United Development International Announces Radar Satellite Imagery Confirms Presence of Bonanza Type Gold Mineralization on Guyana Property.
LAS VEGAS--(BUSINESS WIRE)--Aug. 21, 2003
After reviewing satellite imagery photographs of our Konawaruk River property in Guyana, geologist Leandro Pires indicates "significant amounts of gold bearing gravel remain untouched within the property, with excellent potential for identification of high grade gold mineralization." Pires also stated "the presence of bonanza type gold mineralization in lateritized gravel (catch cow) upstream and downstream." Catch cow layers are classified as a false clay bottom of our river claim. Because of the specific gravity of gold being denser, by physics there are strong possibilities that more gold exists beyond the reported reserves of approximately 431,000 ounces.
"This is an extremely exciting report from Mr. Pires," stated Robert Doherty, president of United Development International. "The potential for this property continues to rise."
To take advantage of this bonanza mineralization, modifications to our present method of mining (suction dredges), will include the use of cutter head dredges.
"Cutter head dredges in other regions of Guyana have produced excellent returns for the operators achieving high gold and diamond production," stated Pires.
"Developing this property further is a top priority for the company," continued Doherty. "We know we are partners in a property that at today's gold price has a potential value for United Development of over $78,000,000.00USD." Doherty continued, "This certainly adds to the urgency to increase our capacity to produce gold and to bring on additional equipment such as cutter head dredges to get the job done."
United Development International has developed a six-year plan that will include up to 30 dredges that will dramatically increase our production and subsequently, our profitability.
For more information, please go to www.udiresources.com to view our Web site and gain more insight into United Development International and its gold projects.
United Development International is quoted on NQB Pink Sheets as "UDVE."
CAUTIONARY STATEMENT: This news release may include forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act as amended, and/or the U.S. Private Securities Litigation Reform Act of 1995. All statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements that involve various risks and uncertainties. All forward-looking statements in this release are expressly qualified by this notice.
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|Date:||Aug 21, 2003|
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