News Release

UC Resources Closes Strategic $4.1 Million Brokered Financing With Powerone Capital Markets Limited

UC Resources Ltd. has closed the strategic $4.1-million brokered financing with PowerOne Capital Markets Ltd., and its key finance partners.

Further to the news reported in Stockwatch Oct. 18, the private placement consisted of 5,777,777 non-flow-through units at 45 cents and three million flow-through units at 50 cents. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each whole warrant entitles the purchaser to purchase one additional share at 70 cents per share for a period of two years. The company has the right to accelerate the expiry date of the warrants, on not less than 30 days prior written notice, if the closing price of the common shares of the company is at least $1.50 per share for any period not less than 30 consecutive trading days. The company is pleased to welcome Sprott Asset Management, Rosseau Asset Management, Pinetree Capital Ltd. and Firebird Management LLC as key investors and participants in the financing.

Power One received a cash commission of $328,000 and a compensation option exercisable for 877,778 units for a period of two years at 45 cents per unit. Each unit consists of one share and one-half of one warrant, each whole warrant exercisable for one share at 70 cents per share for a period of two years.

As reported in Stockwatch Oct. 31, the company raised an additional $714,450 by means of a non-brokered private placement.

All securities are subject to a hold period, which expires March 17, 2008.

The proceeds will be used to finance exploration programs on the company’s McFauld’s Lake properties and for working capital purposes, as well as to continue with operational activities in Mexico.