February 11, 2010 (FinancialWire) — Urex Energy Corp. (OTCBB: URXE) said that it has completed the sale of its 100% owned Argentine subsidiary, United Energy Metals SA, to Patagonia Resources Ltd., a corporation domiciled in the British Virgin Islands.

The company signed a letter of intent with UrAmerica Ltd of London, U.K. for the sale of its Argentine subsidiary, United Energy Metals SA, which was reported in a news release dated December 1, 2009.

UrAmerica Ltd., U.K., transferred the acquisition rights of United Energy Metals S.A. to Patagonia Resources Ltd.

The agreement provides for a $500,000 cash payment to Urex with UrAmerica assuming a maximum liability of US $275,000 for the outstanding UEM debts.

The company said it will use the proceeds of the sale to pay down debt and to focus on developing its 100% owned La Jara Mesa Extension uranium property in New Mexico. The La Jara Mesa property is in the process of obtaining exploration drill permits.

Nevada-based Urex Energy is focused on actively exploring and developing uranium properties in New Mexico.

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