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Corporate Presentation

Corporate Presentation. February 11, 2009 Vultures’ Nest Investment Club. Cautionary Statement.

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Corporate Presentation

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  1. Corporate Presentation February 11, 2009 Vultures’ Nest Investment Club

  2. Cautionary Statement • Statements contained in this presentation which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors include among others: volatility and sensitivity to market prices for uranium, competition, the impact of changes in foreign currency exchange rates, environmental risks, political risk, changes in government regulations and policies including trade laws and policies, demand for nuclear power, replacement of production, receipt of permits and approvals from government authorities as well as other operating and development risks.

  3. Sheep Mountain, Wyoming – 50% • Green River South – Utah – 85% • Green River North – Utah – 50% • South Fork, Saskatchewan – 32.5% • East Shirley Basin, Wyoming – 100% • Breccia Pipes, Arizona – 50% • Burro Canyon, Colorado – 50% PROJECTS - SUMMARY

  4. Sheep Mountain Summary • Mining commenced in 1957 • Mined 17.9 million lbs U3O8 • Average grade 0.25% U3O8 • NI 43-101 Resource – 15.6 million pounds U3O8 • Additional Historical Estimate 6.5 million lbs U3O8 • UG Mine is Permitted and Bonded

  5. Sheep Mountain

  6. Sheep Mountain – Regional Longitudinal Section

  7. Sweetwater Mill - RTEA

  8. Sheep Mountain Mine 3-D Schematic

  9. Sheep Mountain Recent Work • Completed 12,000 feet (3650 m) of rotary drilling (18 holes) • Extended the deep 58 Sand trend to over 1 mile (1.6 km) in length • Completed NI 43-101 compliant Resource Study

  10. Sheep Mountain – 2009 Plans • Initiate work to reopen the mine • Start permitting for North Gap open pit

  11. Sheep MountainResource Model North Gap 6.5M lbs 58 Sand 15.6M lbs

  12. Sheep Mountain Resources • Inferred Resource: • 4,560,000 tons @ 0.17% U3O8, 15.6 m pounds • Additional Historical Estimate: • 3,000,000 tons @ 0.11% U3O8, 6.5 M pounds

  13. Green River Property Map

  14. Green River Summary • Area produced 3.1 million lbs U3O8 and 5.4 million lbs V2O5 • Average grade 0.21% U3O8 • Adjacent resources (Magnum Uranium) 3.3M lbs U3O8 NI 43-101 compliant • Large land position, 15,000 acres • Substantial resources remain • Excellent exploration potential

  15. Green River Area

  16. Schematic Cross Section Green River

  17. Green River – 2009 Exploration • Prepare for 30 – 50 hole drill program on regional targets

  18. Green RiverU3O8 Resources and Potential • NI 43-101 compliant: Deep Gold 0.9 m lbs • Historical: Sahara 0.5 m lbs • Additional Potential 8-16 m lbs

  19. Green River Airborne EM Survey

  20. South Fork Project • Located in southern Saskatchewan, Canada • Option to Earn 65% from JNR Resources, 50% currently vested • Mega Uranium option to earn 50% of UPC interest • Excellent potential for Wyoming-style roll-front uranium deposits • 45 hole drill program completed Summer 2008 • Intersected uranium mineralization

  21. South Fork Project2008 Exploration • Airborne EM and Radiometrics – complete • Drilling – 45 holes, 5400 metres • Intersected anomalous uranium in target formation

  22. East Shirley Basin Project • Acquired 100% by claim staking • Reinterpretation of old mapping identified paleodrainage channels from Laramie Range • Channels intersect regional Redox fronts, with known uranium occurrences • Adjacent to historic production • Potential for several 5-10M lb deposits

  23. East Shirley Basin2009 Exploration • Prepare permit application for drill program • Plan airborne geophysical survey

  24. Key Staff • Rahoul Sharan, C.A. – Chairman • Chris M. Healey, P. Geo – President • Gregory Adams – Vice President – Exploration • Barry Sheahan, C.A. - CFO • David Scriven, P.E. – Senior Consulting Engineer

  25. Ticker: UPC.V • Exchange: TSX Venture • Shares Outstanding: 98M • Options outstanding: 2M • Cash: $8,000,000 CAN • Transfer Agent: Pacific Corporate Trust Company

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