ABN reported that Universal Resources Limited is an Australian public listed company with substantial tenement holdings in 2 of Australia's major base and precious metal provinces.

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 878,000 tonnes of copper and 239,000 ounces of gold.

A detailed feasibility study of a 5 million tonnes per annum mine, mill, 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 Roseby Project.

Recently announced improvements in economic conditions in Australia, China and at least tentatively, in the USA, have seen copper prices perform more strongly. At the date of writing, the LME copper price is around USD 2.50 per pound. As a result, a number of financiers have renewed discussions with the Company about possible financing of the Project. Roseby is in a fortunate position relative to many competing projects seeking development finance, having:

1. A completed feasibility study to bankable standard;

2. Its location in Australia, with its stable political and social environment;

3. Access to a highly skilled mining workforce within easy transport distance of Roseby;

4. Well established infrastructure in the general vicinity; and

5. The extremely favourable geological setting of the Mt Isa Inlier, which is host to many world class ore bodies including deposits of copper, copper gold, lead zincsilver and phosphate.

(Sourced from abnnewswire.net)