Thanks ‘Truckulater’, I needed someone on this forum to present some REAL OPTIMISM about UC’s share price in the near term. Your prediction:

“My take is something like this: JV signed=double. Layesca fix=nother double. Soledad hits good again=nother double. Drilling and decent assays at McFaulds=nother doubleish. Let's say around 5 bucks by October”.

Prior to October of last year I was convinced that we could make $0.70 (which is better than double where we are today) based on La Yesca success. Since then we have had several dilutions of shareholder value to raise capital and make up for the missed cash flow.

• 10/25 450,000 options @ $0.45
• 10/31 805,555 non-flow through units @ $0.45
• 10/31 725,000 flow through units @ $0.50
• 10/31 765,277 warrants @ $0.70
• 11/19 5,777,777 non-flow through units $0.45
• 11/19 3,000,000 flow through units @ $0.50
• 11/19 4,388,888 warrants @ $0.70
• 11/19 8,777,777 options @ $0.45
• 11/19 4,388,888 warrants @ $0.70
• 12/20 1,200,000 options @ $0.45

By my primitive and perhaps naïve ciphering this represents about 30% dilution and makes that $0.70 target for La Yesca = $0.49

I and perhaps many others are in the same shape as ‘Jimmied’ in that I am also “hanging in there, as my paper loss is too great to bail out” To this I must add my patience of Job and the greed of Lucifer.

From my perspective, given the dilution of the recent past, everything changes at $0.45 and again a $0.49 and again at $0.70. So Truckulater I counter your optimism with:

JV signed= $0.45. La Yesca fix= $0.49. Soledad hits good again and publish 41-101 = $0.70. Drilling and decent assays at McFaulds = a double. Let's say around $1.50 by year end 2008”.

Please note, I will get real excited if they can get the mill at La Yesca up to 700 Te / day and we can replace the tailings with similar or better grade ore from the La Yesca mine. This would condense the 4 year window of cash flow from the 200,000+ Te of tailings at 200 Te / day to one year’s worth of cash flow at approx $1.6 million per month.

Regardless, we are doing well today. We are up almost 7 percent with Noront suffering, so we are not coattailing it today either. Interestingly, there have only been approx 100,000 shares trade so far today for the 6.6%. This is about 1% of the outstanding shares. This could mean that nobody is day trading the stock, or it could mean that a pile of folks are waiting for break even, or it could mean that nobody wants out before the goodies arrive

Any guesses on investor behaviour?