Russell Industries Inc. announced that it has renewed all 255 of its Unpatented Uranium Mining Claims with the Utah Bureau of Land Management. The company acquired its majority interest in all of the 255 claims in 2007. The claims are segmented in four mining ranges known as Payday, Rage, Rockie and Cache in the Elk Ridge and Lisbon Valley areas of San Juan County, Utah. The four ranges encompass 5,080 acres and are all strategically located within 30 miles of White Mesa Mill.

Russell Industries, Inc. recently announced its strategic plan for 2009. The Company plans to continue to seek a joint venture partner for its uranium and vanadium assets in Utah and still considers these assets to be of long term value.

Russell Industries Inc. announced the formation of a strategic alliance with Algae Production Systems ('APS') of Houston, Texas. APS designs complete Algae Oil production systems. The purpose of this alliance is to accelerate the development of more efficient algae producing systems and to jump start the expansion of an algae production base in the United States.