Fowler said: Straight No Chaser Despite a difficult half we have taken

Fowler said: studies Straight No Chaser “Despite a chaser spells out difficult half we have taken thenecessary steps to improve the Company`s financial performance. Additional highgrade ore has been identified for the second half of fiscal 2009 and we areimplementing ongoing cost reductions. Exploration is also being refocused onnear mine prospects that have the greatest potential to contribute to cash flowin the coming years.” Three-months ended November 30, Summary of Results1 Q2 2009Q2 2008 Operating ResultsGold producedOunces 15,837 26,317Average cash costUS$/oz 811374 Average price received US$/oz 796761Financial ResultsRevenue$US `000s11,659 21,180Net income (loss) for the period $US `000s(7,907)4,369 Cash flow from operations2 $US `000s84 8,482 Basic earnings per share $US(0.162)0.089 Cash at the end of the period$US `000s6,43914,741Total debt at the end of the period$US `000s1182,320 1 Results are based on Canadian GAAP and expressed in U.S. dollars.2 Before non-cash working capital movements.REVIEW FOR THE SECOND QUARTER ENDED NOVEMBER 30, 2008Production and CostsGold production for the second quarter of fiscal 2009 was 15,837 ounces, belowexpectations of 20,500 ounces for the period. This was due to a shortfall inhigher grade ore from Arenal as fewer tonnes of high grade ore were mined in thewestern portion of the deposit. While the mine plan for Arenal was based on anindependently estimated resource model, drill density where the productionshortfall occurred was lower than in other areas of the resource model.

Duringthe half the shortfall at Arenal was partially offset by higher than scheduledlevels of ore encountered at Veta Sur, Polvorín and San Gregorio East straight no chaser jazz . As a result of the shortfall in production, on December 5, 2008, UME announced arevised mine plan estimate of 75,000 ounces of production for fiscal 2009subject to further evaluation, including the potential to incorporate additionalVeta material thelonious monk john coltrane . This compares with its original target of 80,000 ounces.Following the evaluation of the Company`s mine plan, including allowances forthe loss of additional high grade ore at Arenal, UME has revised its productiontarget for fiscal 2009 to a range of 72,000 -75,000 ounces thelonious monk poster . This reforecast reflects the following:* a significant loss of high grade ore from the Arenal pit in the westernportion of the orebody and in a hanging wall ore lens thelonious monk Straight No Chaser – sncmusic .

As production enters itsfinal semester at the Arenal open pit, excavation has returned to the centralcore of the deposit where mined grade has historically been consistent withresource grade; and * additional drilling successfully completed at Zapucay and Veta Sur duringNovember and December to define new sources of higher grade ore to be accessedduring the second half of the fiscal year.Resources that will be mined in the second half have better levels of drilldensity straight no chaser cd . In addition, infill drilling was completed at Santa Teresa and Zapucayduring the half and initial indications are that this drilling modestlyincreases existing resource estimates orrin keepnews . In pit ore control practices and mineplanning have also been reviewed and steps taken to improve performance in theseareas steve lacy Straight No Chaser Straight No Chaser concert tickets . Cash costs for the quarter were $US 811 per ounce, above the budget for theperiod due to lower production levels straight no chaser flo rida .

For the second half, cash costs per ounce are expected to decline to a range of$US 450 to $US 480, resulting in cash costs for fiscal 2009 of between $US 600and $US 630, compared to the Company`s original target of $US575 per ounce straight no chaser album . Themajor factors affecting costs in the second half are:* a company-wide cost cutting program, including a 20% reduction in headcount; * lower oil prices and the appreciation of the US dollar against the Uruguayanpeso which have recently started to impact positively on operating costs; * a decline in the price of other consumables such as explosives, cyanide andgrinding media which is expected to start flowing through in the second half offiscal 2009; and * additional mining costs on other ore sources to replace the high grade ounceslost from Arenal.These factors were not included in the Company’s original budget for fiscal2009 thelonious monk sheet music . The impact of cost cutting, lower oil prices, higher Uruguayan peso andlower consumable costs are currently expected to reduce costs by $US 4 to 5million in fiscal 2010 chasers . Financial PerformanceUME reported a net loss after tax of $US 7.9 million for the quarter, comparedwith a net profit after tax of $US 4.4 million in the corresponding quarter lastyear jazz icons . The average gold sales price for the quarter was $US 796 per ounce ashedged, against a cash cost of $US 811 per ounce. Results for the quarter werenegatively impacted by the loss of revenue from the production shortfall andadditional depreciation charges also due to loss of production. Cash flow generated by operations was $US 0.084 million before working capitalitems compared to $US 8 Straight No Chaser tickets .5 million in the corresponding quarter last year.

Cashdeclined to $US 6.4 million at November 30, 2008 compared to a budget level of$US 9.6 million . For the second half of fiscal 2009, however, UME is focused onmaximizing cash generation targeting a cash balance ranging between $US million8 to $US 10 million by year-end jazz icons dvd . UME expects to further reduce expenditure on exploration by approximately $US1.25 million in the second half of fiscal 2009 blues . Funding priority will be givento key near mine and high grade targets, while all expenditure on non goldexploration, including Lascano, will be minimised . Other capital expenditurewill be restricted during the period. Capital expenditure for the quarter was $US 0.5 million invested in property,plant and equipment and $US 3.3 million in exploration.

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