UC Resources Ltd.

UC Resources Ltd.

November 05, 2008 11:14 ET

UC Completes Year Two Earn-in at McFaulds Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2008) - UC Resources (TSX VENTURE:UC) is pleased to announce that the Company has reached another milestone in its right to earn 55% of the East and West blocks in the James Bay Lowlands known as the "Ring Of Fire" held jointly by Spider Resources (TSX VENTURE:SPQ) "Spider" and KWG Resources (TSX VENTURE:KWG) "KWG".

UC Resources has recently advised Spider and KWG that it has expended in excess of $1.0 million on the subject properties that, if approved, would constitute completion of UC's second year earn-in approximately five months ahead of schedule. UC's interest in the subject claims, once approved, would then be adjusted to reflect a 25% interest, leaving Spider and KWG with an aggregate 75% interest in the subject properties.

The third year earn-in, under the terms of the option agreement, has already begun. Drilling of four anomalies has now been completed and will resume after freeze up. After freeze up, UC plans to conduct gravimetric ground geophysics over portions of an eight kilometre magnetically rendered anomaly on the extreme western portion of the East Block claim group, that may be part of a folded extension of the intrusive ultramafic sill that hosts the recently announced Freewest Resources (TSX VENTURE:FWR) Black Thor chromite discoveries, as well as Spider/KWG - Freewest option property's Big Daddy chromite discovery, as well as Noront Resources (TSX VENTURE:NOT) Blackbird 1 and 2 chromite discoveries. To date, these chrome discoveries remain open at depth and along strike, and may extend into the East Block claims.

Drilling of two diamond drill holes has been completed on the "Hook" anomaly and two holes have been completed on "Lightning Bolt" anomaly. Assays are pending on these holes. The "Lightning Bolt" anomaly has been geophysically rendered and is interpreted as a fourteen kilometre long banded iron formation trending in a north east direction from the south west corner of the West Block. Noront Resources has reported significant gold values from what appears to be a continuation of this occurrence some 400 meters north east of the property boundary with UC, Spider and KWG (see Noront press release dated September 15, 2008).

UC Resources is an active explorer of base metals in the McFaulds Lake area of the James Bay Lowlands, Ontario, and an explorer and a very near term producer of precious metals in Mexico.

On behalf of the Board of Directors,

Jim Voisin, President & CEO

UC Resources Ltd.

We seek safe harbour.

Contact Information

  • UC Resources Ltd.
    Jim Voisin
    President & CEO
    (604) 681-7265 or Toll Free: 1-800-366-8566 (Canada & USA)
    (604) 608-6163 (FAX)
    Website: www.ucresources.net