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NEW YORK, NY -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO | Quote | Chart | News | PowerRating) confirms that it has acquired in excess of 25 Uranium Mining & Exploration Projects in Idaho, Northern Arizona, Utah and in Montana.
-- Company acquires substantial number of Uranium Mining & Exploration Projects; to be renamed Skyline Uranium Corporation -- No shares issued to acquire Uranium Mines; Interest Free Convertible Loan Note Issued -- Company obtains an initial loan in the amount of US$500,000 to facilitate further stock buy backs and cancellations -- Form 8-Ks filed with full details on February 2, 2009
This will result in a Name change of the Company to that of Skyline Uranium Corporation, coupled with a CUSIP Number and Trading Symbol change.
The Board of Directors of the Company will be reconstituted on March 1, 2009.
The Company is not prepared to issue any additional shares of its Common Stock and will be issuing a Convertible Note in the amount of US$50 million to the Vendors of these Uranium Mines. This Convertible Loan Note is interest free and may not be converted into shares of the Company's Common Stock at a price of less than US$0.0005 per share, and furthermore may not under circumstances be converted in whole or in part, prior to the full payment of all outstanding Stock Dividends to existing stockholders by the Company.
All shares issued by the Company to settle the Convertible Loan Note will be issued in tranches as detailed in the Form 8-K filed today, and all shares issued in terms of this Convertible Loan Note will bear a restrictive legend of one year.
The Company has secured an initial Loan in the amount of US$500,000 to facilitate further stock repurchases. It is hoped to extend this Loan to an amount of US$1,000,000. All shares of the Company's shares of Common Stock repurchased under this plan will be cancelled. The Company undertakes not to repurchase any shares of its Common Stock until after the "Record Date" of its Extraordinary Dividend so as not to delay that process.
The Company has filed detailed Form 8-Ks in respect hereof.
Stockholders may rest assured that this will not in any way affect the date of the Stock Dividend payments nor in any dilute the Extraordinary Dividend ratio whatsoever.
PREMILINARY DETAILS OF THE URANIUM PROJECTS ACQUIRED:
Idaho Properties: The three Skyline Idaho properties include several mines that have a uranium production history. Idaho is a state that is friendly and open to mining. A new cobalt mine is opening southwest of Salmon, Idaho, where the projects are centered. Independence Strategic Minerals, Inc. is actively exploring its North Fork Rare Earth and Bobcat Gulch Molybdenum projects northwest of Salmon. The area has well developed infrastructure, excellent highway access from US 93, and a mining tradition going back to the 1800s.
Skyline Uranium Project: This uranium deposit is located in Lemhi County, Idaho, 5 miles south of the town of Salmon. Skyline Uranium is comprised of over 400 acres of mining claims. Included are the previously productive Dona Lou, Mother Lode and Ruth uranium mines. Skyline was the first uranium property in Idaho to ship uranium ore during the 1950s. It was discovered by workers doing a highway cut for US 93, which is immediately west and down the mountain from Skyline. The uranium is found in fault and fracture zones in Challis volcanics of Tertiary (Oligocene) age; specifically in fractures and breccias which have been cemented or stained by red hematite. The red hematite is in the form of stringers or reddish banded "ribbon rock." The uranium minerals are autunite, some torbernite and uranophane. Grades range from .1% to .8% U3O8.
El Toro Uranium Project: El Toro is located in Lemhi County, Idaho approximately 15 miles northwest of the town of Salmon. It includes over 500 acres of mining claims. The uranium is located in a quartz porphyritic member of the Challis volcanics. The mineralized zone strikes N 60 degrees W and dips 48 degrees 48 degrees NE. Where it has been exposed, the mineralization ranges from 16 feet to 40 feet in width making this a very substantial drill target. The uranium bearing minerals are yellowish autunite, torbernite and uranophane. Past sampling has indicated a grade of up to .5% U3O8.
Kriley Gulch Uranium Project: Kriley Gulch is also hosted by Challis volcanics. This property is located approximately 12 miles north of Salmon, Idaho. It has substantial existing workings, including four adits and a shaft. While the uranium is hosted in the same type of country rock as Skyline and El Toro, the rock lacks the red hematitic staining, which has led some to speculate that the uranium deposit may result, at least in part, from replacement of organic material.
Montana Uranium Project in Pryor Mountains: The uranium mines in the Pryor Mountains of Carbon County, Montana produced uranium for many years. Skyline's mining claims cover most of the Pryor Mountains Mining District, approximately 1,400 acres in all. No less than five previously productive mines are included: Dandy, Marie, Old Glory, Sandra and Swamp Frog Mines. The uranium bearing mineral, in each case, is found in tyuyamunite associated with some fluorite in cave fill of an upper horizon of the Madison limestone formation. This is similar to the collapse breccia formations which host uranium mineralization in the Colorado Plateau of Northern Arizona. The company is considering a program of airborne geophysical surveys to locate additional blind breccia pipes. This type of survey has recently been used successfully in Arizona.
Arizona "Grand Gulch" Uranium Project: Grand Gulch consists of one patented mining claim (20 acres of private land) south of St George, Utah located on the Colorado Plateau of Northern Arizona. It is a breccia pipe deposit in limestone and sandstone. The pipe is approximately 300' in diameter and its annulus dips away from the center of the pipe at about 15 to 25 feet of horizontal displacement per 100 feet of depth. Grand Gulch is a former copper mine. Some of Arizona's largest uranium producers (e.g. Orphan Boy) had copper on top and uranium at depth. This is a well-defined target to drill, once mapping of the historic workings has been completed.
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