Dear Members, Every junior miner strives to become a producer, or to be bought out. Both of these paths take a lot of financing and dilution before the end goal. It takes much more than just some drill holes to succeed. The hard truth is, mining exploration and development is a negative cash flow business. Juniors need to continually raise money for the many processes involved in bringing a mine to life. They need to drill enough holes to gain enough interest from the majors for a buyout. This ultimately leads to further dilution. Many will fail. But what if there is a junior that is cash flow positive before production? What if there was a company with revenues nearing $16 million last year? What if there was a company with an 80% interest in a property with over $12 million in expenditures in the last two years, a 43-101 resource, a historical "reserve" sitting between two of the world's largest silver mines, and expecting production in Q1 of 2011*? What if they were fully permitted and fully funded to begin production? Is there such a company? There is. It's: United Mining Group (TSX: UMG) (OTCPK: UMGZF) For many of you, this may sound like déjà vu. That's because United Mining Group (TSX: UMG) was featured in a previous report back in May 2010. However, at that time, they were trading on the CNSX, an exchange with much less liquidity than the senior Canadian exchanges. By listing with the CNSX, United Mining Group (TSX: UMG) was able to quickly and efficiently raise the capital it needed to begin the process of going into production in Q1 of 2011. Once they accomplished that, it was time for them to move up. Over the summer months, we felt that their listing was one of the major reasons why United Mining Group (TSX: UMG) has yet to receive any major media attention and thus suppressing its share price. But that has changed. In a very short period of time, United Mining Group (TSX: UMG) was able to graduate from the CNSX to the premier resource exchange in the world, the Toronto Stock Exchange. (see TSX and TSX Venture listing requirements) With close to $16 million in revenue last year and a controlling interest in a property situated between two of the world's largest silver mines, it's no surprise that United Mining Group (TSX: UMG) was easily able to make this transition. The doors have opened for United Mining Group (TSX: UMG), but the story hasn't changed... The Battle for Silver Land  Silver has been a very heated topic for us. For the last few years, we have published numerous editions on why the price of silver will continue to rise. Even our latest featured silver company continues to climb in share value. It's up over 40% since our initial report back in June 2010. If you have been following the major silver headlines this past year, you must have heard about the fight over one of the world's richest, past-producing silver properties: The Sunshine Mine The Sunshine Mine The Sunshine Mine is located in northern Idaho's historic Coeur d'Alene district, famously dubbed," The Silver Valley." click for bigger size And with good reason... The Silver Valley is the world's 2nd largest silver district, producing over one billion ounces of silver. Since its discovery in 1984, the Sunshine Silver Mine alone produced over 328 million ounces of silver grading 23 opt (ounces per tonne). To date, it is believed to still have resources in excess of over 260 million ounces left for mining. Last month, the heated battle for the Sunshine Mine was finally won by Silver Opportunity Partners, a company backed by multi-billionaire Thomas Kaplan. Thomas Kaplan has deep pockets. Very deep. He is also known to be extremely aggressive when he sees a resource investment opportunity he likes. Having a guy like Thomas Kaplan take over the Sunshine mine is great news for the Silver Valley. He can trigger some much needed life into one of the world`s most promising silver properties - and those directly around it. Although the Sunshine mine remains one of the key components of this district, it still has many issues. Despite having 260 million plus ounces left to be mined, much of the Sunshine Mine`s silver may never be recovered because of the mess the previous owners left when they mined it. Like gold mines, if you start producing without understanding the resource, you can significantly ruin your mineable ore - the same goes for silver mines. The Sunshine mine also has a NSR issue (up to 7%) with the EPA (United States Environmental Protection Agency) which may put a serious damper on the profitability of the mine. With that being said, there must be obvious reasons why multi-billionaire Thomas Kaplan made the move to outbid everyone for the Sunshine. Here's where it gets interesting. Right next door to the Sunshine, lies United Mining Group`s (TSX: UMG) project, the Crescent Mine. The Crescent Mine is located immediately between, and along strike, of both the Sunshine and Bunker Hill mines. The Sunshine and Bunker Hill mines have produced nearly half of the Silver Valley`s historical production of One Billion Ounces! click for bigger size The Crescent Mine is also a past producer, producing 25 million ounces of silver at 27 opt. It currently hosts an indicated resource of 6.1 million ounces silver consisting of 324,000 tons grading 18.7 ounces silver per ton and an additional inferred resource of 4.1 million ounces silver consisting of 211,000 tons grading 19.5 ounces silver per ton. By today`s measures, it may have the highest grade ore in the Silver Valley. Yet it remains mostly untouched. With over 5000' vertical feet of historic stoping and more than 6000' of prospective strike length along 12 separate veins between two world class mines, the Crescent has excellent potential to produce for many times the 5-10 year mine life based on the existing resource. More than $12 million has been spent on the Crescent Mine in the last two years on surface/underground drilling and mine rehabilitation. Much of this work was actually conducted by United Mining Group (TSX: UMG), so you can bet they understand this property better than anyone else. To reap the benefits of the Crescent, United Mining Group (TSX: UMG) only had to give up $220,000, some shares of its stock, and spend $9 million over 3 years to earn and keep their 80% interest in this property (see NI 43-101 for more details). Did we mention that the Crescent Mine project is already fully permitted and financed for phase 1 production in Q4 2010 - Q1 2011? That's right, United Mining Group (TSX: UMG) already has the permits in place and the money they need to bring the mine into production. When you consider the issues of the Sunshine Mine, it would make sense for Thomas Kaplan to also own the Crescent Mine. The Crescent Mine is not only easier to mine, but should be much faster and cheaper to bring back into production. We're not sure exactly what Mr. Kaplan's intentions are, but with approximately 55 million shares outstanding and a market cap of just over $33 million, United Mining Group (TSX: UMG) would be an easy target for Kaplan if he wanted to take control. When you consider the recent mergers and acquisitions activity within the mining sector and the rising price of silver, a takeover of United Mining Group (TSX: UMG), or its interest in the Crescent Mine, would not surprise us one bit. But there's more to this story. Aside from their interest in the Crescent Mine and the fact that they are already permitted and funded to go into production within the next year, United Mining Group (TSX: UMG) also owns and operates a mine services company. That means, unlike practically all of the junior miners and explorers, they make money! The Money Maker In 2009 alone, United Mining Group (TSX: UMG) made close to $16 million in revenue and was profitable. Their compound annual growth in revenue was 77% from 2007 to the end of 2009. Seriously, there aren't many juniors out there that can say that. Heck, there aren't many companies with $200 million plus market caps that can say that. Furthermore, their projected revenue for 2011 is expected to grow to $30M in 2011 as the Crescent Mine is brought into production. This means that at the current share price and silver price, United Mining Group (TSX: UMG) will have an annual revenue nearing their own current market cap. That is almost unheard of in the mining world - or any sectors for that matter. When you consider the comparables, the differences are shocking. The Lowest Market Cap? Many comparable companies with the same production value, resource, and revenue profiles have market caps in excess of $150 - $200 million plus. United Mining Group (TSX: UMG) sits at just over $33 million. Let's take a look at Alexco Resource Corp* (TSX: AXR), for example. Alexco Resource, like United Mining Group (TSX: UMG), has an environmental and mine services company that produces revenue, in addition to their silver exploration and mining division with a high grade silver property. So it makes sense to use them as a comparable. The Comparables Alexco currently has a market cap in excess of $228 million. United Mining Group (TSX: UMG) has a market cap of $33 million. Alexco expects to have revenues of $20 million in the next 5 years with their environmental services division. United Mining Group (TSX: UMG) already had revenues of well over $15 million last year. Alexco has just over 13 million ounces of silver in their resource calculations for their advanced stage Keno Hill property. United Mining Group (TSX: UMG) has just over 10 million ounces of resources (indicated resource of 6.1 million ounces silver consisting of 324,000 tons grading 18.7 ounces silver per ton and an additional inferred resource of 4.1 million ounces silver consisting of 211,000 tons grading 19.5 ounces silver per ton) Both are targeting a 100 million ounce silver deposit. As you can see, when compared to many of the other silver juniors in the market, United Mining Group (TSX: UMG) has a market value substantially less than its peers. If you know of any other companies with a market cap similar to United Mining Group (TSX: UMG), with a similar world class property, and making in excess of $15 million before production, and fully permitted and funded to go into production within a year, let us know - because we still haven't found it. From drill shot potential plays capable of multi baggers to world-renowned management teams, our featured companies all have their unique situation worthy of our portfolio. That is why we are biased towards United Mining Group (TSX: UMG). Although they are advertisers on our website and we are paid consultants, United Mining Group (TSX: UMG) is also one of our largest holdings within our current portfolio. Now that United Mining Group (TSX: UMG) is on the TSX, it is now much easier for investors, including brokers and institutions, to participate. We said it before, and we'll say it again: United Mining Group (TSX: UMG) - Try and find a similar story. United Mining Group Ticker Symbols Canada: (TSX: UMG) US: (OTCPK: UMGZF) Until next week, Questions? Call Us Toll Free: 1-888-EQUEDIA (378-3342) *The planning for United Mining Group's production is based on recently completed drill results, underground work, ongoing mine planning and historical mine workings in the immediate area of the proposed production. The Company has not completed a preliminary assessment as defined by NI 43-101 or a pre-feasibility study with respect to the Crescent Silver Mine. **Alexco Resource facts and figures are based on their August 25, 2010 Corporate Power Point presentation and information derived from their website. Why United Mining Group? (TSX: UMG) Unique business model Mining and Environmental Services businesses 2009 Revenues $15.6 million, $3 million Operating Income Crescent Mine, Primary Silver Mine Primary silver mine gives investors direct exposure to price of silver Fully permitted and & financed for phase 1 production Q4 2010 Positioned for Robust Growth Planned production 1st year .8 million oz Ag, growing to +3 million oz annually within 3 years Exploration Upside - Significant potential Crescent past Ag producer & straddled by two +100million oz Ag producers Sunshine Mine 328 million oz Ag & Bunker Hill 168 million oz Ag Silver Valley Historically 2nd largest Ag district with +1 billion oz Ag past production Ultimate target: a new 100 million oz Ag deposit Capital Structure, Strong Cash Position 55 million shares issued $6.5 million cash as at May 1, 2010 Comparable Production and Resource Profiles Market Caps: $150 million to +$200 million United Mining Market Cap: $33 million Strong Management Team and Board Greg Stewart   President, CEO & Director 20+ years of experience in all aspects of mine services for wide range of government and mining clients.  Founder of United Mine Services. Erik Panke, CFO & Director 20+ years of experience on engineering and construction projects. Ex-manager of Washington Group Intl., a multi-billion dollar engineering, construction, contract mining and program management firm. Lawrence (Larry) A. Dick, P.Geo., PhD, Director 35+ year professional geologist, credited with four significant discoveries including Collahuasi, Chile (second largest copper mine in the world) and Golden Bear, B.C. Herrick Lau, MA, CFA, Director Vice President, Corporate Finance of Baron Global Financial Canada Ltd., experienced investment banking professional with over 14 years of experience in investment research and corporate finance. Wade N. Black,  Director COO of Scarsdale Equities LLC, a New York City investment banking and brokerage firm with 15+ years of experience managing operations for broker-dealers and investment advisory firms. Director of US Silver Corp, a TSX-V listed company with operations in northern Idaho. Charles G. Pitcher, P.E., Director Charles Pitcher has over 40 years of experience in senior executive positions in civil construction and mine development with a consistent record of accomplishment. He has extensive experience in the development and operations associated with underground and open-pit mining. He has built successful teams for the mine management and operations in both developed and developing regions of the world. More recently Mr. Pitcher was President and CEO of Western Canadian Coal Corp in the development of the Northeast coal deposits for the Company and remains a director of that company. He joined the Company in 2002 as Chief Executive Officer to oversee the completion of feasibility studies and then served as Chief Operating Officer. Mr. Pitcher is President of The Mining House Inc, a provider of engineering services related to project development and management. Mr Pitcher also holds Board positions with Western Coal Corp., Wildcat Resources and Sila Industries Ltd. Strong Balance Sheet Mining Services provides established platform for growth Compound annual growth in revenue of 77% from 2007 to the end of 2009 Improving operating margins, leaving 2009 at 19% Support for ramp-up of Crescent Silver Mine Revenue growth to $30M in 2011 as the Crescent Mine is brought into production Financial Summary & Forecast Resources and Upside for Crescent Mine Indicated and Inferred resources SRK independent resource calculation in 2009 Based on recent SNS drilling Resources identified on Alhambra Fault & South Vein Upside Potential Less than 5% of target zones have been significantly explored or mined Resources open down-dip on both veins Potential to add to resource with continued exploration Stratigraphic model indicates potential along strike Same size/grade potential as the adjacent Bunker Hill and Sunshine Mines Technical Advantages Discoveries above the existing haulage level and well above water level   Most favorable geological conditions to yield ore discoveries in the Coeur d' Alene district Crescent Mine Exploration Activities Diamond Drilling Program (2007 and 2008) - Alhambra Fault and South Vein 70 surface holes 30 underground holes Total: 103,215 feet (31,460 m) Alhambra Fault Encountered favorable stratigraphy  on hanging wall of Alhambra Fault in upper country Mineralization identified from surface to 2,000 ft South Vein Identified as extending up to 1,500 feet above the Hooper Level and 3,000 feet west of the Crescent Shaft St. Regis formation  Strata found to extend upward to the surface Exploration Potential Encouraging alteration and veins extend over the entire length and width above Hooper Tunnel Intermediate veins are tentatively interpreted as possessing greater strike and dip dimensions than previously thought  Significant exploration potential further to the west and at depth        Crescent Mine - Mining and Processing Mining: Silver Production Year 1 = 635,000 oz @ $18.67 /oz Year 2 = 2,500,000 oz @ $8.07 /oz Year 3 = 3,000,000 oz @ $7.46 /oz Near Term Production 3rd quarter @ 225 t/d 6th quarter @ 400 t/d 8th quarter @ 500 t/d Cutoff grade: 8.75 opt Ag Production: Custom mill ore Three processing facilities in Silver ValleyCoeur Mill at Coeur Mine (US Silver), probably lease and self operate New Jersey Mining Company Mill, purchase mill capacity Sunshine Mill All facilities within easy hauling distance Crescent Mine Mineralization Mining is characterized by steep, persistent 3 -10' veins Silver-bearing veins strike predominantly east-west and dip steeply to the south "Silver Belt" veins are composed of siderite, quartz, and various sulfides including pyrite, tetrahedrite, chalcopyrite, and galena Most of the silver is found within the tetrahedrite, which generally contains between 2% and 6% silver by weight Substantial amounts of silver are also recovered from galena UMG Divisions - Mining Services Contract Mining, Construction / Contracting, and Fabrication & Machine Services with 2009 revenues of over $15 million. Contract Services Mine development Mine rehabilitation Mine site civil construction Facility maintenance Excavation and road construction Property Reclamation Claim Staking Consulting Pond and dike construction Stream restoration Clients include: SNS Silver (Crescent Mine), Syringa Exploration Inc., U.S. Silver (Galena Mine), and West Valley Contracting Construction / Contracting Excavation Property Remediation and Reclamation Stream Restoration Flood Plain and Bank Stabilization Site Preparation Site Development Demolition Road Construction Pond and Dike Construction Utility Installation Consulting Clients include Bunker Limited Partnership, Bureau of Land Management, Hecla Mining Company, SNS Silver, State of Idaho Dept. of Environmental Quality, Union Pacific Railroad. U.S. Army Corps of Engineers, and U.S. Forest Service Fabrication and Machine Services Machining Welding Fabrication CNC Milling & Machining Custom Manufacturing Powder Coating Equipment Repair & Modification Consulting  Services Design & Engineering Services Local Distributors for Dywidag Resin (Bolts & Resin) Clients include Asarco, Bunker Hill Mining Co., Coeur d'Alene Mines, F & H Mine Supply, Hecla Mining Company, Kaiser Aluminum, SNS Silver, Stillwater Mining Co., Sunshine Mining Co., and U.S. Silver UMG Divisions - Crescent Mine Middle of "Silver Valley" Idaho Year 1 production 635,000 Ag oz Ramping up to 3,000,000 Ag oz in Year 3 Cash cost $7.46/oz More than 1 billion oz. silver historical production in "Silver Valley" Forward-Looking Statements This Newsletter and report contains certain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from current expectations and projections. Except for statements of historical fact relating to the project, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuations in prices & marketplace, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements. In This Issue Why United Mining Group? UMG Management UMG Balance Sheet Resources and Upside for Crescent Mine Crescent Mine Exploration Activities Crescent Mine - Mining and Processing Crescent Mine Mineralization UMG Divisions Forward-Looking Statements United Mining Group Links and 3rd Party Resources United Mining Group News Quick Links Log in Now Forgot Password More About Us Contact Us Sponsorship Corporate Presentation Vertically Integrated Mining Company - Comprehensive Mining Services and World Class Silver Mine Corporate Fact Sheet Two Page Hand Out Summary Crescent Mine Background Report Crescent Silver Mine, Coeur d' Alene, Idaho December 1, 2009 Baron Group SUMMARY Crescent Mine NI 43-101 Readdressed NI 43-101 Technical Report on Resources United Mine Services, Inc. Crescent Mine Kellogg, ID United Mining Group Photo Gallery Click Here 3rd Party Resources The Wallace Street Journal Will there be a happy ending for the Sunshine mine? The Price is Right A rising silver market suggest rich takings from the Crescent Mine Midas Letter United Mining Group Poised For Production In Idaho's Silver Valley September 9, 2010 United Mining Group Commences Trading on TSX under Symbol "UMG" July 26, 2010 UMG Appoints Charles Pitcher, P.E. as Independent Director July 14, 2010 UMG Opening New Portal at Crescent Silver Mine, Idaho June 17, 2010 Readdressed NI 43-101 Technical Report on Resources United Mine Services, Inc. Crescent Mine Kellogg, ID May 17, 2010 United Mining Group Commences Multi-Million Dollar Environmental Remediation Disclaimer and Disclosure Disclaimer and Disclosure Equedia.com & Equedia Network Corporation bears no liability for losses and/or damages arising from the use of this newsletter or any third party content provided herein. Equedia.com is an online financial newsletter owned by Equedia Network Corporation. We are focused on researching small-cap and large-cap public companies. Our past performance does not guarantee future results. Information in this report has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete.  This material is not an offer to sell or a solicitation of an offer to buy any securities or commodities. Equedia.com has been compensated to perform research on specific companies and therefore information should not be construed as unbiased. Each contract varies in duration, services performed and compensation received. Equedia.com is not responsible for any claims made by any of the mentioned companies or third party content providers. You should independently investigate and fully understand all risks before investing. We are not a registered broker-dealer or financial advisor. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities.  Any decision to purchase or sell as a result of the opinions expressed in this report OR ON Equedia.com will be the full responsibility of the person authorizing such transaction. Please view our privacy policy and disclaimer to view our full disclosure at http://equedia.com/cms.php/termsr. Our views and opinions regarding the companies within Equedia.com are our own views and are based on information that we have received, which we assumed to be reliable. We do not guarantee that any of the companies will perform as we expect, and any comparisons we have made to other companies may not be valid or come into effect. Equedia.com is paid editorial fees for its writing and the dissemination of material and the companies featured do not have to meet any specific financial criteria. The companies represented by Equedia.com are typically development-stage companies that pose a much higher risk to investors. When investing in speculative stocks of this nature, it is possible to lose your entire investment over time. Statements included in this newsletter may contain forward looking statements, including the Company's intentions, forecasts, plans or other matters that haven't yet occurred. Such statements involve a number of risks and uncertainties. Further information on potential factors that may affect, delay or prevent such forward looking statements from coming to fruition can be found in their specific Financnial reports. Equedia Network Corporation., owner of Equedia.com has been paid six thousand two hundred and fifty Canadian dollars plus gst per month for 8 months which totals fifty thousand dollars plus GST of advertisement coverage on United Mining Group plus an additioal 30,000 options at $0.75CDN. The company (United Mining Group) has paid for this service. Equedia.com currently does not own shares of United Mining Group but we may purchase shares without notice. Should we purchase shares in United Mining Group, we intend to sell every share we own for our own profit. We may sell shares in United Mining Group without notice to our subscribers should we purchase shares. Equedia Network Corporation is a distributor (and not a publisher) of content supplied by third parties and Subscribers. Accordingly, Equedia Network Corporation has no more editorial control over such content than does a public library, bookstore, or newsstand. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by third parties, including information providers, Subscribers or any other user of the Equedia Network Corporation Network of Sites, are those of the respective author(s) or distributor(s) and not of Equedia Network Corporation. Neither Equedia Network Corporation nor any third-party provider of information guarantees the accuracy, completeness, or usefulness of any content, nor its merchantability or fitness for any particular purpose.