If there is a crowd of spec retail investors out there like me, maybe I can offer the following explanation.  I am living with a much higher average cost per share than the current price.  The first part of my explanation pertains to why I believe that it is so low.  Now this is only my perspective, and I offer it in a very conversational (rather than an authorative) manner.

Remember those plate spining guys that used to be on the the Ed Sullivan show?  Well there are at least three plates spinning that Jim Voisin is trying to keep from crashing to the floor.

One is the option agreement with SPQ & KWR.  This was supposed to be ratified and at the lawyers with signatures due asap, but we have heard nothing from any of the parties.  Progress on this signed agreement determined what could possibly happen at McFauld's this year.  The 07/08 winter drilling season has passed and the delay continues.  Now drill rigs are in exceptionally high demand as the commodity boom sends junior exploration companies out of control.  I am concerned that we may not even be on a waiting list for one.  Add to this that we have over extended our first year commitment to the project so even if we are only given credit for what we were required to invest in year one according to the letter of intent that expired early March, we have earned only a small percentage buy in and are at risk of being shut out of future potential.  This may not be a big thing for Jim but it is for guys like me and I believe that it is impacting our SP

The second is the fear of a repeat of last years hoodwink at La Yesca.  If you have been long on UC for at least year you have suffered the emotional and financial pain of rollercoaster progress and failure on this intiative.  The "modern Romero mill" that Hamelin (the past president of UC) anticipated was to have processed 200 to 700 te a day of ore in 2007, was in fact "junk".  Jim is burning through cash rebuilding this operation with new personnel and new technology but is still fighting the uphill battle getting that first Dore bar out.  This is our only source of cash flow.   If this initiative continues to poke along, we will need a share offering to generate more cash which will drive the SP down and increase the dilution.  So the impact of continued delay on this project is huge for guys like me.

From where I stand the third spinning plate has a very serious wobble.  That would be the anticipated 43-101 from Copalquin.  This is mineral fertile country in Mexico and the 43-101 was supposed to be real close late last summer with just some infill holes required to complete the report.  Guys like me where very optimistic back then.  I fear we may have abondoned this initiative because as of now we are not drilling in Mexico at all.

So this explains why I think the share price is so low.  There is at least one other hang over item form the old regime that I refrain from bringing up because I trust that Jim  would not allow something that suicidal to happen to our company a third time.

So why no volume?

In fact it is this element of trust that keeps guys like me from cutting our losses.  Jim was keeping us in the loop there for a while and I believe that my/our present level of trust is higher than my/our level of fear.   UC has great potential that requires good decision making, implementation and management.  Jim comes to UC very highly regarded and fabulously connected (NN @SPQ/NOT & RN @NOT etc.) so the survey says ... he has the right stuff to turn this story around.

So from my perspective almost all (with the exception of a few traders flipping a few thousand shares a day)  of UC's stakeholders are standing on the sidelines with their devalued UC shares waiting patiently for some good news before investing their 'dry powder' or some more delays before pulling the trigger. 

While I would prefer that UC was more transparent with regards to business strategies and tactics, and I could certainly nurse my soul with some news of progress ...  in the immediate term, no news is good news. 

So until I hear the first plate hit the floor I am long & deep on UC.