Item 2.01 Completion of Disposition of Assets

The Company entered into an agreement for the sale of its Argentine subsidiary, United Energy Metals SA ("UEM") to SGI Partners, LLC ("SGI") of Carlsbad, California.

The agreement provides for a US$500,000 cash payment with the Company retaining a 2% net smelter royalty ("NSR"). The royalty is subject to a buy down provision that allows SGI at anytime to reduce the royalty by 1% NSR by making US$2 million dollar payment. SGI Partners will assume responsibility for the outstanding UEM debts.

The Company will use the proceeds of the sale to pay down debt and to focus on developing its 100% owed La Jara Mesa Extension uranium property in New Mexico. The La Jara Mesa property is in the process of obtaining exploration drill permits.

Item 9.01 Financial Statements and Exhibits

Exhibit No. Description
10.13 Share Purchase Agreement SGI
99 Press Release August 4, 2009