VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2008) - UC Resources Ltd. (TSX VENTURE:UC) -
UC Resources Ltd. ("UC" or "the Company") is pleased to provide the following update.
UC Resources is pleased to announce that Billiken Management has begun the mobilization of a drill to the McFaulds Lake project in northern Ontario where UC Resources has the right to earn up to 55% of the East and West blocks currently held by Spider Resources Inc. (TSX VENTURE:SPQ) and KWG Resources Inc. (TSX VENTURE:KWG). As previously mentioned in a press release dated July 28, 2008, UC has committed to an initial 2500 metre drill program. The first target, known as the "hook target", is located to the southwest of the Noront (TSX VENTURE:NOT) Eagle One discovery. The drill program is slated to commence the week of October 6th.
Drilling will continue until freeze up on the first six high priority targets in the southwest claim block (McFaulds West). After freeze up, UC also plans to commence line cutting followed by detailed ground geophysics on targets that were too wet to access under summer conditions. A review of the new airborne geophysics along a northwest trend from Spider/KWG/Freewest option chrome occurrence dubbed "Big Daddy", passing through Freewest's (TSX VENTURE:FWR) Black Thor chromite occurrence, has suggested that there are prospective Chromite targets located in the southwestern portion of the Eastern claim block immediately west of McFaulds #1 and #3 VMS deposits, near the common boundary shared with Noront. Intense magnetic anomalies are traceable to the southwest towards the new chromite discovery of Freewest, extending into the Freewest option property with Spider and KWG.
UC Resources is an active explorer of base metals in the McFaulds Lake area, and an explorer and a very near term producer of precious metals in Mexico.
On behalf of the Board,
Jim Voisin, President & CEO, UC Resources Ltd.
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
UC Resources Ltd.
Vancouver Head Office
#1000, 355 Burrard Street
Vancouver, B.C. V6C 2G8 Canada
Toll Free: 1-800-366-8566 (Canada & USA)
Website: www.ucresources.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.