Cosan Limited (CZZ)

[Ed Monton]

Raglan Joint Venture Formed
6/6/03


UC Resources Ltd. has entered into an agreement with Thelon Ventures Ltd. to acquire up to a 60% interest in two properties consisting of 588 mineral claims, totalling approximately 59,668 acres, located in the Ungava region of northern Quebec.
One of the properties covers 22,000 acres and is contiguous to claims controlled by Knight Resource/Anglo-American Exploration (Canada) Ltd. This claim block is considered to be prospective for platinum group metals (PGMs).

The second group of claims covers approximately 38,000 acres and adjoins Falconbridge's Raglan nickel mine property. This property covers

geology permissive to host nickel-copper-platinum-palladium deposits similar to Falconbridge's Raglan mine or the recent nearby discovery announced by Canadian Royalties Inc. (TSX-V: CZZ).

Falconbridge's world-class Raglan mine and the recent discovery by Canadian Royalties indicate a new nickel-copper mining camp with huge potential for associated platinum group metals. In December 1997, Falconbridge opened the Raglan Mine at a capital cost of CDN$550 million. Production is 130,000 TPY concentrate, with an estimated production cost of US$1.50/lb nickel, one of the world's lowest cost producers. The presence of significant platinum group metal values is a large contributing factor. On the Falconbridge property, nine significant nickel-copper deposits have been discovered over a length of 60 kilometers. The placement of the orebodies along the Raglan trend has been compared to a string of pearls.

Canadian Royalties has discovered what appears to be a number of potential orebodies in a structure parallel to and south of the Falconbridge deposits. The platinum group metal (PGM) assays which have been reported, clearly show that the PGM content of the Raglan camp is very anomalous in world nickel camps.

The terms of the Agreement provide for UC Resources to earn up to an undivided 50% interest in the Thelon Properties in consideration of the following:

(a) the issuance of :

(i) 100,000 Shares of UC Resources to Thelon within five business days following acceptance by the Exchange of the Agreement;

(ii) a further 100,000 Shares on or before May 30, 2004;

(iii) a further 200,000 Shares on or before May 30, 2005;

(iv) a further 200,000 Shares on or before May 30, 2006;

(b) incur a minimum aggregate $1,500,000 of Expenditures on the Property (or any part thereof) as follows:

(i) $250,000 of Expenditures on or before May 30, 2004 (firm commitment);

(ii) an additional $250,000 of Expenditures on or before May 30, 2005;

(iii) an additional $500,000 of Expenditures on or before May 30, 2006;

(iv) an additional $500,000 of Expenditures on or before May 30, 2007.

UC Resources can earn an additional 10% interest with an additional work expenditure of $2,000,000 on the Property on or before May 25, 2009.

The property is subject to a 1% net smelter royalty. Thelon has the right to purchase one half of this royalty for $1 million.

The property transaction is subject to acceptance by the TSX Venture Exchange.



THELON VENTURES LTD.

per: (sgd.) 'Jason Walsh', Director

UC RESOURCES LTD.



per:

(sgd.) 'Eugene Larabie', Director



CONTACT: TEL: [phone] Thelon Ventures Ltd.

FAX: [phone]



TEL: [phone] UC Resources Ltd.

FAX: [phone]