U.S. Energy Corp to sell interest in Sutter Gold Mining Inc to RMB Resources Ltd

Jun 16, 2008 (M2 EQUITYBITES via COMTEX) -- SGMNF | Quote | Chart | News | PowerRating -- U.S. Energy Corp (NasdaqCM:USEG), a natural resources exploration and development company, declared on 13 June that the company has executed a private agreement for the sale of an aggregate of 39,062,072 common shares (purchased shares) of Sutter Gold Mining Inc (CDNX:SGM.V) to RMB Resources Ltd for the Telluride Investment Trust, for an aggregate purchase price of approximately CAD5.4m, subject to closing conditions.

The purchased shares will represent approximately 49.9% of the outstanding common shares of Sutter Gold Mining Inc (SGMI). U.S. Energy Corp currently owns 42,613,081 common shares of SGMI, representing approximately 54.4% of the outstanding common shares of SGMI.

Additionally, U.S. Energy Corp delivered a power of attorney to grant RMB Resources Ltd the right to vote the common shares of SGMI currently owned by U.S. Energy Corp. RMB Resources Ltd is pursuing the acquisition for investment purposes. The company also plans to subscribe for its proportionate ownership interest in SGMI in a financing transaction.

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