HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: UC Resources News

UC Resources News

posted on Feb 23, 2009 08:14AM



UC Resources starts McFaulds East geophysical survey



2009-02-23 12:22 ET - News Release

Mr. Jim Voisin reports

UC COMMENCES GROUND GRAVITY SURVEY ON MCFAULDS EAST BLOCK

UC Resources Ltd. has commenced line cutting followed by a series of geophysical surveys including gravity and gradient magnetics on the McFaulds East block, with the outlook of designing a follow-up drill exploration program for chromite-type deposits. UC Resources is in a multiyear option agreement where UC can earn up to a 55-per-cent interest in the McFaulds joint venture from Spider Resources Inc. and KWG Resources Inc.

Presently, 55 kilometres of line cutting are under way on the northwest portion of the McFaulds East block, in the McFaulds Lake area that abuts the Noront Resources Ltd. border. Once line cutting has been completed, a gradiometer magnetic survey will be conducted over the entire grid resulting in a ground gravity survey being conducted over selected areas. This program is designed to select future exploration drill targets focused on potential chromite and/or base metal occurrences. The target area that is being assessed is believed to be an extension of Noront's Blackbird occurrences, Freewest Resources Canada Inc., Black Thor/Black Label occurrences and the Spider/KWG-JV-Freewest option Big Daddy Chrome occurrence. All these occurrences have provided very impressive grade and widths of chromite mineralization leading UC to believe this area of McFaulds East holds potential for additional chromite occurrences. An interpretation of the a/b geophysics in this area suggests continuity in the magnetic signature toward and onto the UC-Spider/KWG option property.

In the fall of 2008, UC Resources embarked on a five-hole drill program in the James Bay Lowlands area referred to as the Ring of Fire. A banded iron formation was selected as the focus of this drill program in the southwest portion of McFaulds West area. These five holes were selected, based upon the recommendations of both JVX Ltd., and Scott Hogg and Associates Inc., consultants to the project. The holes were prioritized, selected and drilled in a west-to-east series. Although multiple zones of massive sulphides were intersected, all proved to be essentially barren of significant base metals, only anomalous values of copper, lead and zinc were encountered. Although the holes yielded no significant metal values, the last two holes drilled did encounter evidence of the proximity of a volcanic-hosted massive sulphide (VMS) occurrence. Further gravity geophysics have been recommended to isolate and further define this target. In addition, a further review of the drill logs has revealed that isolated sections of holes 4 and 5, based upon core descriptions, reflected a resemblance to chromite. These sections are now being pulled out of storage to be reassessed with the possibility of re-entering and deepening these two holes if warranted by this review.

UC Resources is pleased to announce that the company has reached another milestone in its option right to earn 55-per-cent interest in the East and West McFaulds blocks in the James Bay Lowlands known as the Ring of Fire, held jointly by Spider and KWG. The company has received confirmation of its 25-per-cent earned interest and would like to inform its shareholders that UC is proceeding with and close to completing year-three expenditures required to earn a 40-per-cent interest in the land package.

We seek Safe Harbor.

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