any attending the agm today. , page-4

sorry for the late update.

Not really that much 'extra' info to divulge. It really just made me feel more comfortable with my holding, in these poor times.

Phil and Brett were both very positive and upbeat on the past, present and the future, so much so that phil will be taking up his rights and acting as an underwriter for the issue.

They see UMC as an excellent investment and they noted the holding is worth more than the current market cap. They rate their ground as extremely high quality and mentioned possibly offloading it towards the end of 2009 if the GFC picks up.

Drilling hopefully commences(pending the wet season) in april with thunderball and thunderball extended the primary targets for 2009. very excited by thunderball extended, and it shows that surface radiometric surveys are not necessarily the best display of potential. The only real way is to stick a drill in there, as any radio activity can be dulled out by the smallest amount of ground cover. (referring to the thunderball extended radio survey not looking as good as thunderball, however it has shown better results to date.

There was a look to consolidate ground holdings with the QLD ground looked at as it is the furtherest away. Gregory range show potential, but due to the negative views on uranium there they will just keep it ticking along by sending geos in to do some mapping(which is relatively inexpensive). no major spend to occur there though.


Frank Hill- jumping through the hoops currently trying to get approvals to get in there.

Dean mapping to occur. Mostly to get a better handle on what they actually have there. goal here is to probably just add value. May be too big for them to handle alone.

In Bretts opinion, UMC is the best junior IOC, having low contam/high grade, with some great hits. Majors found the surface ore(BHP), but just didnt find the UMC ground because it was under cover.

Unlike other exploration companies, which are shutting up shop, and saving(even though they are still spending through admin costs,with no real movement forward) THX will stay active and keep spending WISELY on exploration. They see the best way to get throgh this downturn is to keep the ball rolling so as things start to pick up again in the future they are up and running and already going. Phil stated that he sees spending as the best way to bring us back out of the downturn, quicker.

20,000 tonnes of ore waiting at panoramic mill which will give us a few dollars as it gets processed.

for copernicus to start again, need a to see a steady nickel price of $7-8 pound.

All in all very positive meeting, and the directors are confident that we will get through theses hard times and be one of the better exploration companies as we come out of these doldrums.