An extremely capable women with a high IQQ recommended that I do some DD as Sedar has some more recent documents on UC. Here is what was found:

For Immediate Release: February 27, 2008 TSXV Trading Symbol: UC
UC Resources McFaulds Lake Update
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.

On March 6, 2007, the Company entered into a binding Letter of Intent to acquire mineral claims located in the McFauld’s Lake area, of James Bay Lowlands of Northern Ontario. This
binding Letter of Intent provided the Company an option to earn up to 55% undivided interest in the mineral claims from two companies of which one has a director in common. To earn its
interest, the Company must give notice of intent to continue or incur exploration expenditures on the mineral claim as follows:
o 10% interest by incurring $1,000,000 in exploration expenditure on or before March 6,
2008
o An additional 15% interest by incurring an additional $1,000,000 in exploration
expenditures on or before March 6, 2009,
o An additional 15% interest by incurring an additional $1,250,000 in exploration
expenditures on or before March 6, 2010,
o A final 15% interest by incurring an additional $1,250,000 in exploration expenditures on
or before March 6, 2011.

MD&A

The Company’s flagship exploration property is its property at McFauld’s Lake, in the James Bay Lowlands. UC Resources has an option to earn an undivided 55% interest in KWG/Spiders properties: McFauld’s Lake 1, 2, and West. As part of the option agreement, by spending $4.5 million on the exploration program, the Company will meet its obligations and earn the 55% undivided interest held by Spider and KWG. Currently this agreement is in the form of a binding letter of intent, which is being replaced by formal option agreement.