February 27, 2008, UC Resources Ltd.: Vancouver,
British Columbia: Trading Symbol: TSXV:UC. UC Resources Ltd.
("UC" or "the Company") is pleased to provide the
following updates.
UC Resources Ltd. has advised its partners,
Spider Resources Inc. and KWG Resources Inc. that it will exercise its
right to opt into year two of the McFaulds Lake option agreement in the
James Bay Lowlands region of northern Ontario. As per the binding LOI
between UC and Spider, UC is required to incur exploration expenditures
of at least an additional $1 million on or before the second anniversary
date of March 6, 2009, in order to earn an additional 15% vested interest
in the Property, bringing UC's interest level to 25%.To date $500,000 of
the $1 million second tranche has been spent. Should UC exercise its full
commitment to the McFaulds Lake Project Property Joint Venture Agreement
it will earn-in up to a 55% undivided interest in the property.
Further to news
release dated January 17, 2008, UC is pleased to announce that a request
has been given to Billiken Management to commence line cutting and ground
geophysics as soon as possible on its first high priority identified
target to be followed by ground geophysics work. The Aerotem2 identified
target has been identified as being "on trend" with the Noront
Eagle Two discovery and is located to the southwest on the property known
as McFaulds West. All field operations are being conducted by Billiken
Management on behalf of UC Resources and the company is presently
reviewing and prioritizing numerous additional high priority targets that
will require field work.
As announced in the
January 17, 2008 press release, the LaYesca mill is being totally revamped
after a major re-design. Initial site clearing and dismantling of the
existing mill has begun, and assembly of the newly designed mill will
begin in earnest in mid-March. To date a tank construction contractor,
environmental assessment firm, electrical installation company, and
engineering firms have been contracted and begun work. It's expected the
company will start mill testing and training personnel in June, 2008. The
company remains very optimistic that La Yesca has the potential to be a
very profitable venture and certainly is a key component in the strategic
development of UC Resources Mexican assets.
After a review of
all of UC's exploration properties and prioritization of commitments, UC
has decided not to continue with the La Dura LOI agreement.
UC Resources is an
active explorer of base metals in the McFauld's Lake area, and an
explorer and near term producer of precious metals in Mexico.
On behalf of the
Board,
Jim Voisin
President & CEO
UC Resources Ltd.
For further
information:
Brian Gusko, CFO
Contact Vancouver Head Office
#1000, 355 Burrard Street Vancouver, B.C. V6C 2G8 Canada
Toll Free: 1-800-366-8566 (Canada &
USA)
Website: www.ucresources.net
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.
The TSX Venture
Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. This release includes certain
statements that may be deemed "forward-looking
statements". All statements in this release, other than
statements of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events or
developments that the Company expects are forward-looking
statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and
actual results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward looking statements include
market prices, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and those actual
results or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
Investors should review the Company's registered filings what are
available at www.sedar.com.