CEO Interview Series - Richard Hamelin of UC Resources

Q: Let's begin with a brief overview of your company, UC Resources (TSX: V.UC, Bullboards), please.

A: UC Resources is a gold/silver exploration company with a focus on producing. We have excellent assets in Mexico and Canada. Our recent acquisition in Canada has a base metals focus with excellent copper/zinc grades, in a setting for a potential "world class" VMS (volcanogenic massive sulphide) mining camp

Q: And what is happening in the Canadian mining industry nowadays?

A: The mining industry is on the rebound from a serious correction over the last few weeks. The demand for both precious and base metals is increasing. Even as the US economy slows, the demand in India and China more than makes up for the gap created by the US. The consumption of these metals continues, and there is no imminent change to that reality

Q: What is the market opportunity for UC Resources?

A: We are going to be putting a resource together on our VMS deposits at our McFauld's property very shortly, we are also going to aggressively evaluate and drill our Noront (TSX: V.NOT, Bullboards) "look-a-like" targets on our McFaulds West Property, as well as McFaulds 1,2, and 3.

We expect to capitalize on strong gold and silver prices with production from our La Yesca Project. We have a mill that has operated at 200 tpd and is scaleable to 600 tpd. This should allow us to be self-sustaining and fund our exploration. We are growing though strategic acquisitions and by proving up our prospective lands through drilling, La Soledad in particular has provided us with some of the highest grade gold/silver intersections in mining and we will be very busy defining a resource on that property later this fall. All in all we look to be very aggressive in Canada and Mexico in the weeks and months to come

Q: And what is your approach to capitalizing on your properties and projects?

A: We are actions driven. We can't focus on the market every day; rather we are building a business and have always believed that regardless of the market, fundamentally we are making strides on the ground. We look to continue to provide value for our shareholders by further delineating our assets. Given what the company has achieved over the past two years, I believe we are significantly undervalued.

Q: What are the last years' highlights for UC Resources?

A: Well, one is the massive holes at our past producing La Soledad mine in Mexico: 1.32 oz/tonne gold and 112.01 oz/tonne silver over 2.45 meters, and 1.3 oz/tonne gold and 45.6 oz/tonne silver over 5.15 meters - right in line with past production

Also, our production asset at La Yesca has run feed at 200 tpd and is capable of 600 tpd, we have a nice inferred resource with minimal cost per tonne to operate, ready to generate cash flow

Lastly, at McFaulds, James Bay, Ontario- we have had some excellent intercepts here the latest being over 19 meters of 4.35% zinc and 2.69% copper. A previous hole intercepted 8% copper over 18 meters. Now we have had over 100 meters with an average of 4% copper and 4% zinc. There has been excellent success in this area of late, and we are keeping a close eye on our neighbor Noront Resources, as they have hit what looks like a major discovery. This bodes very well for a major mining camp in the James Bay area

Q: What are the expected returns for investors in junior mining companies?

A: Investors in junior mining companies expect significantly higher returns given the higher risk in the junior mining sector. However, as a producer our goal is to provide reduced risk, along with significant upside from exploration on some very attractive properties in Canada and Mexico.

Q: What is the background and experience of management that you believe makes them capable of achieving the company's goals?

A: I have been in mining and markets my entire life, from Kid Creek Mines in Timmins, to the capital side as a director at Canaccord in Quebec, to my involvement in many projects that have progressed to production or have had major discoveries. Our VP of exploration Neil Novak has been a part of many world class discoveries in mining and sits on quite a few boards sharing his vast knowledge of the industry. We have a strong executive team that is results oriented, and have proven they can grow companies. As well, our assets are starting to prove that we have made some very good decisions with our acquisitions.

Q: Please tell us about the capital structure of UC Resources.

A: At present we have 89 million issued and fully diluted it is closer to 97 million. When I came on board over two years ago, the company had no money in the treasury and we did financings at lower levels, which caused some dilution. However, with the capital we raised we were able to undertake key acquisitions and expand the Copalquin land package. We've had a high of .85 and since pulled back with the rest of the market

Q: What is the most important goal UC Resources is likely to achieve in the next 12 months?

Cash flow from our La Yesca operation will take us from a high risk play to a moderate risk play. That will allow us to be self sustaining and fund our exploration without going to market, and we are very close. Our exploration assets are ripe, and ready to be drilled, and we intend to have developed a resource estimate on both the McFauld's and La Soledad over the course of the upcoming year. As earlier stated we have been analyzing data from recent McFauld's discoveries and the company is very keen on drilling the Noront "look-a-like" targets on our McFauld's properties

Q: Thank You for the interview and all the information about UC Resources. How could investors learn more about UC Resources?

A: You are most welcome, we appreciate the opportunity. As far as finding out about our properties and operations, investors should begin by visiting our web site: www.ucresources.net ,