VANCOUVER, BRITISH COLUMBIA--(Aug. 27, 2009) - UC Resources (TSX VENTURE:UC - News) is pleased to announce that the Company has reached another milestone in its right to earn up to 55% interest in the East and West block Properties in the James Bay Lowlands, in the area known as the "Ring Of Fire". These properties are optioned from Spider Resources Inc. (SPQ-TSX-V) "Spider" and KWG Resources Inc. (KWG-TSX-V) "KWG".
UC Resources Ltd. has recently completed an airborne geophysical survey, followed by a three hole diamond drilling program, expending sufficient funds to exceed the $3.25 million requirement whereby UC vests with a 40% interest level in the project pursuant to an Option Agreement with an effective date of March 6, 2007. UC has recently advised Spider and KWG that it has completed the third year spending commitment on the McFaulds Lake option agreement and has delivered unaudited proof thereof to them. Spider and KWG have 45 days to review the expenditures and confirm UC's earn in. As per the Option Agreement, UC was required to incur additional exploration expenditures of $1.25 million on or before the third anniversary date of March 6, 2010, in order to earn a further 15% vested interest, added to the 25% interest already earned. UC's interest in the subject claims, once approved, would then be adjusted to reflect a 40% interest. Furthermore, UC has also advised both Spider and KWG of UC's intent to exercise its' full commitment to the McFaulds Lake Option Agreement in which the Company will earn up to a 55% undivided interest in the property package.
Upon UC reaching the next milestone of 55%, prior to the next anniversary date of March 6, 2011, the three parties would form a tri-party Joint Venture to continue to advance the project.
UC Resources is an active explorer of base metals and chromite in the McFaulds Lake area ("Ring of Fire") of the James Bay Lowlands, Ontario, plus an explorer and a near term producer of precious metals in Mexico.
On behalf of the Board of Directors,
Jim Voisin, President & CEO
UC Resources Ltd.
We seek safe harbour.
Investors are invited to visit the UC Resources IR Hub at http://www.agoracom.com/ir/UCResources where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to UC@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
