Presidente Terra

The Presidente Terra Project comprises a large gold mineralized system that has been traced for 18 kilometers along strike and up to 500 meters across strike. It lies in the Don Feliciano Mobile Zone and is located adjacent to the major Cerro Ballena fault zone. The project covers 2,300 hectares and is located approximately 240 kilometers north-east of Montevideo.

Rock chip sampling of outcrop and float over a 12-kilometer strike length averages 7.0 g/t gold. High grade gold values are associated with both dilatational shear hosted quartz veins and a pyritic-hematitic-silicified sheared and brecciated sedimentary unit that is in some zones carbonate rich. The mineralization is interpreted to be controlled by shears which have allowed the introduction of mineralizing fluids into receptive sedimentary units, dilatational fractures and shear zones. Over one hundred rock chip samples of carbonate breccia associated quartz veins were taken and all returned positive gold assays, which are summarized in the following table. For ease of interpretation the project area has been divided into three zones as follows: Northern Zone/Grid 14,000N to 18,000N; Central Zone/ Grid 10,000N to 14,000N and Southern Zone/Grid 6,000N to 10,000N.

Casupa District

The Casupa district is located on the eastern end of the Florida greenstone belt adjacent to the Don Feliciano mobile belt. The district is approximately 20 Km by 24 km and contains many quartz veins which represent modest to small targets. The identified veins suggest the potential for more significant bulk mining targets.

The Crucera vein has been mapped in outcrop for approximately 500 metres, and averages 2-3 metres in width. Earlier drilling by previous operators at Crucera (67 holes in total; average depth 30 metres) defined a small, high-grade (average 5 g/t Au) gold resource which is open at depth and along strike. The earlier drilling (which was predominantly RC) has tested the western end of the structure to approximately 25 metres vertical depth, and the eastern end to approximately 60 metres vertical depth.

A trial mining parcel was taken by the previous explorers in 1995, which was processed in the now closed Mahoma treatment plant. Approximately 1,000 ounces were recovered in this trial.

Subsequent drilling by American Resource Corporation and Rea Gold returned the following best results:

Chamizo

The Chamizo project is focused on stratigraphically controlled gold mineralization in the Florida Greenstone belt, located approximately 120 kilometers west of Montevideo. UME has approximately 7,300 hectares under prospecting and exploration licenses.

The project is situated within a structurally complex sequence of metavolcanics, interbedded with polymictic metasediments and was identified from a stream pan-concentrate survey carried out by Aguilar company in the 1980‘s. Limited follow –up work took place, although Aguilar did drill a number of holes to locate the source of the anomalism. Aguilar did not follow up on these intersections due to a change of corporate control. Better results from previous programs included:

DDH20G, from 90.5 to 101.8 meters, 11.3 meters @ 4.86 g/t Au
DDH26G, from 77.45 to 82.2 meters, 4.82 meters @ 6.07 g/t Au
DDH27G, from 59.15 to 62.91 meters, 3.76 meters @ 1.38 g/t Au
DDH28G, from 77.95 to 79.45 meters, 1.52 meters @ 32.44 g/t Au

UME drilled two diamond drill holes in late 2002 and confirmed the existence of a 2 to 5 metre wide gold mineralized unit, with associated arsenopyrite.

Subsequent work has concentrated on an extensive close-spaced deep-soil survey. This work has defined an open-ended gold anomalous zone measuring 2 kilometers by 200 metres wide with a maximum gold-in-soil value of 1.8 g/t Au, and with over 60 samples returning greater than 0.5 g/t Au.

Follow-up work including geophysical surveying and drilling is planned.

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