noitced received, page-6

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UMC Project Development Study and Preliminary Financial Model
for 64.5 Mt high grade DSO Marra Mamba bedded iron ore
(showing, based on qualifications and assumptions, indicative Net Operating Profit After
Tax averaging in the range $333 million p.a - $596 million p.a with consequent Net Present
Value in the range $1.18 billion - $2.4 billion)
EXECUTIVE SUMMARY
A preliminary scoping study carried out by Prodetheus Limited for United Minerals Corporation NL
("UMC") have identified development options for the Railway Prospect iron ore project. These
have been reviewed by Sten Soderstrom, UMC’s Project Development Manager and the preferred
development option identified and approved by the Directors. This forms the Base Case for the
Project Development Study and Preliminary Financial Model, developed in-house.
This release has been prepared for a presentation at the AGM on Friday 7th November 2008.
The internal Preliminary Financial Model (Base Case) which indicates, subject to qualifications and
assumptions (set out below), a Net Operating Profit After Tax averaging $390 million p.a. with
a Net Present Value of $1.45 billion based on treating 64.5 Mt of high grade Marra Mamba
bedded iron ore from the Railway Prospect over a seven year mine life starting in 2011 (refer
sensitivity analysis Table 3, page 5). The Company is in a sound financial position with cash
reserves of approximately $17 million, enabling it (at least) to complete a Pre-Feasibility Study,
project exploration and metallurgical programmes, and environmental and hydro-geological studies
by mid 2009.