UC: TSX-V

• Initially discovered in 2002 by Spider Resources Inc., KWG Resources Inc. and De Beers Canada Exploration Inc

• Initial massive sulphide discovery was in a reverse circulation drill hole.

• Sample from this hole contained 1.6% copper over 8 meters, and ended in sulfides. This discovery became the site of McFauld's#1 VMS occurrence.

• McFauld's#1 (16 holes drilled to date, 4,720 meters)-Oct 23, 2003: SP3-03-007 intersected 8 meters averaging 1.6% Cu •-May 21, 2003: McF-03-08 intersected 5.68 meters averaging 3.39% Cu, followed •by 4.1 meters averaging 7.64% Zn. •-April 9, 2003:McF-03-01 undercut SP3-03-007 intersected 1.43% Cu over 8.9 m, followed by 1.79% Zn over 4.7 m.

La Yesca Update

UC Resources continues to evaluate solutions and options for the re-commissioning process of the La Yesca mill located west of Guadalajara, Mexico. The company is committed to this project and considers it a key strategic growth opportunity.

McFaulds Lake Drill Porgram Update

Hole UC-09-01 in the August program was designed to test a geophysical anomaly on the west block that is interpreted to have a strike length of approximately four kilometres (VTEM / ZTEM airborne surveys previously completed). The anomaly was not explained by this drill hole, however gold values were detected at a shallow depth. This hole tested a coincident positive magnetic anomaly and a strong EM conductor. The hole intersected a gradational lapilli tuff to feldspar porphyry contact, cutting very weakly disseminated pyrite mineralization (between 55.9m - 62.5m). It is not felt that this intersection adequately explains the strong conductance. The hole also intersected anomalous gold mineralization of 2,620 ppb Au (2.62 g/t Au) between 31.35 to 31.85 metres downhole, followed by 1,470 ppb Au (1.47 g/t Au) between 31.85 and 32.9 metres downhole. This intersection contained quartz injection and weak fine grained pyrite mineralization in a felsic tuff. Further geophysical assessment, including Induced Polarization surveying is warranted in an attempt to find the source of this intriguing gold mineralization.