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Die Zeiten des billigen einsammelns sind wohl bald vorbei. Schade!

ASX/Media Announcement 7 March 2008
ROSEBY DFS DELIVERS SUBSTANTIAL VALUE INCREASE
Universal Resources Limited (ASX:URL, “Universal”) is pleased to announce the results of the Definitive Feasibility Study (“Study”) for the Company’s Roseby Copper Project, located near Mt Isa, Queensland.
The results for the base-case model show a marked increase in the Net Present Value (“NPV”) for the project relative to the preliminary results released late last year;
• Project NPV is now assessed as $282 million, an increase of $96 million from the
preliminary study
• Life of Mine operating cashflow is now $970 million, up $477 million
• The Internal Rate of Return is 32%, up 8%.
Universal’s Executive Chairman, Mr Peter Ingram, said that the increase in project value was an impressive result for Universal.
“We are very pleased with the final study outcomes. Following this substantial uplift in the expected value of the project, we are well placed to begin final financing discussions. The study has shown that Roseby stacks up financially and technically as a project that will deliver robust returns to Universal, and future finance partners.”
The estimated $282 million NPV of the project once complete, equivalent to $0.82 per share, far exceeds the current Universal Market Capitalisation of around $25 million and share price of $0.073 per share.
“Higher future copper price market expectations have played an important role in delivering the value increase. We have also had some success in reducing the expected power consumption at the project, with a direct impact on the operating surplus,” continued Mr Ingram.
Estimated capital costs, including mining pre-strips, have increased by 10% to $195.5M principally related to an increase in estimated costs of civil and earthworks for the project. Mine life post commissioning and utilising Ore Reserves only is 12.45 years. Other results from the final study are in line with the preliminary results.
A substantial amount of test-work has been undertaken for the study. This, combined with the fact that the process technology and mining methods chosen for the project are widely used and well proven, indicates there is a low risk of technical failure.
Planned production from Roseby will exceed 255,000t of copper from an area of low sovereign risk. This will enable Universal to take advantage of the dramatically improved demand for copper and the resulting strong price environment.
Universal will now circulate the completed report to a number of potential finance partners that have expressed interest in funding the project. Successful financing could allow site works to commence in the second half of 2008, targeting first production in the second half of 2009.
“We believe there is considerable scope to further enhance the value of the project through on-going optimisation programs. In particular, there is a lot of upside still to be realised
through the definition of further reserves, future throughput increases and other process improvements. The CITIC mill we have proposed to acquire is expected to have a significantly higher throughput capacity than the 4Mtpa modelled in the study,” said Mr Ingram.
The study base-case model utilises forward curves, a market derived mechanism, to determine future copper and gold prices, as well as exchange rates. These curves are often used in pricing hedging instruments for both the metals and the currency. Mining costs used are as per independent contractor pricing. Operating costs have been estimated by Como Engineers and include a 15% contingency factor. All outcomes are based on a throughput of 4 million tonnes per annum of processed ore for the life of mine, that is, without expansion to 8Mtpa.
A financial assessment of the proposed increase in throughput to 8Mtpa, by early 2012, has not been included here as the operating and capital cost estimates are not at definitive study level. However, a scoping level study has indicated capital costs of around $100 million would be required to implement the expansion, which should result in a marginal lowering of unit operating costs.
-ENDS-
For further information, please contact:
Peter Ingram Shane Murphy
Executive Chairman Porter Novelli
Universal Resources [phone]
[phone] [phone]
Or visit www.universalresources.com.au
Universal

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XSTRATA boss Charlie Sartain has given the first real clue publicly that the Swiss mining giant is positioning itself for an acquisition around Mt Isa in Queensland sometime in the next few years.

Speaking on the sidelines of the World Copper Conference in Santiago last week, Mr Sartain said the company had only two options when it came to figuring out what to do when the Ernest Henry open pit mine runs out in a couple of years -- reduce output or look for more copper.

Xstrata has started construction of a decline to access the copper-bearing ore beneath the Ernest Henry open cut mine. However, an underground operation would be unable to keep pace with the mine's mill, which has a capacity of about 11 million tonnes a year, with a shortfall of 6 million tonnes a year anticipated unless Xstrata can source some additional ore.

The underground operation is not slated to be at full production until 2010 and Xstrata is to spend about $26 million over this year and next to complete

The company's options are limited. "We can either reduce throughput or we can either look for other ore sources, either through an acquisition or something else. There is still some good ground around the mine," Mr Sartain said.

He said the company had already held discussions with other mining companies in the region to expand its base metals division.

Xstrata was strong in coal and wanted now to double its copper business in the next five years.

The news from Xstrata will come as little surprise to the raft of explorers and miners that have positioned themselves around Mt Isa and Cloncurry. Xstrata is the dominant player on the landscape and would be a strong partner to many.

Companies such as Universal Resources, Exco Resources and Cudeco are all within a short distance of the Ernest Henry operations. Cudeco boss Wayne McCrae famously said that his company would likely be taken out before the end of 2007. However Cudeco is unlikely to become a genuine target until the company releases its long-awaited resource update for the Rocklands project.

Robert Friedland's Ivanhoe Mines has also been ramping up exploration of its assets in the region and is believed to have about 15 geologists and nine drill rigs based permanently on site.

Ivanhoe had previously tried to float the assets in a $500 million listing before the market meltdown and talks with a possible cornerstone investor -- believed to have been Chinese heavyweight Chinalco -- broke down.

Ivanhoe also has an option to acquire a 19.9 per cent stake in Perth-based junior Exco, whose flagship Cloncurry Copper Project is located about 10km from Ernest Henry and has a contained JORC resource of 15.2 million tonnes grading 0.7 per cent copper for 106,900 tonnes of contained copper.

Mr Sartain highlighted that the global mining industry was going through a period of rapid consolidation which saw an increase of 70 per cent, worth $160 billion, in completed deals last year against what was achieved in 2006.

Xstrata, one of the chief beneficiaries of the resources boom and now valued at $US70 billion, had also become a takeover target after being put into play by Brazilian giant Vale.

Negotiations between the pair broke down and Vale was forced to walk away empty-handed.

The volume of deals had actually been staggering, Mr Sartain said, adding that the industry might well be entering an era of super consolidation.

Sustainable operations needed to be developed to support the prosperity of the industry long term, he said.

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ASX/Media Announcement 8 July 2008
ROSEBY COPPER PROJECT: US$30M BRIDGE FACILITY
Universal Resources Limited (“URL” or the “Company”) is pleased to advise that it has mandated The Royal Bank of Scotland plc (“RBS”) and ABN AMRO Bank N.V., London Branch (“ABN AMRO”) as Joint Lead Arrangers (“JLA”) to arrange a Bridge Finance Facility (“Facility”) of US$30 million for the Company as part of the Company’s financing requirements for the development of the Roseby Copper Project in Queensland.
The Company is being advised by LinQ Corporate Pty Ltd (“LinQ”)
The Facility will be in the form of US$ denominated Senior Floating Rate Notes (“FRN”) with Warrants. The Facility will have a term of approximately twelve (12) months and will be utilized for the development of the Roseby Copper Project including:
• The order and purchase of several long-lead time items of equipment;
• To fund detailed engineering design and other engineering work;
• To secure bank guarantees in relation to the supply of grid power to the Project site; and
• For general working capital purposes.
The FRN holders will be entitled to equity Warrants which will be converted into ordinary shares in the Company upon exercise. Finalisation of the Facility will be subject to, amongst other things, completion of due diligence by the JLA and to the approval of Universal shareholders in general meeting to the issue of the Warrants, details of which will be provided in the Notice of Meeting to be distributed to shareholders in due course.
In addition to the Facility, the Company has received indicative offers of bank debt finance from several banks (“Financiers”). These indicative offers remain subject to the completion of due diligence and to the receipt of approvals from the Financiers’ respective credit committees. The Company expects to be in a position to mandate its preferred senior debt Financiers in the near future. The Company is also negotiating with a number of investment banks for the provision of mezzanine and equity facilities to meet the balance of its funding requirements for the Project.
The appointment of RBS and ABN AMRO is a significant step as the Company moves towards its goal of commencing development of the Roseby Copper Project.

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ASX/Media Announcement 10 July 2008
ROSEBY COPPER PROJECT
APPOINTMENT OF DESIGN/CONSTRUCTION CONTRACTOR
Universal Resources Limited (“URL” or the “Company”) is pleased to advise that it has selected GR Engineering Services Pty Ltd (GRES) as the preferred contractor to build the Roseby Treatment Facility and selected infrastructure. A Conditional Letter of Intent has been signed by both parties and the companies will now negotiate a formal contract on the basis of a Guaranteed Maximum Price (GMP) EPC Contract based on the proposal provided to the company on 13 June 2008, as amended by various letters.
The appointment of GRES will be subject to the company raising the necessary finance to complete the mine development.
GRES is a well established engineering design/construction organisation specialising in the design and construction of mineral processing plants and associated infrastructure. It has recently completed the 1Mtpa Higginsville Gold Project for Avoca Resources and is scheduled to complete the 300,000tpa Sinclair Nickel Project for Jubilee Mines (Xstrata Nickel) in Q3 2008 and the 250,000tpa Forrestania Nickel Project for Western Areas in Q1 2009.
GRES’ Managing Director, Mr Joe Ricciardo has over 30 years industry experience, including as a founding director (in 1986) of JR Engineering and, following the sale of the business to Roche/Downer Group in 2001, as General Manager and Director of Roche (JR). He formed GRES in 2006.
GRES have dedicated a comprehensive team of highly experienced and qualified managers, engineers and support staff to the project. This team is currently working with the company to optimise the process plant design including some minor changes to the process flow sheet and equipment selection. It is anticipated that the final GMP Contract will not be significantly different to the DFS capital cost estimates.
The company looks forward to working with the GRES team to bring the Roseby Project to fruition.

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http://www.universalresources.com.au/reports/20080715URLPres…

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http://www.universalresources.com.au/reports/ASXBLACKARDDRIL…

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Universal Resources Limited ACN: 090 468 018 Postal Address: PO Box 1466, West Perth WA 6872 Street Address: Level 2, 91 Havelock Street, West Perth
WA 6005 Telephone: [phone] Facsimile: [phone] Email: [e-mail] Web: www.universalresources.com.au
ASX/Media Announcement 22 August 2008
ROSEBY COPPER PROJECT
US$100M SENIOR BANK DEBT FACILITY
Universal Resources Limited (“URL” or the “Company”) is pleased to advise that it has mandated nabCapital (“NAB”) and Commonwealth Bank of Australia (“CBA”) as Joint Lead Arrangers (“JLA”) to arrange a Senior Bank Debt Facility (“Facility”) of US$100 million for the Company as part of the Company’s financing requirements for the development of the Roseby Copper Project in Queensland.
The Company is being advised by LinQ Corporate Pty Ltd (“LinQ”).
The Facility will be in the form of Senior Bank Debt. Post construction, the Facility will have a term of approximately five (5) years and will be utilised for the development of the Roseby Copper Project including:
• The construction of the crushing and processing plant and associated infrastructure;
• Mine development; and
• General working capital purposes.
Finalisation of the Facility is subject to, amongst other things, completion of satisfactory due diligence and receipt of the requisite approvals required by each JLA.
On 8 July 2008, the Company announced the mandating of Royal Bank of Scotland (Australian Branch) and ABN Amro NV (London Branch) as Joint Lead Arrangers of a US$30 million bridge finance facility. Due diligence and legal documentation relating to this facility are proceeding satisfactorily.
In addition to the abovementioned facilities, the Company is also negotiating with a number of investment banks for the provision of mezzanine debt and equity facilities to meet the balance of its funding requirements for the Project.
The Company considers the appointment of NAB and CBA to be an important milestone in its program to finance the development of the Roseby Copper Project. Successful finalisation of the Facility will enhance the Company’s ability to proceed to the construction phase at Roseby on a timely basis.
-ENDS-
For further information, please contact:
Peter Ingram
Executive Chairman
Universal Resources Limited
[phone]
[phone]
Gary Conway
LinQ Corporate
[phone]
[phone]
Or visit www.universalresources.com.au