John -

This is a negative slant you give.

UC has an option agreement which is excercised when they spend the money. A done deal. The way you state it it sounds like it could be shaky. Not true. Only shaky for SPQ and KWG since I bet they are hoping for whatever reason UC will not go ahead with the binding agreement and complete the option.

BK

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The Issue of the 2 Very LARGE claims Blocks held by SPQ 67% and KWG 33%, which has tentatively optioned to UC, through a “letter of Intent” which could/would earn 55% on certain conditions, including spending of about $ 5 Million dollars…I was told that UC has in fact spent about $1 Million of those funds, ahead of the signing of the sai formal/legal Option Agreement…I was also told that they are awaiting formal/legal approval of the wording of said “options agreement”  from KWG. So as it stands today, The “Options Agreement” has not been Legally finalized, awaiting KWG’s approval…Mr. Novak again informed me that UC has NOT given formal notice to SPQ, the manager at McFaulds, that they intend to proceed with said ‘Option Agreement”, which would be reasonable since said Legal/formal agreement has not been finalized, and that UC has until March 08/2008 to give SPQ said Notice of intent to proceed with said “option agreement”… This is in one of the reasons Mr. Novak resigned from UC, ( my own view is also so that he could spend more time on NOT and SPQ) since whatever decision is taken by UC board on above noted “option agreement”. He did not wish to participate, so that decision would not have any “appearance” of influence/bias in any way…