seller, page-27

Is it a buy at $1.50 - $1.60

Nah IMO it's a bargain......

PILBARA IRON ORE PROJECT 100%
+110 MILLION TONNE JORC COMPLIANT RESOURCE OF DIRECT
SHIPPING MARRA MAMBA IRON ORE OUTLINED AT
THE RAILWAY PROSPECT
HIGHLIGHTS:
• The Directors are pleased to announce that the Company has outlined a
substantial high grade direct shipping Marra Mamba iron ore (DSO)
deposit at the Company’s Railway Prospect.

• The high grade DSO resource shows very low levels of impurities.
• The deposit is near surface, shallow and has a low strip ratio of approximately
1:1 or less.
• The Railway Prospect is extremely well located with respect to existing
infrastructure. Two Rio Tinto railways lie within three kilometres of the
deposit, and a BHPB railway is within twenty five kilometres.
• The recently reported Rio Tinto ground breaking deal with another ASX listed
iron ore junior to enter into mine gate sales has potential to provide a rapid
path for UMC mine development along similar lines. Rio Tinto has publicly
advised that the key criteria for a similar deal would be the quality of the ore
and proximity to infrastructure. UMC has both.
• The Company’s preferred development plan is for a production rate of 5mtpa
and 10mtpa.