part of the quarterly - a good read

A Good long read ,Hope no one goes to sleep... But I think that if all goes well it should be a nice little earner...... IMO ...

Future Directions:
Universal believes that the Roseby Copper Project is an extremely valuable asset, the
preservation of which is vital to the future of the Company. Development opportunities for
the Project are being pursued and evaluated with vigour.
Whilst credit markets remain difficult, the directors believe that financial market conditions
are showing some tentative signs of recovery. A number of financial organisations have
opened discussions with the company with a view to providing finance for the development
of the Roseby Copper Project. The company is pursuing these discussions. However, it is
important to realise that market conditions remain difficult and successful financing of the
Roseby Project is likely to take some time to complete.

Universal’s major asset is the Roseby Copper Project (Roseby or the Project), located in
the Mt Isa Inlier geological province in North-west Queensland (Figures 1 to 3).
Universal acquired the Roseby tenement package from Pasminco, now Oz Mineral Limited
(OML) in 2001. Since that time, the Company has focussed its activities on advancing the
Project through evaluation and feasibility studies towards production. Results of a detailed
feasibility study (DFS), of a 5Mtpa mining and processing operation were reported to ASX
on 3 September 2008.
Details of the agreement with Mt Isa Mines Pty Ltd (Xstrata Copper) have previously been
advised to shareholders.
Work on the Roseby Copper Project during the March Quarter has been limited to on-site
environmental monitoring as part of the Company’s program of long term site monitoring
and management.
Some of the heaviest monsoonal and cyclonic rains experienced in the region fell during
the recent “wet season” from December 2008 to April 2009 when over 2000mm were
recorded at the nearby Dugald River. This abnormally wet season has required some rethinking
of some of the flood management structures to be incorporated in the Roseby site
designs. New designs will be incorporated into a revised environmental management plan
for the Project.
A review of the financial model using recent spot prices for copper, gold and the US$/A$
exchange rate has been encouraging, as indicated in the following table of key financial
outcomes.

Record rainfall and widespread flooding throughout the Mt Isa region was experienced
throughout January and February.
Joint Venture Agreements:
Two letters of agreement for the farm-out of two projects were signed during the quarter
and negotiations are advanced for the farm-out of a further three tenements.
Spider EPM 14367 (100% Universal)
The Spider Project is located approximately 20km NE from Mt Isa (Figure 7).
In February Universal announced that it had reached agreement with Deep Yellow Limited
(DYL) on the terms of a farm-out agreement on the Spider Project located 20km NE of Mt
Isa.
The principal commercial terms of the Earn-In Agreement are as follows:

• If DYL earns to 80% equity, it will 20% free carry Universal to Bankable
Feasibility Study (BFS) completion and decision to mine.
• If DYL elects to buy Universal’s 20%, the payment will comprise a mix of
ordinary shares in DYL and cash equal to 15% of the in situ value of all JORC
Code uranium and related mineral resources known within EPM 14367 at the
completion of the BFS.
The tenement contains a number of surface radiometric anomalies in Haslingden Group
rocks, the host to all major uranium deposits and occurrences in the immediate Mt Isa area.
The tenement is located 10km north of the Anderson deposit and southeast of the Valhalla,
Skal and Bikini deposits, all of which are owned by other companies.
Historic exploration over the Spider tenement was typical of other work in the area and
comprises surface trenching and shallow RC/diamond drilling. Surface values for grab
samples range up to 4,000ppm U3O8 with visible carnotite mineralisation seen at surface.
Universal previously identified 17 surface anomalies of varying intensity that need to be
evaluated further.
A field visit during the quarter by DYL to the two main anomalous areas, A25 and Big Dip,
identified extensive zones of hematite-albitite-silica-carbonate alteration associated with
XRF uranium values of 470ppm and 360ppm U3O8 respectively.

A formal Joint Venture Agreement is nearing completion and should be signed during the
June Quarter.

A letter of agreement was signed in February with Syndicated Metals Limited
(Syndicated) (jointly the Parties) on the terms of a joint venture in which Syndicated may
earn up to an 80% interest in Universal’s wholly owned Dronfield tenement EPM 14369,
located within the NW Queensland mineral province. A formal agreement is now being
prepared for execution by the Parties.
Dronfield EPM 14369 (100% Universal)
A letter of agreement has been signed whereby Syndicated may earn up to an 80% interest
in the Dronfield Project by undertaking the following expenditures:
• $250,000 on exploration within 2 years, to earn a 40% equity interest
• A total of $500,000 on exploration within 3 years to earn a 60% interest
• A total of $1,000,000 on exploration within 4 years to earn 70% interest
Either party may then choose to contribute or dilute.
Should Universal choose to dilute, then Syndicated may sole fund a further $1,000,000 on
exploration over two years to increase its equity to 80% interest.
If Syndicated earns 80%, then Universal will be free carried to a decision to mine.
If either party’s equity falls to 10% or less then that interest will be converted to a 1.5% net
smelter return royalty.
A formal Joint Venture Agreement is expected to be completed and signed during the June
Quarter.
EPM 14369 is located approximately 70km to the south east of Mount Isa and covers
several copper, gold, molybdenum and uranium prospects as well as nine kilometres of
strike length of the regional-scale Pilgrim Fault.
The Pilgrim Fault zone hosts the Kalman molybdenum-copper-rhenium-gold deposit
located 10 kilometres to the north of EPM 14369. The most recent resource estimate
released for the Kalman Deposit is 60.8 million tonnes at 0.32% Cu, 0.05% Mo, 1.19g/t Re
and 0.15g/t Au. (Kings Minerals NL, ASX Announcement 10 September 2008).
Syndicated holds a 49% interest in EPM 13870 (the Kalman South Joint Venture) which
adjoins the northern edge of EPM 14369 and hosts a substantial portion of the Kalman
Deposit.
Lachlan Fold Belt, NSW (Universal 90%)
Collector
The Collector tenement (EL 5812) was relinquished following the withdrawal of joint
venture partner Tri Origin Resources (TRO). Despite protracted negotiations, TRO had
been unable to gain access to massive sulphide target areas at reasonable compensation
rates.
Burra
The Burra tenement is located 30km south of Queanbeyan, within the Lachlan Fold Belt
It hosts massive zinc sulphide mineralisation at London Bridge and a number of zinc dominant basemetal prospects elsewhere in the tenement.
Joint venture partners are currently being sought for this tenement which has untested electrical geophysical targets spatially associated with known massive zinc sulphide mineralisation.


Lets see how and when this baby starts making a move , I think it may well be a good time to top up at these levels and just wait for the tied to come in and raise it to the levels it should be at ..... again IMO