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Message: Action Against Universal Uranium

Action Against Universal Uranium

posted on May 01, 2009 11:34AM

May 1, 2009 Action Against Universal Uranium VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2009) - Universal Uranium Ltd. (the "Company") (TSX VENTURE:UUL) announced that it has been served with a Writ and Statement of Claim in an action commenced by Crosshair Exploration & Mining Corp. ("Crosshair") in the B.C. Supreme Court. The Crosshair action seeks rescission of a property purchase agreement dated July 29, 2008 under which Crosshair acquired the Company's interest in approximately 4,741 mineral claims situated in the Central Mineral Belt in Labrador. It also seeks rescission of a July 29, 2008 private placement agreement under which Crosshair purchased 2,222,222 units of the Company, each consisting of one common share and one common share purchase warrant. The action also claims certain ancillary relief. Further information on the property purchase agreement and the private placement agreement is contained in the Company's press release issued July 30, 2008. The Company considers the Crosshair action to be without merit and will vigorously defend this action. The Company also intends to file a counterclaim against Crosshair seeking damages and other relief. ON BEHALF OF THE BOARD: Ronald Atlas, President & Chairman of the Board Standard & Poor's Listed Issued Share Capital: 47,084,068

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