UTRX Unitronix Corporation (PK)

1522923 Ontario Incorporated, a Canadian wholly owned subsidiary of Unitronix Corp. (UTRX-PK) operating as Unitronix Mining and Exploration has completed all arrangements necessary to meet performance deadlines on its properties held under option with Inmet Mining Corp. and Xstrata Zinc Canada, (formerly Noranda Mining Inc. and Falconbridge Ltd) and all other staked mining claims it has presently in good standing in the Bell Lake and Penassi Lake area of the Patricia Mining Division in Ontario, Canada specifically referred herein as the Sturgeon Lake area. As referenced in our release of February 2, 2007, two preliminary drilling programs, one for the base metal prospect and the other for the gold prospect were budgeted and the company was actively engaged in negotiations to obtain financing to fund the immediate needs and was also evaluating future funding requirements contingent upon the first stage funding being arranged. The February 2, 2007 release also reported that previous funding advanced as non- interest bearing loans by principals of the company was no longer available. All negotiation efforts to obtain financing from independent sources were unsuccessful. Faced with serious time constraints and the difficulty to contract for drilling equipment and crew on short notice, the company entered into an agreement with its principals as a last resort. Notwithstanding the urgency, the company believes the arrangement finalized is both fair and also superior in relation to what it could at best achieve if any other negotiations it had participated in were successful. The Sturgeon Lake East Base Metal Prospect and the Sturgeon Lake West Gold Prospect were first identified during the beta testing of the company�s development of Geo-Sleuth�, its proprietary software tool in 2002. Since that date deep penetrating airborne geophysical surveys were carried out with the Fugro Airborne Systems followed by Terraquest Ltd. Also, technical review and analysis of data in the files and records of Inmet Mining Corp. and Xstrata Zinc Canada in conjunction with detailed field work, prospecting, sampling and chemical assaying were conducted. All airborne geophysical survey data were then reviewed and separate reports with recommendations were prepared for both prospects by Geophysical Consultant Allan Spector and Associates of Toronto, Canada. Dale Hendrick, P.Eng- President of both Unitronix and its subsidiary, who through his firm Dale Hendrick and Associates, acts as Geological Consultant to the ventures, believes that the prospects �Sturgeon Lake East for Base Metals and Sturgeon Lake West for Gold have a reasonable chance of success of finding mineralization. STURGEON LAKE EAST: The Fugro and Terraquest airborne target appears to be a geophysical extension of the Sturgeon Lake Mine Copper�Zinc Mineralization trending�to the South East. The contours of the anomaly form the shape of a "tadpole" and the drill target to be tested by three 300 meter holes is located on the property optioned from Inmet Mining Corp. about three miles southeast of the Sturgeon Lake Mine. The Sturgeon Lake Mine�is one of five mines in the Sturgeon Lake camp and closest former mining operation to the drilling target, all as summarized from and as referenced in the MNDM (Ministry of Northern Development and Mines) Ontario Report, in part as follows: 2005 Metal Mineral Deposits not being mined in the Kenora District�(MNDM website) 58� 52 G/15NW 004� Sturgeon Lake Cu, Original Reserves GR211, p.4 Inactive, Mine Zn, (Dec/74): 2.10 Mt Patented (52G/15NW) Pb, at 10.64% Zn, 2.98% Claim Ag Cu, 1.47% Pb,6.14 opt Ag and 0.021 opt Au. � Reserves (Dec/78): CMH 1980-81. 599,000 tonnes at p.102� 2.34% Cu, 8.98% (Falconbridge) Zn, 1.30% Pb, 5.17 opt Ag and 0.018 opt Au. Mr. Hendrick also reports that Sturgeon Lake West is a Gold Target exposed by three summers of prospecting, sampling and stripping that yields significant gold assays associated with pyrite in a volcanogenic/iron formation-quartz porphyry carbonate vein system located between Cobb Lake and Cobb Bay, a bay on the North West corner of Sturgeon Lake. The targets show up as magnetic airborne anomalies on the Terriquest Survey. Three 175 meter holes are planned for this location. Mr. Hendrick is one of the three investors who have already advanced substantial funds to the venture. Management is disappointed that financing could not be arranged from an independent source, but believes that the work done to date merits the further investment required to test drill both prospects. Management is also aware that the venture is highly speculative, and there is no way to predict that the East (Base Metal) or West (Gold) drilling programs results will succeed or even warrant continuation of either program. A joint venture will be formed between Unitronix Mining and Exploration and the investors immediately to record the agreement entered into between the parties on March 19, 2007. Unitronix Mining and Exploration will be the operator of the venture. The terms of the investment are as follows:(a) 1) Investors will invest $300,000 and receive a 30% interest in a joint venture to be formed. The funds will be sufficient to pay costs as budgeted of the preliminary diamond drilling programs in Sturgeon Lake East (Base Metal) and West (Gold) 2) Investors will have the option to convert $712,000 they have already loaned to the Unitronix Mining and Exploration by December 31, 2007 to earn an additional 20% interest in the venture. 3) If the option to convert loans is exercised, the investor�s total investment of $1,012,000 will earn a 50% interest in the venture. 4) On December 31, 2007 Unitronix Mining and Exploration will own 50% of the venture debt free, if the option to convert their loans is exercised by investors. (a)All funds referenced above are in Canadian Dollars. (One CAD=0.87 USD.) Investors will also be granted an option to provide an additional $500,000 to the venture to earn a further 15%, but must exercise this option no later than May 31, 2008. Results will be published as assays and analysis become available. This press release may contain forward looking statements. 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 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, the availability of personnel and equipment, Government regulation, and the ability of the Company to implement its business strategy.