EuroIR

UC: TSX-V

January 1, 2009

• Initially discovered in 2002 by Spider Resources Inc., KWG Resources Inc. and De Beers Canada Exploration Inc

• Initial massive sulphide discovery was in a reverse circulation drill hole.

• Sample from this hole contained 1.6% copper over 8 meters, and ended in sulfides. This discovery became the site of McFauld's#1 VMS occurrence.

• McFauld's#1 (16 holes drilled to date, 4,720 meters)-Oct 23, 2003: SP3-03-007 intersected 8 meters averaging 1.6% Cu •-May 21, 2003: McF-03-08 intersected 5.68 meters averaging 3.39% Cu, followed •by 4.1 meters averaging 7.64% Zn. •-April 9, 2003:McF-03-01 undercut SP3-03-007 intersected 1.43% Cu over 8.9 m, followed by 1.79% Zn over 4.7 m.

McFauld's VMS Project Update

UC Resources has announced the acquisition of 37 contiguously staked claims consisting of 499 units totalling approximately 7984 hectares or nearly 80 square kilometres in the McFaulds Camp, Ring of Fire area.

UC Resources has advised Spider and KWG that it has expended in excess of $1.0 million on the subject properties that, if approved, would constitute completion of UC's second year earn-in approximately five months ahead of schedule. UC's interest in the subject claims, once approved, would then be adjusted to reflect a 25% interest, leaving Spider and KWG with an aggregate 75% interest in the subject properties.

Drilling has resumed on the McFaulds property in Northern Ontario. The current drill program will be concentrated near the location of drill hole UC-08-04 (assay results are pending), where volcanogenic massive sulphide style mineralization was noted, which is in proximity to two gold discovery holes drilled by Noront Resources Ltd.

La Yesca Production

UC Resources announced the granting of a US$350,000.00 loan facility from the Mexican Mining Development Trust - Fideicomiso de Fomento Minero (FIFOMI).

Funds from this loan will be used for the completion of UC Resources production facility at La Yesca which is now fully funded through to production, and working capital for inventories while cash flow is realized. The La Yesca mill is nearing completion awaiting final MIA (environmental approval) and commissioning will begin immediately after the tailings containment pond is completed.

The Company has received an environmental permit (MIA) from the Mexican Ministry of Environment and Natural Resources (SEMARNAT). This permit will allow the Company to immediately begin construction of a compliant tailings containment pond which is the final step before the commissioning of the mill. It is expected that it will take approximately 6 weeks to complete the tailings pond.

The production facility at La Yesca in Nayarit state, Mexico is now ready to begin processing material from the La Yesca tailings deposit.

UC Resources has also completed an extensive sampling program on numerous outcrops on the Xora claim, which is located three kilometres from UC's asset just outside La Yesca.

Exploration Update - Copalquin

Although the property is somewhat remote and the terrain is challenging, nonetheless, the company successfully completed a number of drill holes, and the regional exploration work continues in the area. However the company is encouraged by the announced drill and assay results from the recent program on the La Soledad vein system.