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UC Resources Ltd. Website:
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Exchange:
TSX Venture
Market Cap:
39.8 Million
Outstanding
Shares: 72.3 Million
Price
December 5, 2006 $0.55
UC Recent Stock Quote and News:
Click Here
Information As Of December 5,
2006 |
Richard Hamelin, President & CEO, UC Resources
Ltd. (March 2006) states:
"UC Resources is rapidly advancing the company in Mexico to
control an asset base of high quality Silver and Gold
exploration and development properties that offer the
potential to yield significant precious metals discoveries.
These assets that I will select with my proven management team
will deliver active mining operations for production growth in
2006."
'Historic,
high-grade Silver and Gold production at Copalquin has been
estimated at over 250,000 ounces of gold and 11 million ounces
of silver from just 336,000 tonnes – with most production
occurring prior to the 1910 Mexican Revolution. Copalquin has
over 24 known mine workings in the original 7,000 hectare
property and in October, 2005 UC Resources expanded the land
package to over 19,000 hectares (192 sq. km’s). Copalquin is
centrally located in the heart of the prolific Sierra Madre
mining belt in the State of Durango, Mexico.
- Acquired the La Yesca production asset, which consists
of a 600 hectare mining concession, two previous producing
mines, and mine tailings with an inferred mineral resource
of approx. 225, 750 tonnes with a grade of 2.0 g/t gold and
200 g/t of silver. As well, it contains a modern mill with a
design capacity of 200 TPD. Production is expected to
commence in Q4 2006. Mining is expected to commence in Q1
2007.
- Signed letter of intent to acquire 90% of a Mexican
company which owns La Dura mining project, consisting of 761
hectares of exploration property, a 60 tonne per day
flotation concentrating plant, and 100,000 tonnes of
tailings with good grades of gold and silver.
- Announced that Phase III drilling has commenced on the
Company's 100% owned flagship exploration property,
Copalquin, located in the Northwest corner of Durango,
Mexico. The first hole ever completed below the historic La
Soledad mine workings intersected 5.2 meters of
mineralization averaging 45 g/ton gold and 1,563 g/ton
silver.
- Additional acquisitions are in advance stages of
evaluation all with a specific focus of production in
Mexico.
- Completed 3 rounds of equity financing for $4+ million
for exploration and acquisitions in Mexico.
- Mexico is the world’s largest silver producer and
industry experts remain bullish on supply demand curves for
both gold and silver going forward.
-
Production of gold & silver to commence in Q4, 2006
-
Exploration of the flagship Copalquin property for both
low-grade gold and silver deposits to follow-up on both
bonanza grade results and low-grade, bulk-tonnage
epithermal system
-
Acquisition of other production and exploration assets
in Mexico
Overview
UC Resources Ltd.
(TSX-VENTURE:UC) is an emerging producer of Gold and
Silver in Mexico. The Company's goal is to combine both cash
flow from production along with a significant exploration
upside from its mining assets.
UC Resources has made several significant
corporate achievements of recent and is aggressively moving
ahead with its 100% interest in the 64,000 hectare (640 sq
km's) historically productive Gold and Silver Copalquin
Project in NW Durango, Mexico. The Copalquin Mining District
is reputed to have produced at least 250,000 ounces Gold and
11 million ounces Silver.
Mexico is the number one producer of Silver
in the world, and remains a most favorable environment for
mining and investment. Copalquin is located in the heart of
Mexico's prolific Sierra Madre Mining belt and is our
flagship property. It has returned both high-grade Gold and
Silver results from recent drilling in Phase 1 exploration
program in early 2005, and visible gold has been encountered
upon completion of phase 2 2006, with assay results pending.
In April 2006, UC Resources announced a deal
to purchase Minera Silver Creek S.A. de C.V., and gain
control of past producing mines at La Yesca along with a
tailings damn, mill, and recovery plant capable of
processing 200 tonnes per day of feedstock. This acquisition
will provide UC Resources the ability to generate cash flow
and leverage further exploration. UC Resources followed up
on this success in May by announcing another acquisition for
the MAR project, a property with a history of small scale
mining activity and a 100 tonne per day portable mill. This
will allow for greater flexibility in the operating
capability for the company, including the capability of
transporting the mill to other production assets, including
Copalquin once new deposits are discovered.
With The La Yesca and the MAR projects, UC
Resources will have the capacity of processing a combined
300 tonnes per day of feed through these two milling
facilities. With these acquisitions UC Resources has met a
key objective in our growth phase, which is to have cash
flow generating productions assets along with a major
exploration upside.
The outlook for 2006 is on track, with an
aggressive management team, funding in place, and better
defined target areas at Copalquin. UC Resources unique
approach is a reflection of the strategic business acumen of
Richard J. Hamelin, President & CEO. His first career was in
the mines of Timmins, Ontario, allowing him to understand
both international finance and mining. Richard J. Hamelin
resides in Torreon, Mexico and heads up all new and existing
operational activities in conjunction with our Canadian
office.
Property
Copalquin Property
Mexico is the number one producer of Silver in
the world, and remains a most favourable environment for
mining and investment. The majority of that production comes
from mines operating in the Sierra Madre mineralogical Belt.
Historically, production from the Sierra Madre Occidental belt
over the last 400 years is estimated to be approximately 40
million ounces of Gold and as high as 2 billion ounces of
Silver.
UC Resources Ltd. has a 100% interest in the
Copalquin Property which is located in Mexico's Sierra Madre
mineralogical belt. Historic, high grade production at
Copalquin has been estimated at over 250,000 ounces of gold
and 11 million ounces of Silver from just 336,000 tonnes -
with most production occurring prior to the 1910 Mexican
Revolution.
The Property has two major targets which are
currently being explored: El Refugio and El Cometa. Phase 1
drilling at Copalquin in 2004 and early 2005 intersected wide
zones of gold and silver mineralization at two prospects
referred to as El Cometa and El Refugio. These two zones were
initially considered separate, vein type targets however;
drilling results indicated that they might represent the
eastern and western limits of a much more extensive
mineralized zone than was previously recognized. As noted in
the Company's news release dated August 10, 2005 the style and
tenor of mineralization intersected at El Cometa and El
Refugio is similar to the mineralization reported by Gammon
Lake at its Ocampo Project and the Company plans to drill test
the area between these prospects.
Previous drilling in 1998 by Bell Coast
Capital (BCC) in 1998 (31 holes) returned promising results at
El Cometa - with both high and low grade Au-Ag mineralization
found throughout an extensive flat-lying quartz breccia with
local vertical expressions.
Drilling by UC in late 2004 and early 2005
focused on confirming and possibly expanding upon the high
grade results of BCC at El Cometa. However, it has since been
noted in a careful review of the data by UC that many of the
mineralized intervals reported by both UC and BCC actually
represent only the highest grade sections within much wider
zones of lower grade mineralization.
As noted by UC, based on a review of technical
reports on Copalquin and data from other deposits in the
Sierra Madre, Copalquin is believed to represent a promising,
early stage "low sulphidation," epithermal prospect.
Phase 2 Exploration Surface Trenching &
Sampling have returned high-grade gold & silver and results
and have extended strike length. Drilling at Copalquin has
Encountered a 5.15 meter wide mineralized zone containing 1.4
ounces per tonne of gold and 50 ounces per tonne of silver
Goals that UC Resources is looking to achieve
with their Phase 3 Program:
-
Drill upwards of 9 holes around the La Soledad mine, as
follow-up to DDH 06-07 from Phase 2, which intersected a 5
meter wide mineralized zone that contained an average of
1.4 ounces/tonne gold and 50 ounces/tonne of silver.
-
The drill program around La Soledad will provide an
'inferred' mineral resource with completion of a 43-101
report.
-
Further delineate the gold and silver mineralization
encountered at Cometa and Refugio to further extend the
size the epithermal system. In order to accomplish this,
the company will identify the highest priority targets
within UC's expanded claim package through extensive and
thorough prospecting and geochemical surveys as a
follow-up to satellite image anomalies within the expanded
land package.
-
On completion of the fall program an independent 43-101
compliant technical report detailing all historic drilling
results at Copalquin as well as the results of the
drilling to be completed at La Soledad will be completed.
The technical information contained in this release was
prepared by Carl von Einsiedel, P.Geo., a "qualified
person" within the meaning of National Instrument 43-101
for the Copalquin Project.
La Yesca
The La Yesca project consists of a 600 hectare
mining concession which includes two previous producing mines.
The project also includes a modern milling facility designed
to process two hundred tonnes of feed per day. Approximately
two hundred twenty five thousand and seven hundred fifty
tonnes of tailings are available to be processed. The tailings
qualify as an inferred resource under NI43-101 compliancy
rules. The mill will be immediately upgraded and modified to
add higher recovery rates for the extraction of silver.
UC Resources immediate focus for the build-out
of the La Yesca project will be the La Colorada mine. This is
a significant asset located on the Xora concession with an
inferred mineral resource of 11,730 tonnes grading 0.70 g/t
gold and 619 g/t silver. La Colorado was a past producing
mine. Lower grade gold and silver found east of the La
Colorada mine opening suggests that a zone of bulk mineable
material may exist on the property, within which there may be
high grade mineralization as represented by the La Colorada
vein.
The La Yesca mining district is underlain by
Tertiary age andesite and rhyolite volcanic rocks that are
part of the prolific Sierra Madre Occidental mining belt,
which hosts numerous epithermal gold and silver mines and
mineral occurrences. In the immediate La Yesca district there
are at least 16 known gold and silver mineral discoveries, of
which five are reportedly past producing mines. UC Resources
is committed to a long-term plan for the district, and intends
to significantly expand its land holdings.
Highlights of the La Yesca Project
-
The past producing La Colorada mine has yielded historical
silver grades between 128.4 and 555.3 g/t.
-
Inferred mineral resources of approximately 225,750 tonnes
of tailings with a grade of 2.0 g/t gold and 220 g/t of
silver.
-
A modern mill with the design capacity of processing 200
tonnes of feed per day, with a targeted start-up in the
fourth quarter of 2006.
-
Once the mill modifications are complete, an estimated 80%
recovery rate for both gold and silver (historical
recovery rates are 80% for gold and 50% for silver).
-
A low operating and recovery cost.
-
Geology is typical of other epithermal discoveries in the
Sierra Madres.
For more information on each of these
prospects, please go to
www.ucresources.net
Market
Examples of other successful companies all exploring in the
Sierra Madre mining belt which have realized incredible
stock appreciation from their epithermal discoveries
include:
-
Gammon Lakes Ocampo Project (Symbol TSE: GAM $0.50-$16.00)
-
Kimber Resources Montverde Project (Symbol TSE: KBR $0.25
- $3.00)
-
Alamos Gold Mulatos Project (Symbol TSE: AGI $0.94-$9.05)
-
Minefinders Dolores Property (Symbol TSE: MFL $0.25-$2.90)
All of these companies, which are also active in Mexico's
Sierra Madre, have one thing in common. They have identified
multi-million ounce gold and silver deposits.
Recent News and Press Releases
UC Resources Announces Filing of Annual Financial Statements
(Wed, Nov 15)
UC Resources Ltd.: Notice of Default (Thu, Nov 2)
UC Resources Announces Key Additions to Management and Board
of Directors (Oct 18, 2006)
UC Resources Ltd.: Phase III Exploration Program Commences on
64,000 Hectare Copalquin Project in Durango, Mexico (Oct 16,
2006)
UC Resources Reviews Results of Phase 2 Exploration and Plans
Phase 3 Drilling at Copalquin, Mexico (Sep 20, 2006)
UC Resources Ltd.: La Yesca Mining District Moves Toward
Silver Production (Sep 12, 2006)
UC Resources Signs LOI for Minera El Alizal S.A. de C.V.
Acquisition (Aug 24, 2006)
UC Resources Ltd. Completes Acquisition of Minera Silver
Creeck S.A. de C.V. (Aug 10, 2006)
UC Resources Ltd. Intersects High Grade Gold and Silver Upon
Completion of Phase II Drilling at Copalquin (Thu July 20,
2006)
UC Resources Completes Drill Rig Purchase and Enhances
Corporate Governance (Wed, Jul 12, 2006)
UC Resources Ltd.: Visible Gold Intersected at Historically
Productive La Soledad Target at Copalquin Property, Durango,
Mexico (Tue, Jun 27, 2006)
UC Resources Ltd.: Preliminary Results of Phase 2 Drill
Program Confirm Potential for Bulk Tonnage Deposits at
Copalquin Project, Durango State, Mexico (Thu, Jun 08, 2006)
UC Resources Ltd. Announces Third Quarter Financials (Tue, May
30, 2006)
Management Team
Richard J. Hamelin - President & CEO & Director
Mr. Hamelin's mining career began with Kidd Creek Mines
Ltd. in Timmins Ontario, in 1974. He worked for 12 years in
various departments including production, research and
development and engineering.
His financial services career began with Midland Doherty
in 1987. Mr. Hamelin's career progressed in various
capacities with a variety of firms and culminated as Sr.
Vice-President and Director of Canaccord Capital
Corporation. There, he was instrumental in building out this
firm's operations while he oversaw its activities for the
province of Quebec. Mr. Hamelin left Canaccord in 2001 to
pursue other opportunities, specifically in the area of
identifying then financing good junior mining companies.
Most recently, Mr. Hamelin was Executive Vice-President
of ECU Silver, where he helped raise the necessary funds
that enabled the Company to turn around and enter into
production.
Mr. Neil D. Novak - Vice President Exploration &
Director
Mr. Novak has over 27 years experience in the mining
industry, including the design and implementation of large
exploration programs. His background includes running
complex, multi-country exploration programs with annual
budgets of US $15 million/year. He was involved in various
North American and international silver and gold exploration
assignments. He is currently the President and CEO of Spider
Resources Inc.’s (TSXV: SPQ).
Mr. Hamish Malkin CA - Chief Financial Officer
Mr. Malkin is currently Chief Financial Officer of two
other public mining companies: Entrée Gold Inc. (TSX:ETG)
and Argentex Mining Corporation (OTCBB:AGXM). Previously,
Mr. Malkin has had senior financial positions in the
resource, real estate, and entertainment industries. Mr.
Malkin is a member of the Canadian Institute of Chartered
Accountants and the Institute of Chartered Accountants of
British Columbia.
William (Will) S. Elston -Vice President of Corporate
Development
Mr. Elston began his career in the finance and public
markets in 1986 in the operations department of one of
Canada's largest brokerage firm (Bank of Montreal Nesbitt
Burns - formerly know as Burns Fry) and has been active in
the investment industry in both private and public ventures
throughout Canada.
Contacts
Head Office
#1000-355 Burrard Street
Vancouver, BC
V6C 2G8
Toll (CDN/U.S.): 1.800.366.8566
Telephone: 604.681.7265
Facsimile: 604.608.6163
IR Contact
William S. Elston
Email:
elston@ucresources.net
To request more information,
Click Here.
SEDAR Filings
UC filings with SEDAR can be found
here. All Fillings are current and the Company is fully
reporting.
FORWARD LOOKING STATEMENTS
This report includes forward-looking
statements that reflect UC Resources Ltd. current expectations
about its future results, performance, prospects and
opportunities. UC Resources Ltd. has tried to identify these
forward-looking statements by using words and phrases such as
"may," "will," "expects," "anticipates," "believes,"
"intends," "estimates," "plan," "should," "typical,"
"preliminary," "we are confident" or similar expressions.
These forward-looking statements are based on information
currently available and are subject to a number of risks,
uncertainties and other factors that could cause UC Resources
Ltd.'s actual results, performance, prospects or opportunities
to differ materially from those expressed in, or implied by,
these forward-looking statements. These risks, uncertainties
and other factors include, without limitation, the Company's
growth expectations and ongoing funding requirements, and
specifically, the Company's growth prospects with scalable
customers, and those outlined above. Other risks include the
Company's limited operating history, the Company's history of
operating losses, consumers' acceptance, the Company's use of
licensed technologies, risk of increased competition, the
potential need for additional financing, the terms and
conditions of any financing that is consummated, the limited
trading market for the Company's securities, the possible
volatility of the Company's stock price, the concentration of
ownership, and the potential fluctuation in the Company's
operating results.
Disclaimer
AllPennyStocks.com feature stock reports are
intended to be stock ideas, NOT recommendations. Please do
your own research before investing. It is crucial that you at
least look at current SEC filings and read the latest press
releases. Information contained in this report was extracted
from current documents filed with the SEC, the company web
site and other publicly available sources deemed reliable. For
more information see our disclaimer section, a link of which
can be found on our web site. This document contains
forward-looking statements, particularly as related to the
business plans of the Company, within the meaning of Section
27A of the Securities Act of 1933 and Sections 21E of the
Securities Exchange Act of 1934, and are subject to the safe
harbor created by these sections. Actual results may differ
materially from the Company's expectations and estimates. This
is an advertisement for UC Resources Ltd. The purpose of this
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