UEX Corp

Published : February 25th, 2009

2009 Drill Program Underway at Shea Creek with Three Drills

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Keywords :   Canada | Diamond | Japan | K Street | Uranium |

UEX/AREVA 2009 Drill Program Underway at Shea Creek with Three Drills

     Trading Symbol: UEX-TSX

     VANCOUVER, Feb. 25 /CNW/ - UEX Corporation ("UEX") announced today that
AREVA Resources Canada Inc. ("AREVA"), its joint venture partner, has
commenced the 2009 drilling program at the Shea Creek Uranium Project ("Shea
Creek"), which is located in the western Athabasca Basin of northern
Saskatchewan, Canada. Shea Creek hosts the Kianna, Anne, and Colette deposits
and is one of the ten 49%-owned Western Athabasca Uranium Projects
joint-ventured with AREVA, the operator.
     The planned budgets for 2009 at Shea Creek include $8.25 million for
exploration and $2.0 million for development. Expenditures under the joint
venture are funded 49% by UEX and 51% by AREVA.
     UEX also reports that the 25,000 metre winter 2009 drilling program,
budgeted at $5.5 million, has been underway since early January with three
drills on its 100%-owned Hidden Bay Uranium Project ("Hidden Bay"), which is
located in the eastern Athabasca Basin area of northern Saskatchewan. Hidden
Bay hosts the Horseshoe, Raven, and West Bear deposits.

     2009 Drilling and Exploration Program at Shea Creek

     The 2009 Diamond drilling program at Shea Creek began in early February
with three Diamond drills. The principal objectives of the drilling program
are as follows:

     -   To perform infill drilling on the Kianna and Anne deposits at
         approximately 20-metre centres;
     -   To extend known mineralization of the two deposits through step-out
         drilling; and
     -   To further test the prospective corridor between the Anne and Kianna
         deposits.

     2009 Development Work at Shea Creek

     In 2009, the Shea Creek Project will continue its transition from an
exclusive exploration program to include initial development work. A budget of
$2 million has been approved for 2009 studies supporting future development
work. In addition, baseline data collection and site characterization will
continue in 2009 in support of a future Environmental Impact Statement.

     2009 Drilling and Exploration Program at Hidden Bay

     The winter 2009 drilling program on the Hidden Bay property began in
early January with three Diamond drills. To date, 53 holes totaling
approximately 16,500 metres have been completed. One drill is finishing
definition drilling of the Horseshoe Northeast mineralization, and two drills
are currently testing extensions of the southwestern end of the Raven Deposit,
where additional historical drilling intersections also lie outside of the
current Raven Deposit mineral resource. In addition to defining extensions of
mineralization in the Horseshoe Northeast and Raven West areas, this program
is testing the following:

     -   Currently open extensions of the eastern part of the Raven Deposit;
     -   The area between the Raven and Horseshoe deposits where
         mineralization was historically intersected;
     -   The down dip extent of the alteration zones that host the Raven and
         Horseshoe deposits; and
     -   Additional outlying exploration targets where clay alteration
         intersected by historical drilling is coincident with resistivity and
         gravity anomalies that are comparable with the setting of known
         mineralization.

     About UEX

     UEX is a Canadian uranium exploration and development company actively
involved in 19 uranium projects, including seven that are 100%-owned and
operated by UEX, one joint venture with AREVA that is operated by UEX, ten
joint-ventured with AREVA and one under option from Japan-Canada Uranium
Company, Limited, which are operated by AREVA. The 19 projects, totaling
374,513 hectares (925,442 acres), are located in the eastern, western and
northern perimeters of the Athabasca Basin, the world's richest uranium belt,
which accounts for approximately 23% of the global primary uranium production.
UEX is currently developing several uranium deposits in the Athabasca Basin
which include the Kianna, Anne and Colette Deposits at its Shea Creek Project,
a joint venture with AREVA in the western Athabasca Basin, and the West Bear,
Raven and Horseshoe Deposits located at its 100% owned Hidden Bay Project in
the eastern Athabasca Basin. UEX's exploration and development budgets for the
winter of 2009 are estimated at approximately $16.5 million, of which UEX will
be responsible for approximately $10.9 million.

            ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION

                              Stephen H. Sorensen
                              President & C.E.O.

     Forward-Looking Statements

     This news release contains "forward-looking statements" that are based on
UEX's current expectations, estimates, forecasts and projections. These
forward-looking statements include statements regarding UEX's outlook for our
future operations, plans and timing for the commencement or advancement of
exploration activities on our properties, and other expectations, intention
and plans that are not historical fact. The words "estimates", "projects",
"expects", "intends", "believes", "plans", or their negatives or other
comparable words and phrases are intended to identify forward-looking
statements. Such forward-looking statements are based on certain factors and
assumptions and are subject to risks, uncertainties and other factors that
could cause actual results to differ materially from future results expressed
or implied by such forward-looking statements. Important factors that could
cause actual results to differ materially from UEX's expectations include
uncertainties relating to interpretation of drill results and geology,
continuity and grade of deposits, fluctuations in uranium prices and currency
exchange rates, and other risks and uncertainties disclosed in UEX's Annual
Information Form and other filings with the securities commission on SEDAR.
Many of these factors are beyond the control of UEX. Consequently, all
forward-looking statements made in this news release are qualified by this
cautionary statement and there can be no assurance that actual results or
developments anticipated by UEX will be realized. For the reasons set forth
above, investors should not place undue reliance on such forward-looking
statements. Except as required by applicable law, UEX disclaims any intention
or obligation to update or revise forward-looking information, whether as a
result of new information, future events or otherwise.

     %SEDAR: 00017609E
For further information: UEX CORPORATION, SUITE 1007 - 808 NELSON STREET,
VANCOUVER, B.C., CANADA, V6Z 2H2, PH: (604) 669-2349, FAX (604) 669-1240,
Website: www.uex-corporation.com, email: uex@intergate.ca

. <
Data and Statistics for these countries : Canada | Japan | All
Gold and Silver Prices for these countries : Canada | Japan | All

UEX Corp

EXPLORATION STAGE
CODE : UEX.TO
ISIN : CA9026661061
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UEX is an exploration gold and copper company based in Canada.

UEX holds various exploration projects in Canada.

Its main exploration properties are BLACK LAKE, RIOU LAKE, BEATTY RIVER, DOUGLAS, NORTHERN ATHABASCA PROJECTS, WESTERN ATHABASCA PROJECTS, FOND DU LAC, SHEA CREEK, HIDDEN BAY, ALEXANDRA, BRANDER LAKE PROJECTS and JAMES CREEK PROJECTS in Canada.

UEX is listed in Canada and in Germany. Its market capitalisation is CA$ 38.3 millions as of today (US$ 28.9 millions, € 26.7 millions).

Its stock quote reached its lowest recent point on August 15, 2003 at CA$ 0.05, and its highest recent level on November 09, 2007 at CA$ 9.30.

UEX has 319 240 000 shares outstanding.

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Financings of UEX Corp
5/18/2016Closes $7.25 Million Combined Flow-Through and Hard Dollar P...
6/5/2013Announces Closing of Private Placement
5/25/2013Announces $3.175 Million Private Placement
2/23/2012Announces $3 Million Private Placement
Nominations of UEX Corp
12/19/2013Announces the Appointment of Roger Lemaitre as President and...
4/29/2011appoints Ed Boney as Chief Financial Officer
5/27/2010Appoints Walter Segsworth and David Rhys to its Management A...
Financials of UEX Corp
11/6/2013Third Quarter 2013 Financial Results and MD&A
Project news of UEX Corp
1/7/20142014 Joint Venture Exploration Programs Commence
6/4/2013(Shea Creek)Announces Additional $2.0 Million Drilling Budget for Shea C...
4/10/2013(Shea Creek)Secures Right to Fund $18 Million in Additional Drilling at ...
3/20/2013(Shea Creek)/AREVA Announce $3.1 Million Budget for Shea Creek Spring/Su...
2/13/2013(Black Lake)Regarding Uracan's Option for Black Lake Project in the Atha...
4/26/2012(Shea Creek)/AREVA 2012 Shea Creek Drilling Program Underway
2/16/2012(Hidden Bay)Commences Winter 2012 Hidden Bay Drilling Program
11/30/2011(Shea Creek)Announces Shea Creek Drilling Budget of $6 Million for 2012
8/9/2011(Hidden Bay)Commences 18,000 Metre Summer Drilling Program at Hidden Bay
2/24/2011(Western Athabasca Projects)/AREVA 2011 Western Athabasca Basin Drilling Programs Underw...
2/18/2010(Hidden Bay)Receives West Bear Preliminary Feasibility Study Reporting P...
1/27/2010(Shea Creek)2010 Western Athabasca Basin Drilling Programs Underway with...
1/6/2010(Hidden Bay)Reports Results of Summer 2009 Exploration on the Hidden Bay...
7/23/2009(Hidden Bay)Reports Significantly Expanded Resource Estimates for the Ho...
2/25/2009(Shea Creek)2009 Drill Program Underway at Shea Creek with Three Drills
1/12/2009(Shea Creek)/AREVA Drilling in the Prospective Corridor at Shea Creek Co...
1/5/2009Reports N.I. 43-101 Compliant Mineral Resource Estimate for ...
9/29/2008(Hidden Bay)reports N.I. 43-101 compliant mineral resource for Horseshoe...
6/18/2008/AREVA Drilling Outlines New Zone of High-grade Mineralizati...
1/17/2008(Hidden Bay) Launches Largest Winter Drilling Program at Hidden Bay with...
1/15/2008(Shea Creek)UEX/AREVA Launch Largest Drill Program to Date at Shea Creek...
12/5/2007(Shea Creek)/AREVA Plan $20.3 Million Program at Shea Creek for 2008 Whi...
12/4/2007(Shea Creek)/AREVA Report Additional High-Grade Basement-Hosted Minerali...
11/14/2007/AREVA Report High-Grade Basement-Hosted Mineralization in t...
10/18/2007Report Second-Best Hole Ever at the Anne Deposit Intersectin...
9/4/2007(Shea Creek)/AREVA to Commence Shea Creek Drilling Program with Three Dr...
8/21/2007(Black Lake)Extends Uranium Mineralization at Black Lake Hole BL-140 Int...
7/23/2007Reports Best Hole Ever from West Bear Deposit: Hole UEX-206 ...
7/12/2007Drilling Extends Mineralization at Kianna Deposit: SHE-115-1...
6/14/2007 Plans to Initiate Final Feasibility Study at Raven and Hors...
2/8/2006(Beatty River)2006 winter exploration commences at Beatty River Uranium pr...
Corporate news of UEX Corp
8/18/2016Research Reports Initiated on Uranium Miners Stocks U3O8, UE...
7/11/2016Paul Bay Continuity Confirmed and Down-Dip Drilling Underway
6/24/2016High Grade Zone Extended at Christie Lake
6/13/2016Drill Turning at Christie Lake
6/8/2016UEX Corporation Reports Results of Annual General Shareholde...
5/25/2016Highest Grade Hole at Christie Lake Project – 9.3% U3O8 over...
5/17/2016UEX Closes $7.25 Million Combined Flow-Through and Hard Doll...
5/2/2016UEX Places “Flow-Through” Shares and Overallotment Option; A...
4/28/2016UEX Announces $4.0 Million “Flow-Through” Private Placement
4/13/2016UEX intersects 4.27% eU3O8 over 10.2 m at Christie Lake
1/22/2016UEX Closes $2.0 Million Private Placement
1/19/2016Final Option Agreement Signed - Drill Program to Commence Im...
1/19/2016UEX Corporation: Final Option Agreement Signed-Drill Program...
12/22/2015UEX Announces $2.0 Million Private Placement
10/26/2015UEX Signs LOI on Advanced Stage Athabasca Uranium Project
9/21/2015Uranium companies could take the cake
4/21/2015UEX Announces $2.5 Million Private Placement
4/10/2015New Radioactive Fault at Wolf Lake Returns Probe Peak of 12,...
2/27/2015Promising Hydrothermal Clay Alteration Expanded at Dwyer Lak...
6/5/2014UEX/AREVA Report Drilling Results from Laurie and Mirror Riv...
4/2/2014(Black Lake)Uracan/UEX report uranium mineralization on the Black Lake P...
11/28/2013(Shea Creek)Reports 31.5 Metres Grading 0.80% eU3O8, Including 4.05% eU3...
8/6/2013(Shea Creek)Reports 22.3 Metres Grading 0.85% eU3O8, including 5.93% eU3...
6/4/2013(Shea Creek)Announces Completion and Filing of Shea Creek Technical Repo...
3/21/2013(Beatty River)Announces Completion of Beatty River Earn-in
8/8/2012/AREVA Drilling Continues to Outline Thick Mineralization at...
6/8/2012Board Re-elected and Mark Eaton Re-Appointed Chairman
5/31/2012/AREVA Drilling Continues to Outline Thick Unconformity Mine...
5/7/2012Terminates Shareholder Rights Plan
5/1/2012(Hidden Bay)Reports Summer-Fall 2011 Drilling Results for the Raven and ...
2/17/2012Announces $8 Million Bought Deal
12/16/2011Comments by David Talbot on UEX Corporation in the Energy Re...
12/7/2011Adopts Shareholder Rights Plan
12/6/2011(Shea Creek)/AREVA Drilling Expands Mineralization Northward from the Ki...
6/24/2011Board Re-elected
4/28/2011appoints Nan Lee as Vice-President of Project Development
3/17/2010Significant Unconformity Intersections at Shea Creek's 58B A...
9/23/2009CEO Stephen Sorensen to Retire; Board Names Current Chairman...
6/10/2009Stepout Drilling Expands Mineralization at Raven and Horsesh...
11/26/2008Announces Minimum $16.5 Million Budget for 2009
4/9/2008 reports final results of 2007 Horseshoe and Raven drilling,...
3/26/2008Eaton Joins UEX Board
1/22/2008UEX Commences 2008 Winter Exploration Program at Black Lake ...
1/14/2008UEX Earns Full 49% Interest in AREVA's Western Athabasca Ura...
12/14/2007Interim Resource Estimate for the West Bear Deposit Adds 223...
7/11/2007Commences Summer/Fall 2007 Drilling Programs at the Raven an...
4/23/2007on Riou Lake and Northern Athabasca Uranium Projects 2007 Ge...
2/28/2007Commences 2007 Winter Exploration Program at Black Lake Uran...
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