SOUTHERN URUGUAY PROJECTS

PRESIDENTE TERRA

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Project Description: The Presidente Terra gold project, which is UME's principal exploration property in the Dom Feliciano Belt, is located adjacent to the Sierra Ballena strike-slip fault zone. The project comprises a large gold mineralized system that has been traced for 11 kilometres along strike. The project area of 2,300 hectares is located approximately 240 kilometres northeast of Montevideo.

Geology: The project geology is characterized by granite, quartzite and meta-sediments which are cut by northeast trending high-angle shear zones. These shear zones are sub-parallel to the Sierra Ballena Fault. Gold mineralization is found associated with shear zones and quartz veins in granite, and at the contact between granite and quartzite meta-sediments. Historical and recent samples have defined mineralization over a strike length of 11 kilometres with reported values of up to 336 g/t Au in outcrop.

Exploration Results: One third of the 250 rock-chip samples that have been collected on the property have reported gold assay results greater than 1.0 g/t Au. High grade gold values are associated with both dilatational shear-hosted quartz veins, and a pyritic-hematitic-silicified sheared and brecciated sedimentary unit.The mineralization is interpreted to be controlled by shears which have focused mineralising fluids into receptive sedimentary units, as well as creating dilatational fractures and structural traps. Anomalous gold assays have been received for more than one hundred rock chip samples, associated with quartz veins and quartzite meta-sediments. A summary of the historical and current results to date is presented below.

Presidente Terra - 2008 RC Drill Program

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Planned Activities: During calendar year 2008, UME expects to complete soil grid sampling, trenching, and drilling in the southern and central areas of Presidente Terra.

PRESIDENTE TERRA PROJECT Exploration Activities & Results Summary (as of March 31, 2008)
CALENDAR YEAR	ACTIVITY	RESULTS
HISTORICAL RESULTS
1979	Drilling - 382.1m (8 DDH)	Intercepts ≥ 3.0g/t Au over ≥ 0.5m AGD1 0.60m @ 8.00g/t Au from 83.70m AGD3 0.63m @ 7.50g/t Au from 48.82m AGD3 0.89m @ 4.20g/t Au from 50.2m AGD8 0.55m @ 15.00g/t Au from 15.35m AGD9 1.10m @ 3.00g/t Au from 13.35m
1993 - 2001	Mapping & sampling	205 samples between 50 - 45,900ppb Au
	Trenching	C3 6m @ 6.49g/t Au C4 2m @ 2.94g/t Au C5 4m @ 10.85g/t Au N3 1m @ 13.53g/t Au N4 1m @ 11.89g/t Au N7 2m @ 9.43g/t Au
	Drilling - 313.1 (3 DDH) Drilling - approximately 450.0 m (67 RAB)	Intercepts ≥ 2.0g/t Au over ≥ 1.5m PTD01 1.80m @ 3.55g/t Au from 46.00m PTD02 1.50m @ 2.66g/t Au from 76.25m PTD03 1.75m @ 2.19g/t Au from 63.75m Intercepts ≥ 2.0g/t Au over ≥ 3.4m PTP05 5.1m @ 2.48g/t Au from 0.0m PTP08 3.4m @ 2.09g/t Au from 3.4m PTP11 3.4m @ 3.64g/t Au from 3.4m PTP12 6.8m @ 2.05g/t Au from 3.4m PTP16 3.4m @ 3.27g/t Au from 13.6m PTP21 3.4m @ 2.23g/t Au from 13.6m PTP25 3.4m @ 3.85g/t Au from 3.4m PTP26 3.4m @ 2.62g/t Au from 6.8m
CURRENT RESULTS
2007/2008	Mapping Sampling Ground Geophysics	Detailed mapping completed A minimum of 15 veins have been identified having widths of 0.5 - 3.0m and exposed strike lengths of up to 250m. Rock chips 86 rock chip samples have reported positive for gold. One sample @ 336 g/t Au, seven samples @ 10-40 g/t Au, 15 samples @ 1-10 g/t Au. IP Survey in northern and southern Presidente Terra 16 line kilometres in the South and 21 line kilometres in the North
Drill hole intercepts, not true thickness.