UC Resources Earns 55% Ownership Interest in McFaulds Lake Property Package
April 28 2011 - 10:25AM
Marketwired Canada
UC Resources (TSX VENTURE:UC) ("UC" or the "Company") is pleased to announce
that the Company has reached the 55% ownership level in the East and West block
properties in the James Bay Lowlands, Ontario, in the area known as the "Ring Of
Fire" ("Project"). These properties are optioned from Spider Resources Inc.
("Spider") and KWG Resources Inc. (TSX VENTURE:KWG) ("KWG") under an Option
Agreement dated March 6, 2009 ("Option Agreement").
The data was submitted as required by the Option Agreement and after review has
been accepted by Spider and KWG. As a result, UC now holds an undivided 55%
interest in the Project.
UC Resources Ltd., Spider Resources Inc., and KWG Resources Inc. are expected to
form a joint venture with UC remaining as operator of the Project.
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, plus an explorer
and 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.
This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements relating to the potential
mineralization and geological merits of the McFaulds property and other future
plans, objectives or expectations of the Company are forward-looking statements
that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's
plans or expectations include risks relating to the actual results of current
exploration activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of capital and
financing, general economic, market or business conditions, regulatory changes,
timeliness of government or regulatory approvals and other risks detailed herein
and from time to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise required by
applicable securities legislation.
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