Just appempting to draw some attention to what may be the BoD reasoning for structuring and Timing both the PP and Granting of Options, and WHY NOW.

As for the PP; The Flow-through and Warrant Shares are both at the same Price ($0.10 per share wt the Warrants Exercisable @ $0.15 within 2 years) but the Flow-through Tax benefit will not be realised till the end of this Tax Year. The Warrant Exercise Price is 50% higher than the PP Share Price but requires no cost on their own up front. This on it's own, given the current SP and the expected need for funds to do an Expanded Drill Program on the Mc Fauld's East JV Property, seems reasonable. However, as has been pointed out ~ $800 000.00 of the PP likely will be for General Corporate purposes - meaning Mexico and further Pre Production Spending there over and above what has been spent there to date. This tells me that they have not given up on Mexico and Mexico is expected to remain a Cash Drain on the Company for YET more Time into the near Future before there is an Actual Hope of beginning to realize Any Potential (and it is still but Potential given what the Company is telling us respecting Mineral Recvery Challenges) ROI due to actual Mill Operations.

The ~$2.2 million appears to be solely for Mc Fauld's East Exploration. How much Drilling will that (plus current Cash on Hand, less reserves to carry on Corporate Activities for a reasonable time forward so as to ensure the company will remain viable following expendature of all Mexico Production and Mc Fauld's East Exploration Funds) give us on the Mc Fauld's East JV Property?

Given the Current Markets and the recent SP this $0.10 PP Price is reasonable. BUT the Size of the PP is Very Significant in terms of Share Float!

The amount of Cash appearing to be Budgeted for Mc Fauld's Exploratin in the coming Spring/Summer is encouraging on it's own, and even much more so given the speculation occuring with respect to NOT, FWR, FWR/Spq/Kwg and the Need/Desire to quickly prove up Mineral Resource. This rush to Prove Up Resource is a BIG Hint that there is a Someone(S) out there looking to make a move on Buying In or Buying Out as soon as they have sufficient Mineral Resource Data on the RoF South Central Area and each Company is looking to have as much Resource Data Booked as possible before that Buy In or Buy Out Time Occurs, and there by being able to commant the Best SP possible at such time as can be HAD.

And this Indication by UC of looking to fulfill their Earn In on the JV as Early as Possible by stepping up Drill Exploration suggests they have some very good ideas on what the intentions/desires of the Buy In/Buy Out Someone(S) very well could be. And with that, besides looking to be in there with the others having Very Good Mineralization Proven so as to Command the Best Buy Price possible, UC seems to be doing this with Feed Back and Input from the others working on Proving Up Mineral Resources in the area. Thus, Cooperation to a significant degree among some if not all the KEY Area Explorers.

Now, the Granting of Options. Why now when nothing substantial has occured to justify PUBLICALLY granting Options, and very significant number of Options, at that. Seems to be a little bit of a RUSH on this, given the actual progress being REPORTED. And it seems to me that the Strike Price for the Options is reflective of Corporate EXPECTATIONS on one side and consideration of Share Holder angst in Granting Options when no Publically Reported REAL Progress is forthcomming with respect to Mexico.

Together the Options and the PP suggest to me that the BoD are expecting potential for short term (3- 9 months) SP Potential, but to see this Much Mc Fauld's JV Exploration needs to occur first to be included in the Short Term RoF Potential And the BoD want to Give the Current Optionees Excellent Incentives before the Short Term SP Potential actually Kicks In.

Over All, I simply wonder whay the $0.10 PP and the $0.12 Options and both being announced so close to gether. Why not a $0.12 PP? Why Options at this time given the Mexico Situation as it appears at present?

Old Joe

PS: Rhetorically Typing: Where is my REWARD???