UC Resources Receives TSX Venture Exchange Final Approval and Closes McFaulds Lake Property Sale

UC Resources Ltd. ("UC" or the "Company") (TSX VENTURE:UC) is pleased to
announce that it received final approval on the sale of its interest in the
McFaulds Lake area property from the TSX Venture Exchange on January 4, 2012 and
closed the sale on January 6, 2012. In its letter to UC, the TSX Venture
Exchange further advised that a bulletin will be issued upon notification from
the Company of the closing of the transaction on January 6, 2012. 


On November 10, 2011, UC Resources announced that it had entered into a
definitive agreement (the "Purchase Agreement") with Freewest Resources Inc.
("Freewest"), a wholly owned subsidiary of Cliffs Natural Resources Inc.
(NYSE:CLF)(PARIS:CLF) ("Cliffs"), for Freewest to acquire 100% of the UC owned
55% Joint Venture Interest in the McFaulds Lake area property (the "Joint
Venture Interest"), subject to and in accordance with the Joint Venture
Agreement dated as of July 26, 2011 (the "Joint Venture Agreement") between KWG
Resources Inc. ("KWG"), Cliffs Chromite Far North Inc. (f/k/a Spider Resources
Inc.), a wholly owned subsidiary of Cliffs, and UC Resources. 


On November 11, 2011, UC received notice from Cliffs Chromite Far North Inc.
electing to exercise its pre-emptive right in accordance with the Joint Venture
Agreement to acquire the Joint Venture Interest from UC for the same
consideration and on the same terms as set forth in the Purchase Agreement. 


UC did not receive a pre-emptive rights exercise notice from KWG within the time
period required by the Joint Venture Agreement, which resulted in Cliffs
Chromite Far North Inc. obtaining from Freewest the rights under the Purchase
Agreement to acquire 100% of UC's 55% Joint Venture Interest. 


Following Cliffs Chromite Far North Inc.'s acquisition of UC's 55% Joint Venture
Interest, Cliffs Chromite Far North Inc. holds approximately 80% and KWG holds
approximately 20% of the McFaulds Lake area property under the Joint Venture
Agreement.


Under the Purchase Agreement, the purchase price payable to UC was $6,000,000
CDN ($6 Million), payable by deposit of $850,000 on the signing date followed by
the balance on the closing date. The deposit amount of $850,000 was received by
the Company from Freewest on November 9, 2011, and, because of the pre-emptive
right exercised by Cliffs Chromite Far North Inc., the balance of $5,150,000 was
received by the Company from Cliffs Chromite Far North Inc. on January 6, 2012.
The transaction is now closed. 


The Company has notified the TSX Venture Exchange of the transaction closing for
the bulletin to be issued.


UC Resources is an active explorer and producer of precious metals in Mexico.

Mexico is one of the world's largest silver and gold producers. UC Resources is
advancing in Mexico to acquire an asset base of high quality silver and gold
production assets with significant upside on their exploration potential. UC
Resources plans to acquire quick turnaround to production assets, consisting of
previous producing mines or tailings deposits, which can be rehabilitated and
entered into production in reasonable time frames.


On behalf of the Board of Directors,

Gary Monaghan, CEO

We seek safe harbour.

Investors or interested parties are invited to visit the UC Resources Website at
http://www.ucresources.net where they can choose to join the opt in e-mail list
to receive all future press releases and updates in real time.


This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements relating to the terms of the
Purchase Agreement and other future plans, objectives or expectations of the
Company are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's plans or expectations include
risks relating to general economic, market or business conditions, regulatory
changes, timeliness of government or regulatory approvals and other risks
detailed herein and from time to time in the filings made by the Company with
securities regulators. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise except as otherwise
required by applicable securities legislation.