SOUTHERN URUGUAY PROJECTS

CASUPA-CRUCERA

Project Description: The Casupa-Crucera gold projects are 20 kilometres apart and are located 110 -130 kilometres north of Montevideo. The Casupa district is located at the eastern end of the La Florida Belt adjacent to the Dom Feliciano Belt. The total project area is 22,103 hectares. It contains many shear-zone hosted quartz veins which suggest the potential for economic bulk mining targets.

Geology: Both projects are characterized by multiple high-angle veins and shears that cut granitic host rock, and individually range in width from 1 to 15 metres. Strongly anomalous rock-chip samples have been reported from quartz veins and associated shear zones in both project areas.

Exploration Results: The Crucera vein has been mapped on surface for approximately 800 metres along strike, and averages 2 - 5 metres across in width. Earlier drilling by previous operators at Crucera (67 holes in total; average depth of 30 metres) defined a small, high-grade (average 5 g/t Au) mineralised zone which is open at depth and along strike. This drilling, which was predominantly RC, tested the western end of the structure to approximately 25 metres vertical depth, and the eastern end to approximately 60 metres vertical depth. Since 2006, UME has completed a ground geophysical survey, soil sampling and surface mapping along strike at Crucera, as well as a preliminary RC drill program. At Casupa, mapping has been completed on the Madre con Hijos and San Juan veins, and this work has identified an additional three vein systems. Rock-chip sampling of the veins has provided encouraging results. A summary of exploration results for Casupa and Crucera is presented below.

Madre con Hijos Geology

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Casupa-Crucera District - Vein Occurrences

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Crucera East Geology

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Vichadero Project

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Planned Activities: During calendar year 2008, UME expects to drill test the strike extent of the Crucera vein. UME also expects to complete additional soil sampling and reverse circulation drilling at Casupa during calendar year 2008.

CASUPA Exploration Activities & Results Summary (as of March 31, 2008)
CALENDAR YEAR	ACTIVITY	RESULTS
HISTORICAL RESULTS
1991 - 2003	Mapping & sampling	Detailed mapping completed Stream Sediments: 54 samples between 100 - 12,600ppb Au 8 samples between 100 - 6,800ppb Au Rock Chips 5 samples between 582 - 49,8000ppb Au Soils 4 samples between 50 -253 ppb Au
	Trenching	~325m on several singular veins in the entire Casupa area Intercepts average ~0.5-1.0m between 1.0-3.0g/t Au and locally 5.0-20.0g/t Au. This corroborates the rock chip sampling.
	Drilling approximately 1,500 m (30 DDH) approximately 800m (34 RC holes)	Results unknown Results unknown
CURRENT RESULTS
2007/2008	Mapping & sampling	Detailed mapping completed 32 rock chips between 100-1000ppb Au 34 rock chips between 1000-10000ppb Au 10 rock chips ≥10000ppb Au Rock-chip samples Significant results from vein systems include: 3.55, 9.03, 9.2, 0.99 g/t Au
Drill hole intercepts, not true thickness.

CRUCERA Exploration Activities & Results Summary (as of March 31, 2008)
CALENDAR YEAR	ACTIVITY	RESULTS
HISTORICAL RESULTS
2006	Airborne geophysics	Aeromagnetic & gravity survey completed for a total of 1,586 line-kilometres
2006	Drilling 3,400m (79 RC & 9 DDH)	Intercepts ≥ 2.5g/t Au over 4m RCCA-01 5m @ 3.73g/t Au from 40m RCCA-02 8m @ 7.05g/t Au from 45m RCCA-08 9m @ 2.72g/t Au from 48m RCCA-09 5m @ 3.18g/t Au from 47m RCCA-10 4m @ 2.95g/t Au from 56m RCCA-18 4m @12.41g/t Au from 50m RCCA-23 15m @ 2.94g/t Au from 28m RCCA-24 13m @ 3.98g/t Au from 28m
CURRENT RESULTS
2007/2008	Mapping & sampling	Detailed mapping completed 9 samples between 510 - 6,730 ppb Au.
	Trenching	CR-07-TRN6 5m @ 4.41g/t Au CR-07-TRN17 3.5m @ 5.09g/t Au CR-07-TRN24 2.5m @ 4.27g/t Au CR-07-TRN24b 3.5m @ 4.45g/t Au CR-07-TRN42 7.5m @ 3.61g/t Au CR-07-TRN83 1.0m @ 6.00g/t Au CR-07-TRN91 1.0m @ 3.90g/t Au
	Drilling - 3,490.55m (29 RC) & 458.35m (3 DDH)	Intercepts ≥ 1.5g/t Au over 2m CR-07-002 12m @ 2.23g/t Au from 90m CR-07-003 5m @ 2.35g/t Au from 87m CR-07-004 3m @ 2.26g/t Au from 87m CR-07-005 2m @ 1.92g/t Au from 84m CR-07-006 2m @ 1.65g/t Au from 78m CR-07-011 5m @ 2.19g/t Au from 144m CR-07-013 2m @ 3.71g/t Au from 42m CR-07-014 3m @ 5.30g/t Au from 38m CR-07-015 3m @ 1.95g/t Au from 38m CR-07-019 4m @ 1.94g/t Au from 18m CR-07-022DDH 7.85m @ 5.99g/t Au from 62.15m
	Mapping &sampling	Soil sampling on Crucera extension 349 samples, at a line spacing of100m, and a station spacing of 25m. Anomalous samples have defined vein extensions of 1 kilometre to the northwest and 700m to the southeast, beyond the drilled portion of the vein.
Drill hole intercepts, not true thickness.