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Message: Re: UC Resources Vests With 40% Interest in Option Agreement, Continues Drilling...


Two points of interest.

UC Resources is going ahead of SCHEDULE to earn their 55% interest as stated below.........



As per the option agreement dated March 6, 2009 between UC, Spider and KWG; UC has an option to incur additional exploration expenditures of $1.25 million on or before the fourth anniversary date of March 6, 2011, in order to earn an additional 15% vested interest in the Property, bringing UC's interest level to 55%. UC has also advised both Spider and KWG that they intend to exercise their full optional rights with respect to the McFaulds Lake Project Property Joint Venture Agreement , whereby they will earn-in up to a 55% undivided interest in the property. The fourth and final year earn in expenditure to earn the additional 15% interest is underway.

They have also resumed drilling prior to the assay results on the west property. They plan on a multi-hole drill program as stated below......



UC would also like to advise that drilling has resumed in the James Bay Lowlands and will involve a multi-hole drill program to be completed prior to the Christmas break. Drilling commenced on November 22, 2009. Assay results from the recent drill program that commenced in mid October (announced October 18, 2009) consisting of 4 holes at McFaulds West property are pending and will be released upon receipt.

I wonder, do you think that the visuals looked good, or was it the results from the hand-held-thingie for Uc to continue drilling.

.......RL.

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