasibility studies, risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, the ability to obtain financing when required, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's public filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For more information, please contact
United Mining Group, Inc.
Greg Stewart
208.682.9018
gstewart@unitedmininggroup.com
www.unitedmininggroup.com
