UC Resources Ltd.

UC Resources Ltd.

February 19, 2010 16:50 ET

UC Resources Ltd. Arranges Financing for Xora Exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2010) - UC Resources Ltd. (TSX VENTURE:UC) ("UC") announces that it has arranged a non-brokered private placement by the sale of 5,000,000 shares at $.08 per unit to raise $400,000 dollars. The unit will consist of one share and one half purchase warrant, with each whole warrant exercisable at $.10 cents for a period of one year. Proceeds from the private placement will be used for Xora exploration and working capital purposes.

Jim Voisin, President & CEO of UC Resources Ltd. states, "This hard dollar placement will allow management to begin exploration of the Xora property now and bumps up the 2010 Mexican exploration strategy by 6 months at least." As per the recent news release (January 25, 2010), the Xora exploration plan has now been completed and will focus on the sample area that yielded up to 4 g/t to 7 g/t gold and 250 g/t to 600 g/t silver with highs of 980 g/t to 1900 g/t silver (see March 17, 2009, press release).

The company has recently started the site work required for the re-commissioning of the La Yesca gold and sliver tailings processing facility located in Nayarit, Mexico. All work is presently proceeding on schedule. The company intends to run the mill at a through-put rate of 220 tonnes per day with between 4-5 years of production tailings available.

UC Resources is an active explorer of base metals and chromite in the McFaulds Lake area ("Ring of Fire") of the James Bay Lowlands, Ontario, as well as an explorer and a 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.

Investors are invited to visit the UC Resources IR Hub at http://www.agoracom.com/ir/UCResources where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to UC@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

Contact Information

  • UC Resources Ltd.
    Damien Lowry
    Vancouver Head Office
    Toll Free: 1-800-366-8566 (Canada & USA)