1. McFaulds Lake Project

In March 2009, UC entered into an option agreement pertaining to the McFaulds Lake copper-zinc exploration property located in Ontario, Canada and jointly held by Spider Resources Inc. and KWG Resources Inc. Under the terms of the agreement, the Company can earn a 55% interest in the property by spending a total of $4.5 million in exploration prior to March 6, 2011. To date, the Company has completed a 40% earn-in on the property by having spent $3.5 million.

The McFaulds Lake properties in the James Bay Lowlands region of northern Ontario form part of the "Ring of Fire" exploration play. The Company believes the McFaulds East block holds potential for chromite occurrences suggested by geophysics. The McFaulds East block is adjacent to Noront Resources Ltd.’s property which contains the Blackbird chromite occurrences which are near the Eagle’s Nest project.