NON-GOLD

NICKEL PROJECTS

Project Description: The Mal Abrigo and Cerros Negros projects cover an area of 24,185 hectares. They are located immediately north of the town of Mal Abrigo, approximately 125 kilometres northwest of Montevideo. The nickel projects also include the Carpintería project, which covers an area of 12,963 hectares, and is located approximately 30 kilometres east of the San Gregorio Gold mine in northern Uruguay.

Geology: Mal Abrigo and Cerros Negros are two spatially separate gabbro/norite complexes, within which outcropping disseminated nickel mineralization has been observed at several locations. These complexes, which may be part of the same event, intrude the San Jose granite-greenstone belt of the Piedra Alta Terrane, which forms part of the Rio de la Plata Craton. This Paleoproterozoic belt has an east-west length of approximately 200 kilometres, and is 30 kilometres wide in a north-south direction. The geology at Carpintería is comprised of a structurally deformed sequence of granites, felsic gneiss, serpentinized ultramafic including talc-tremolite schists, deformed mafic lithologies, iron formation and graphitic black shales.

Exploration Results: Small amounts of sulphide (trace to 2-3%) have been observed at Mal Abrigo and Carpintería. Typical mineral assemblages are dominated by pyrrhotite, with lesser pentlandite and rare chalcopyrite. Exsolution textures have been identified in a mafic complex at Mal Abrigo.

Planned Activities: It is UME's intention to joint-venture these projects.

MAL ABRIGO NICKEL PROJECT Exploration Activities & Results Summary (as of March 31, 2008)
CALENDAR YEAR	ACTIVITY	RESULTS
HISTORICAL RESULTS
1986 - 2006	Sampling	Rock Chip Samples Rock chips are anomalous in Cr (up to 472ppm) and Ni (up to 3,393ppm). Soils are anomalous in Cr (up to 1, 234ppm) and Ni (up to 147ppm).
	Ground geophysics	A ground magnetic survey defined an intrusion. A Max Min survey identified near surface conductive zones.
	Drilling 1,256 m - (6 DDH) Drilling 703 m - (13 RC)	Weakly anomalous nickel in DDH-MA-002. No significant results were reported.
Drill hole intercepts, not true thickness.

CARPINTERIA NICKEL PROJECT Exploration Activities & Results Summary (as of March 31, 2008)
CALENDAR YEAR	ACTIVITTY	RESULTS
HISTORICAL RESULTS
2005-2006	Mapping & sampling	Detailed mapping completed Rock chips have high Ni/Cu ratios, typical of high Mg rocks, or komatiites Ni soil anomalies correspond to ultramafic lithologies Stream sediments: Ni, Cu and Cr anomalies (ICP analysis)
	Ground geophysics	Max Min anomalies are coincident with Ni soil anomalies, and the mapped ultramafic bodies.
	Drilling 1,913m (12 DDH)	Ni abundance equals 1,000-2,500 ppm Ni.
Drill hole intercepts, not true thickness.