NEW YORK, NY, Feb 03 (MARKET WIRE) --
Fortress Financial Group, Inc. (PINKSHEETS: FFGO) 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
The Board of Directors of the Company will be reconstituted on March 1,
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
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:
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.
This release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. "Forward-looking statements"
describe future expectations, plans, results, or strategies and are
generally preceded by words such as "may," "future," "plan" or "planned,"
"will" or "should," "expected," "anticipates," "draft," "eventually" or
"projected." You are cautioned that such statements are subject to a
multitude of risks and uncertainties that could cause future
circumstances, events, or results to differ materially from those
projected in the forward-looking statements, including the risks that
actual results may differ materially from those projected in the
forward-looking statements as a result of various factors, and other risks
identified in a company's annual report on Form 10-K or 10-KSB and other
filings made by such company with the SEC.
Fortress Financial Group, Inc.
Tel: (954) 840-6961
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