Message: NEWS - UC Receives Loan Facility From FIFOMI
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| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2008) - UC Resources Ltd. (TSX VENTURE:UC) - UC Resources is pleased to announce 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. It is important to note that the FIFOMI loan also serves as a major accreditation from the Mexican Business Development Co-corporation in conjunction with the Government of Mexico. The La Yesca mill is a complete reconstruction of the previous La Yesca mill and is located four kilometres outside the town of La Yesca, Mexico in Nayarit State. Once commissioning is complete the La Yesca mill has a design capacity of 200 tons per day (TPD) of tailings from the estimated 220,000 tons of tailings grading 2.0 g/t Au and 220 g/t Ag silver. (Burns 43-101, 2006) UC Resources would like to thank Mr. Norberto Roque, the Mining Coordinator of the Ministry of Economy, Mr. Alberto Oritiz, the Director of FIFOMI, Mr. Alfonso Sanchez, sub Director, and Mr. Rene Sotuyo, Regional Coordinator, for their assistance in this funding. UC Resources would also like to confirm that the drilling of the "Hook" occurrence has begun in the James Bay Lowlands project in the area known as "The Ring of Fire". UC Resources (TSX VENTURE:UC) has the right to earn a 55% interest in the East and West blocks currently held by Spider Resources Inc. (TSX VENTURE:SPQ) and KWG Resources Inc. (TSX VENTURE:KWG). A number of high priority targets have been identified and will be drilled in sequence. UC Resources is an active explorer of base metals in the McFaulds Lake area of the James Bay Lowlands, Ontario, and an explorer and a very near term producer of precious metals in Mexico. On behalf of the Board of Directors, Jim Voisin, President & CEO, UC Resources Ltd. 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. We seek safe Harbor. |
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