UGL discloses grade error

Vancouver — UGL Enterprises (UGS-V) is correcting mistakes in reported uranium grades at its recently acquired Nergui project in northern Mongolia.

The company requested a halt in the trading of its shares after realizing errors had been made in transcribing grade units from the original Russian documents into Mongolian.

With original Russian documentation believed unavailable, UGL Enterprises relied on data contained in summary reports sourced from Mongolia’s mines department.

UGL says “none of the grades reported in the [original] release can be relied upon.”