there is more to this IMHO. Volume started to increase shortly...

there is more to this IMHO. Volume started to increase shortly after the quarterly was announced on the 30th April. Since then its has risen to 1.5c from just below 1c.

Here is an interesting article.

Perth, May 1, 2009 (ABN Newswire) - Universal Resources Limited (ASX:URL) is an Australian public listed company with substantial tenement holdings in two of Australia's major base and precious metal provinces: the Mt Isa Inlier in Queensland and the Lachlan Fold Belt in NSW.

Universal's major asset is the Roseby Copper Project, one of Australia's largest undeveloped open pit copper resources with 128.54 million tonnes of JORC compliant resources containing 878kT of copper and 239kOz of gold.

A detailed feasibility study (DFS) of a 5 million tonnes per annum (Mtpa) mine, concentrator and associated infrastructure was completed in September 2008. That study indicated the Project was both technically feasible and economically viable based on the financial assumptions used in the study.

With the almost total collapse of credit markets around the world by late 2008, there was an associated major decline in metal prices, including copper. As a result, the Company deferred financing and development of the Project.

Recent improvements in metal prices may be a precursor to improved economic conditions generally and particularly in global credit markets.

The Roseby Project is in a fortunate position relative to many competing projects seeking development finance: it has a completed feasibility study, is located in Australia, with its stable political and social environment, a highly skilled mining workforce, well established infrastructure and the extremely favourable geological setting in the Mt Isa Inlier, host to many world class ore bodies, including deposits of copper, copper-gold, lead-zinc-silver and phosphate..

Their quarterly also mentions the following::

-Renewed interest in funding for Roseby Project by financial institutions.

-Recent increases in the copper price have triggered increased enquiries from potential providers of finance for the Roseby Copper Project. Discussions with a number of institutions are ongoing.

At 1.5c the market cap is $8.29M. They have $2.1M in cash. I think its worth a punt at the chance that finance could be given. I believe these guys are also close to Copper Co... I could be wrong, but if its the case, then Cape Lambert's (CFE) recent takeover/buy out of Copper Co (CUO) could also increase interest.

Cheers
Kevi