VANCOUVER, BRITISH COLUMBIA--(Dec. 24, 2010) - UC Resources Ltd. (TSX VENTURE:UC) -

The Company is pleased to announce it has closed private placements for a total of 16,278,635 units at $0.11 per unit to raise gross proceeds of $1,790,650. Refer to the Company's earlier news release dated November 26, 2010 for further details of the offering.

The Company completed the sale of 6,863,635 units to the MineralFields Group of Companies to raise proceeds of $755,000. The Company paid cash commissions of $45,300 and issued finder's options for the purchase of up to 509,090 units at $0.11 per unit. Each unit was comprised of one common share and one-half of a warrant. Each full warrant entitles the holder thereof to purchase an additional share at a price of $0.13 for two years from the date of closing.

The Company completed the sale of an additional 9,415,000 units to other investors to raise proceeds of 1,035,650. All units were sold at $0.11 per unit and contained the same terms.

A finder's fee of $4,400 was paid in connection with the additional financing.

All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units and any shares issued upon exercise of the finder's options, are subject to resale restrictions expiring between April 17 to April 24, 2011.

The Company intends to use the proceeds from the private placements to expand its planned McFauld's drilling program, airborne survey and for general corporate purposes.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

On behalf of the Board of Directors,

"Jim Voisin"
President & CEO
UC Resources Ltd.