UC Resources Ltd.

UC Resources Ltd.

November 02, 2006 18:30 ET

UC Resources Ltd.: Notice of Default

UC Resources Ltd. Filing Financial Statements for the Fiscal Year Ended June 30, 2006 After Due Date

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2006) - UC Resources Ltd. (the "Issuer") (TSX VENTURE:UC) is unable to file financial statements and it's MD&A for the fiscal period ending June 30, 2006 by the filing deadline of October 28, 2006.

The reason for the late filing relates to the delay in receiving the required information concerning the Issuer's wholly-owned Mexican subsidiary acquired during the fiscal year ending June 30, 2006.

The Issuer expects to file the financial statements on or before November 15, 2006.

If by December 31, 2006 the financial statements have not been signed, the Securities Commissions and regulators may impose an issuer cease trade order, which may be imposed sooner if the Issuer fails to file its Default Status Report on time.

The Issuer intends to issue a Default Status Reports on a bi-weekly basis as long as it remains in default of the financial statement filing requirement.

There are no insolvency proceedings in which the Issuer is subject to.

There is no other material information concerning the affairs of the Issuer that has not been generally disclosed.

On behalf of the Board of Directors,

Richard J. Hamelin, President/Director

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • UC Resources Ltd.
    Richard J. Hamelin
    (778) 995-7265
    UC Resources Ltd.
    Corporate Development
    Toll Free: 1-800-366-8566 (Canada & USA)
    Email: info@ucresources.net
    Website: www.ucresources.net