Hi Folks

The need for the PP was disappointing, but predicted. Maybe $0.11 will be the new floor. It seems to me that the placement was not any better than market and even the warrants at $0.13 seem almost reasonable although I would have appreciated a warrant price of $1.00. HA! This PP represents a worse case scenario of approx 6% dilution. It will be interesting to see if it is private retail, or spec-house buying. (This will cause some fury … what if it’s CLF ??) The urge to ante up to maintain stakehold at $0.10 is huge …. We’ll see.

The UC Resources “PROFILE” was updated by Agoracom 2010-09-14. I read through it searching for a new accurate timeline and was disturbed to see: “Commissioning of the mill is expected to take approximately three months until commercial production is achieved.” But there was no mention of the Gen-set issue / power supply issue. I also read “Drilling has now commenced on the La Colorada vein” But there was no mention of the core sample -> lab action. There is also a section of the PROFILE on the McFauld’s JV agreement “UC Resources Ltd. recently completed in excess of $3.25 million spending commitment as required under the terms of an Option agreement signed on March 6, 2009 …. The third year minimum expenditure requirement was completed prior to the third anniversary date” But no mention of a new relationship with CLF’s.

But at the top of the PROFILE there are some disjointed but pertinent statements about the company’s operations. While four of the five banner statements relate to McFauld’s the very last one relates to La Yesca: “UC mill at La Yesca has now begun the initial run up to full throughput production”. I think that’s a bold statement of material information

But I query the forum, is this the 2010-09-14 Agoracom update? Maybe somebody knows and will advise.

Thanks

Aafab