August 4, 2009

The Equinox Project, comprising 7,146 acres owned equally by UTS and Teck is located across the Athabasca River directly west of the northern boundary of the Fort Hills Project and bisects oil sands leases associated with the proposed Pierre River Mine operated by Shell.

EQUINOX PROJECT - Contingent Bitumen Resources*

UTS engaged Sproule Unconventional Limited to prepare an independent opinion of the contingent bitumen resources of UTS effective as of December 31, 2008. Sproule conducted an audit of the Equinox Project and also reviewed the methodology used to estimate these volumes based on the preliminary pit design. The results of the report are tabulated below.

* Contingent resources are defined in the Canadian Oil and Gas Evaluation Handbook (“COGEH”) as “those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies”. Please see UTS’ website or recent Annual Information Form filed on SEDAR for Forward Looking Statements.

EQUINOX PROJECT– Project Activities

UTS and Teck are assessing the potential for developing the Equinox Project as either a standalone mine and bitumen extraction project or a satellite operation to the Frontier Project, is another potential option.

Baseline environmental and historical resources studies have been completed for the Equinox Project Area. Water management and reclamation plans to support the mine application for the Equinox Project have also been completed.

A Design Basis Memorandum (“DBM”) engineering study was initiated in the second quarter of 2008 to advance scoping studies completed in 2007 to the next stage of definition. A draft of this study is under review by the partners but will not be finalized until the potential to develop the Equinox Project as a satellite bitumen froth production facility to the Frontier Project has been evaluated. This evaluation will follow completion of the Frontier Project’s scoping studies later in 2009.

At present, no decisions have been made regarding product quality specifications, marketing and transportation arrangements, or joint development with other area operators. In parallel with the above activities, UTS continues to assess other strategic options for maximizing the value of the Equinox Project.

EQUINOX - Regularly Activities

A Public Disclosure Document released on March 25, 2008 described the Equinox Project and initiated the regulatory process. An Aboriginal Consultation Plan for the Equinox Project was also prepared and accepted by the Alberta Government.

Proposed Terms of Reference for an Environmental Impact Assessment were prepared by UTS and Teck and published for public comment by the regulatory authority. On February 11, 2009 AENV issued the final Terms of Reference.
Consultation with local Aboriginal communities on the Equinox Project is continuing.

The Equinox Project team is also co-operating with adjacent leaseholders to plan for all weather access to the area. In parallel, studies are in progress to assess alternatives to reduce the environmental footprint of oil sands mining operations and address the requirements of the new ERCB Tailings Directive.

EQUINOX – Funding

Planned Equinox Project activities for 2009 will be funded via proceeds of the final $40 million payment received from the 2007 sale of 50 percent of the Equinox Project to Teck.k.