SAN GREGORIO OPERATION

RESERVES AND RESOURCES

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Independent Technical Report, January 2007 (PDF, 1.91MB)

As at June 1, 2007 UME had Measured an Indicated Resources of 20,921,000 tones at 1.32 g/t, containing 885,900 ounces of gold in the Isla Cristalina Belt.

These Mineral Resources and Reserves, as well as the terms used in this disclosure, are fully compliant with NI 43-101 requirements and CIM Definition Standards.

Total Resources

(as at June 1, 2007)	Tonnes (000,s)	Grade (g/t Au)	Contained Ounces
Measured Resources	2,148	1.77	122,500
Indicated Resources	18,773	1.26	763,400
Measured & Indicated Resources	20,921	1.32	885,900
Inferred Resources	3,736	1.1	133.640

Total Reserves

(as at June 1, 2007)	Tonnes (000,s)	Grade (g/t Au)	Contained Ounces
Proven Reserves	1,520	2.01	98,400
Probable Reserves	5,412	1.46	254,600
Mineral Reserves	6,933	1.58	353,000

Click on the following link for a breakdown of the resources and reserves position by deposit.

Qualified Persons's Statement: The technical information presented in the Statement has been reviewed and verified by Mr. John Sadek, Vice President Operations and Mining Engineer, and Mr. George Schroer, Vice President Exploration and a Certified Professional Geologist. Mr. Schroer has a Masters of Science in Geology from Colorado State University and is a member of SEG and AIGP. He has over 20 years of international experience in exploration. Mr. Sadek has a Bachelor of Engineering (Mining) from the University of Sydney and is a member of the AusIMM and SME. HE has over 20 years of international experience in mining.