Friday, February 8, 2008

Uranium 308 Corp. to acquire 10% ownership of BVI-registered Mongolia Metals Limited

Uranium 308 Corp., a mineral exploration and development company with primary focus on uranium exploration in Mongolia, has announced it has entered into and completed a share purchase agreement with its subsidiaries Mongolia Energy Limited, Tooroibandi Limited, British Virgin Islands-registered Mongolia Metals Limited, and Hong Kong-based Mongolia Metals Limited, a company organized under the laws of Mongolia and a wholly-owned subsidiary of MML. According to this agreement, Uranium 308 Corp. has issued 12,000,000 shares of its common stock to Mongolia Metals Limited, in exchange for Mongolia Energy Limited receiving a 10% ownership interest in BVI-based Mongolia Metals Limited.

Tooroibandi has allowed Hong Kong company the use of certain land holdings controlled by Tooroibandi and located approximately 70 km southeast of Ulaanbaatar, the capital of Mongolia, for exploration and development. In its turn, in accordance with the terms of the Share Purchase Agreement, Tooroibandi receives a 1% ownership interest in HKMML.

Dennis Tan, the President of Uranium 308 Corp., commented that “the share purchase agreement involving Uranium 308, MEL, Tooroibandi, MML and HKMML secured company's access to what are to be substantial tin resources on the four properties, and with it shareholder exposure to substantial potential upside that could result from their exploration and development."