Uranium Mining Corporation plc

UMC was formed in January 2005 for the purpose of exploring three potential uranium bearing blocks in the Central Labrador Trough of north-eastern Canada,
consisting of 150 claims across 7,100 acres. The blocks are owned by Waseco
Resources Inc., a Canadian company listed on the Toronto Stock Exchange. UMC has been granted an option to earn a 75% undivided interest in the blocks (subject
to a royalty claim) by contributing, in aggregate, C$1,000,000 to their exploration.

The properties are described in various reports, lodged with the Ministry of Energy and Resources of Quebec by previous explorers such as Uranerz and Eldorado Nuclear; companies which explored in the 1980's and terminated activities when uranium prices dropped below US$10.00 per pound.

The following quotes these Reports as listed by numbers and catalogued by the Ministry:

BLOCK 1.------------------------------------------------------------

#181 BRAVO, #185 Lac CRABE, #187, #188: total of 94 claims, situated east of Lac du Portage.
#181 discovered by Eldorado Nuclear Co., in 1979. Report ET.88-06 by Ministry states: “one surface exposure remains open exposing a zone 2.5m. long, 2.0m. wide, with a central zone of enrichment 20 to 30cm. wide. The mineralization is sub-parallel to the schistosity and is confined to a calcareous rock, Bravo presents uraniferous mineralization disseminated throughout the interior of a calcareous strata. Channel samples taken (Tremblay 1979) reported 0.58% U308 over 25cm, and 0.14% U308 over 28cm. The uranium mineralization is concentrated in irregular masses up to 2 to 3cm. in diameter. One sample taken by Pierre Brouilolette, reported in 1989 for Ministry, analysed 2.16% Uranium with 4.5 g/t silver. One drill hole analysed 0.05% U over 25cm. Examination of a dozen trenches adjacent to Bravo outcrop followed a strike length of about 200 metres. Glacial trains cross the property and carry uranium and copper mineralization in hundreds of mineralized pieces of rock. Analyses of grabs ran up to 38% U, 1.2% Cu, 5% Pb and 0.02% Co. A memo by C. Robert M.E.R.Q. /88/03/10 reports a drill hole analysing 0.16% U over 1.0m. He reports that the discovery of radio active float of type Bravo at several kilometres to the S.E. of Bravo suggest an extension of the mineralization in that direction, as discontinuous as it may be (GM-37130-1980).

#185 Lac Crabe, Ministry reports copper disseminated and in veins in train No.4. Mineralization 955m. long x 1.3m wide x 45m. Drilled intersections 3.71% Cu over 1.8m; 0.07% U over 1.2m
#187 Strata-bound U in Sandstone
#188 Vein Uranium

BLOCK 2.----------------------------------------------------------------

#175 Lac Cutus Sud,
#176 Lac Cutus Nord,
#182 Otel Lake Total of 32 claims, North Boundary 3km. S.E. OF BLOCK I south boundary.
#175 Vein of chalcopyrite containing grabs of 51.4% Cu, 1.25g/t Au, 10.62g/t Ag and drill core of 0.96% Cu over 3.37m.
#176 Vein of chalcopyrite containing sample results:
Grabs: 7.05%Cu, 5.62g/t Ag,
Trench: 3.5% Cu over 0.7m


#182 Extract from Report DV83-05 (1983): “Eldorado's exploration of 1982 produced encouraging results. At least two cross-checks in the drilling of 1982 gave more than 0.1%U, over at least 1 metre. Despite the encouraging results, Eldorado decided to interrupt activities in the region for an indefinite period.” Sample Results:
Grabs: 3.855 U, 6.88% Cu
Drilling: 0.10% U across 1m
1.24% Cu across 0.5m.

BLOCK 3.-------------------------------------------------------------

#234 CARIBOU: total of 24 claims, located 130 kms N.E. of Block 1. Extract from report by Uranerz 1979: INDIAN LAKE AREA Radiometric zone 150m long and width 1 to 2 meters.
Grabs: 1.26% U3O8, 0.42% U3O8, 0.13% U3O8
Caribou showing area: Mineralized showing 50m long and 25m wide.

Rock sampling sheets provide analyses on samples taken. (Page 6) up to 0.53% U308. A report by C. Robert states: “uranium occurs in a zone extending over l50m long varying up to 2.0m wide with uranium associated with vanadium adsorbed in the matrix of the rock with values up to 6.41%. The matrix represents up to 30% of the rock. The mineralization is so fine that the minerals of uranium and vanadium could not be identified.” Other Ministry reports indicate grab samples-
1.26% U308 and 0.055% Th02
0.42% U308 and 0.13% Th02 and 1.10% Cu

A C$250,000 geophysical programme has been successfully completed in the field by McPhar Geosurveys Inc. This programme included gravity, radiometric and magnetometer surveys. The various maps are currently being delivered to the Company and Uranium Mining Corporation plc. ("UMC") for review, and the compilation of the results and an interpretive report are expected to be delivered later this week.
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The Company also intends to focus on opportunities available in Kazakhstan, which has significant undeveloped and under-developed resources.

"UMC have been introduced to a number of energy-related projects in Kazakhstan, including oil and gas opportunities, and are close to taking an option to acquire one project."

Principal shareholders (As a % of issued ordinary share capital on Admission):

Investika Ltd 15.23%
Cambrian Mining PLC 14.69%
MOBFI SA 10.88%

Links:

http://www.wasecoresources.com
http://www.world-nuclear.org/info/reactors.htm
http://www.uxc.com
http://www.uic.com.au/nip03.htm
http://www.investcom.com/moneyshow/uranium.htm

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U3O8 Price (lb)