Boy did I ever stir up a controversy. I certainly did not mean to get your angst fired up PM.

This McFaulds story is a very new one that may have caught everyone with their ducks slightly out of line. UC & SPQ & KWR & NOT and many others in this play are close. So close that they shared personnel and resources. I can easily imagine the ‘Old Boys’ frustrated with the supply market and this fact prompting Neil to initiate Billiken to solve their problems. So when Neil (Pres & CEO of SPQ) left UC as VP Exploration and joins Noront as VP Exploration, was it in pursuit of $$ or status. I suspect not. When he divested himself of Billiken was the motivation $$ or status. Again I suspect not. I believe that these guys know what they are doing and are looking down the road to future conflicts. Perhaps Mr. Nemis as a lawyer provides some legal perspective on the relationships between these companies. Last year everyone was changing their affiliations and I for one didn’t keep up. I suspect that I’m still nowhere near caught up but the part we should be thankful for is that the ‘Old Boys’ are.

So now we are in the week of the meeting between Jim Voisin and Neil Novak. No doubt this means that we are to hear about the late winter / spring drilling targets. Apparently getting the drills is not going to be the problem as Cabo Drilling Co. still has one functional unit in the area. I believe that this is the one that UC lent to NOT last fall. There is one that is junk that could be lifted out or repaired on site. Most importantly I understand that Cabo is moving another “New” rig into the area, perhaps just for us!!! As soon as these drills spud our JV properties, the news will come fast. Hopefully UC, KWR & SPQ will enthusiastically release info on visuals on new NOT type anomalies. If I recall correctly we are very close to a 41-101 for the McFaulds 1, 2, 3 anomalies drilled last fall, so perhaps some infill drilling here also. Regardless of how well my memory serves me, UC and our partners have the proven goods, (See NR’s) the cash, the drills and the obvious expertise in house and in their partners to make some news and bring UC into its deserved spotlight. (Read SP recovery)

I believe that the new Management and personnel at UC have faced the music, appreciated their long & strong stakeholders and prioritized this year as the turnaround year. The news from Mexico is scarce but I understand that Jim was down at La Yesca last week and the old Romero mill is in for a major, major overhaul. They have received the OK from the Mexican Enviro Guys to remove the old rotten or useless components and the new components are on order and/or arriving. The La Yesca site is fairly remote even by Canadian standards so there will be challenges getting these capital items delivered, installed and commissioned. Regardless I believe that the layout for the new mill will be completed very soon and that, along with photos of the various stages of installation will soon populate the UC website.

This aspect of the company is our essential building block as although UC ‘presently has enough funds to go forward on the LaYesca front as well as the JBL drilling … (Jim) anticipates LaYesca to turn from a cost center to a profit center in very short order after commissioning is complete … and that should replace further placements’.

Let’s not forget that we are trying to put the data together for a 41-101 for Copalquin. UC has ‘just completed a regional sampling program, and await results’ from that front also.

This company is like a three cylinder wankel engine. If we can get spark, smoke and fire on any one of these initiatives, then action is assured from of all of them. The important thing is to get the spark, and that translates to SP recovery. The money from the last placement will not last forever and “if LaYesca goes over budget, or we hit in the JBL, we may possibly be looking for additional funding, but at a higher share price, and not for a huge amount of money”.

So hang in there PM, the deck is stacked in our favor, Sorry about the controversy