UC Resources Earns 55% Ownership Interest in McFaulds Lake Property Package
29 April 2011 - 1:25AM
Marketwired
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.
Contacts: UC Resources Ltd. Damien Lowry Toll Free:
1-800-366-8566 (Canada & USA) www.ucresources.net
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