VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2012) - UC Resources Ltd. ("UC" or the "Company") (TSX VENTURE:UC) is pleased to provide this update to its shareholders, stakeholders and interested parties.
The company is pleased to announce that it has discovered another previously unknown existing mine on the La Yesca property just North of the recently discovered La Leona Mine. This prospect, now named La Leona II, is between the La Leona and Las Cuatas mines approximately 125 meters straight north of the La Leona mine entrance. In this area of interest, 36 test samples were taken and are being submitted for analysis. The site appears interesting as there is evidence of modular to strong movement of hydrothermal fluids, quartz-pyrite in veins, and fractures with quartz infills, matrix supported silicified breccias and some evidence of potassic alteration (potassic feldspar, biotite, etc), red jasperoids, coarse grained quartz with overgrowths in open space approximately 10 centimeters and smaller. The width of the structure appears to widen at a depth of 1.6 metres. Site preparation, channel sampling, and mapping is being done between Las Cuatas and La Leona.
The company drill has arrived on site and drilling will commence at Las Cuatas, Mirador and La Leona sites as directed by Head Geologist Gerardo Tarin. Road construction has been underway to gain access to determined drill locations. Drill pads are expected to be ready within the next few days and drilling will start.
The company will pursue the new La Leona II prospect as it could potentially add to the company strategy to add fresh material to extend the life of the mill and enhance long term recovery rates.
The company also advises that it has granted, pursuant to the UC incentive stock option plan, 5,500,000 options exercisable over a five year period, expiring September 6th, 2017 at an exercise price of $0.10 per share to Management, Directors and staff. The stock options entitle each optionee to acquire one common share of UC.
John Archibald, PGeo, a qualified person pursuant to NI 43-101, has reviewed and approved the technical information in this press release on behalf of the company.
UC Resources is an active explorer and producer of precious metals in Mexico.
On behalf of the Board of Directors,
Gary Monaghan, Chief Executive Officer
We seek safe harbour.
Investors or interested parties are invited to visit the UC Resources Website at http://www.ucresources.net - where they can choose to join the opt-in e-mail list to receive all future press releases and updates in real time.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the La Yesca properties and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.