upcoming drilling season, page-12

Below you will find the WAMEX summary of the Goldsworthy mineral resource estimate for the original TR70/3156 (2 of UMC's Pilbara leases were included in this report. No drilling was carried out on Southern Flank (E47/1432).

UMC is ready to start a drilling campaign on its 3 Pilbara tenements and any conclusion(s) we draw from the below report are purely conceptual. We do know that TR70/3156 is made up of the following:

- BHP current active mine - Area 'C' = 563 sq klms
- UMC's 3 tenements = aprox 280 sq klms
- TR70/3156 (within the national park) = 214 sq klms
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Goldsworthy Mining Ltd IRON
MT BRUCE NEWMAN
ROY HILL TUREE CREEK
HAMERSLEY BASIN
Report A 022483
The Mining area 'C' Iron Ore Project TR70/3156, Iron Ore (Mount Goidsworthy) Agreement Act. was at the Weeli Wolli Springs in the Hamersley Ranges on the Mount Bruce, Roy Hill, Turee Creek and Newman 1:250 000 map sheets. Rocks consisted of the Marra Mamba Iron Formation. Exploration carried out from 1986 to 1987 comprised mineral resource estimations.

The Mineral Resource Estimates for the high grade ore were 897.8 Mt @ 61.6% Fe, 0.06% P (Measured), 140.9 Mt @ 61.8% Fe, 0.057% P (Indicated) and 917.2 Mt @ +60% Fe.
Mineral resource estimate
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I have a reasonable idea of what I expect UMC will find on its tenements - but you need to draw your own conclusions.