UTRX Unitronix Corporation (PK)

Unitronix Corporation (UTRX:PK) is pleased to announce that corporate financial statements (unaudited) for the year ended June 30, 2005 have been brought up to date and are being posted on the Pink Sheets web site (www.pinksheets.com). The organizational and financial changes referenced in our press release of December 12, 2005 are delayed, but it is anticipated that they will be completed for inclusion in the financial statements for the year ended June 30, 2006. Unitronix regrets the delay. Protracted negotiations to amend existing agreements with Inmet Mining Corp.(TSX:IMN) and Noranda Inc. (NYSE:FAL) (now Falconbridge) to incorporate results interpreted during the ongoing exploration activity and the resulting future program in Sturgeon Lake East were necessary. The agreement with Inmet Mining has been extended to April 30, 2007. The agreement also includes a $150,000 Letter of Credit provided by a director to guarantee performance. The agreement with Noranda (Falconbridge) was changed to an outright purchase of 21 unit claims covering the part of the original agreement that remains in the area of interest for further exploration activity. The company, through its Canadian Subsidiary, has also conducted an extensive exploration program in Sturgeon Lake West. Both of these programs started in 2002 with all financing during this four year period being provided by members of the Board of Directors. The Company was originally in the software marketing business providing business systems under a proprietary license called Praxa. This business has been wound down with minimal annual revenue accruing to the Company. The company now fully focuses on growth through mineral exploration and discovery of precious (gold and silver) and common metal (copper and zinc) deposits. These metals in present global markets are in very short supply and have high potential for increasing unit price in a volatile high demand market. To this end and of significant merit are the mineral land holdings in the region of Sturgeon Lake, Ontario, Canada located within a former producing mineral belt that produced gold, silver, copper and zinc ores for major mining companies Noranda (Falconbridge) and Inmet. During the period 1972 to 1991 total mining production from five separate operations amounted to 18.2 million tons grading 8.59% Zinc, 1.09% Copper, 0.94% Lead, 3.81 oz. /ton Silver and 0.011 oz. /ton Gold. The Sturgeon Lake area was one of three mineral areas that was researched and processed by the Unitronix partially developed mineral potential analysis software tool named "Geosleuth". The other areas studied were the Noranda and Eastmain River regions in Quebec. In 2002, and based on Geosleuth mineral potential analysis, an untested prospective gold area and an untested extension of the Sturgeon Lake copper-zinc mining belt were identified, respectively, at the west end (Sturgeon Lake West gold project) and east end (Sturgeon Lake East copper-zinc project) of the current project area. Gold prospecting during the summers of 2003, 2004 and 2005 in the Sturgeon Lake West gold area, and directed by an airborne geophysical survey carried out by Terraquest Ltd., has identified the Cobb Lake gold target where numerous high grade gold samples and detailed mapping warrants diamond drill core sampling. The prospective gold targets are within Unitronix's 100% owned claims - 33 claims consisting of 495 claim units or 1,238 acres, and one option agreement (claim 3014787) consisting of 16 units or 40 acres with prospector Sherridon Johnson. Further work including drilling is dependant on future financing. Geosleuth data warranted the commencement of the Sturgeon Lake East copper zinc project and to this end, properties were acquired through 100% claim staking ownership by Unitronix and through options with major mining companies holding adjoining mining lands. In 2003 option agreements were arranged with Noranda Inc. (Falconbridge) and Inmet Mining Corporation. As a result of a high powered maximum depth detection Fugro airborne survey carried out in 2004 utilizing new technology "state of the art" magnetic and electromagnetic sensors, a significant untested magnetic and EM anomaly was identified and is located on contiguous properties of Unitronix, Noranda and Inmet. This target has been recently surveyed with airborne geophysics on close spaced lines, and initial field results suggest an attractive volcanic hosted untested copper zinc target. A drilling program is planned for this summer, subject to financing. The amended agreements still provide for Unitronix a 100% working earn-in subject to a one-time purchase back in of 51%. A drilling program for the gold properties (Sturgeon Lake West) is being finalized and will also commence this summer subject to financing. Dale M. Hendrick, P. Eng. is the President and Director of Unitronix and the private, wholly owned Canadian subsidiary 1522923 Ontario Inc. doing business as Unitronix Mining and Exploration. He is a well respected and highly regarded professional geologist and engineer with fifty years of successful exploration and mine finding experience around the world. He points out that the untested copper zinc target lies about 1.5 miles south east of the last mined deposits in the area. Mining of these deposits terminated in 1991 at relative shallow depths and total production was 5.3 million tons grading 9.43% Zn, 1.95% Cu, 1.19% Pb, 5.15 oz./ton Ag and 0.012 oz./ton Au.. Hendrick is very encouraged that the magnetic and electro conductive anomaly represents at depth a continuation of the sulfide mineralization hosting the above deposits. Resumption of further software development of GeoSleuth is anticipated in 2007 if the next phase of the Sturgeon Lake project is successful. This press release may contain forward-looking statements, such as our financial projections for 2006 and beyond. Forward-looking statements are statements that contain predictions or projections of future events or performance, and often contain words such as "anticipates", "can", "estimated", "believe", "expects", "projects", "will", "might", or other words indicating a statement about the future. The Company notes that any such forward-looking statements are subject to change and are not guarantees of future performance, and that actual results may differ materially from any such predictions or projections, based on various important factors and including, without limitation, the ability of the Company to restructure, obtain financing and the high risk and low probability of success associated with mining exploration. Further actual performance and results may, in whole or part, differ materially from results predicted, forecast or implied. Some factors that can affect the company's ability to meet objectives include; ability to fund operations, volatility of resource prices, risks related to exploratory drilling, Government regulation, and the ability of the Company to implement its business strategy. -0- *T Unitronix Corporation Dale M. Hendrick President and Director *T