broker presentation ..., page-5

PA - It's one "alliance" with multiple conditions.

Going back to 14th March 2005 the orignal alliance involved Xstrata funding $6.6M into URL through a share placement of 30M shares at $0.22, an exploration JV (SEEP), an off-take agreement, access to Xstrata Infastructure and technical advice and an option to aquire 51% interest in Roseby project based on fair market price at the time of exercise of the option.

The option to aquire the 51% interest expires on 30 June 2012.

Looking at the JV in more detail (SEEP), there were conditions that had to be met and if they were met then it would trigger an automatic buy-in of the option to aquire Roseby.

Essentially, Xstrata have until 30 June 2012 to spend $15M on exploration of SEEP. Once they do spend the full $15M, it automatically triggers a clause which requires them the purchase 51% of SEEP, again at fair market value at the time of exercise. Make no mistake the SEEP resources are MASSIVE MASSIVE MASSIVE.

There was one more condition (to my knowledge) that in the instance that Xstrata do spend the $15M and aquire 51% of SEEP, then they also must take up the 51% option in Roseby.

Each domino falls after the next.....

There's no question whether Xstrata will do it, they will. It's all just a matter of timing. They've still got 2 years left on the clock.

Some people might remember years back (RRM probably does!) I kept saying that for me this was a 7 year stock. I first began accumulating URL back in April/May 2005..... my seven years brings me right up to June 2012 which, IMO, is when we'll really see the true value of URL.