UEX Corp

Published : July 11th, 2007

Commences Summer/Fall 2007 Drilling Programs at the Raven and Horseshoe Deposits: Horseshoe Reso

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

Attention Business Editors:

UEX Commences Summer/Fall 2007 Drilling Programs at the Raven and Horseshoe Deposits: Horseshoe Resource Definition Drilling on Schedule

     Trading Symbol: UEX-TSX
     VANCOUVER, July 11 /CNW/ - UEX Corporation ("UEX") is pleased to announce
that it has commenced the 2007 summer/fall exploration drilling programs at
the Raven and Horseshoe Deposits ("Raven", and "Horseshoe") located within
UEX's 100% owned Hidden Bay Project in the eastern Athabasca Basin of northern
Saskatchewan. Permits are in place, geologists and drill crews have mobilized
to the site, and Diamond drilling is under way. Britton Brothers of Smithers,
B.C. will continue to provide drilling services to the project. The
summer/fall 2007 program will comprise approximately 30,000 metres of drilling
to be completed by four drilling rigs.
     The majority of the program will be focused at Raven and Horseshoe, where
16,000 metres of drilling is planned to further define the extent of Horseshoe
mineralization to provide the basis for a National Instrument 43-101 ("N.I.
43-101") compliant resource estimate as well as test areas where Horseshoe
mineralization extends into previously unexplored areas, and a further
8,000�metres is planned at Raven to further trace mineralization continuity
for future resource definition and delineate potential new mineralized zones
identified by the recently reported winter 2007 drilling program (see UEX News
Release, June 14, 2007).
     The drilling program at Horseshoe is intended to provide sufficient
density of drill spacing to achieve an indicated resource status to allow
further progress towards a feasibility study. Golder Associates, who are also
performing baseline environmental studies at Raven and Horseshoe, will be
performing a resource calculation which is anticipated to be completed in
early 2008, once drilling results have been fully received and interpreted.
Golder personnel will also be involved in ongoing technical input into the
project to ensure all satisfactory steps, and sufficient information are
available to provide resource, engineering, metallurgical and environmental
components of the planned feasibility study.
     In addition to the 24,000 metres of drilling at Raven and Horseshoe,
6,000 metres of helicopter-supported drilling will test outlying targets on
the project. Much of this program will be devoted to testing exploration
targets in the Wolf Lake area in southern parts of the Hidden Bay Project.
Drilling here will follow-up on historically identified areas of alteration
and mineralization along two parallel, faulted graphitic conductors beneath a
shallow veneer of Athabasca sandstone. Historical drill results from drill
holes on widely spaced cross sections in this area include an intersection of
4.0 metres grading 0.204% U(3)O(8) in hole WO-84, and intersections of
0.127%�U(3)O(8) over 3.1 metres and 0.21% U(3)O(8) over 1.5 metres in hole
WO-25.
     Drilling is also planned in the West Rabbit area and Tent-Seal fault
system in the central and northern portions of the property. Central portions
of the potential source area of a large airborne radiometric and overburden
geochemical anomaly will be tested at West Rabbit adjacent to the economically
important Rabbit Lake fault. The potential for continuity of mineralization
identified on the adjacent McClean Lake property operated by AREVA Resources
Canada Ltd ("AREVA"), which may extend along the Tent-Seal fault on to the
Hidden Bay property, will also be tested.
     About the Raven and Horseshoe Deposits
     In 1980, Gulf estimated a total resource at Raven and Horseshoe of
6.7�million tonnes at an average grade of 0.16% U(3)O(8), representing
approximately 23 million contained pounds of U(3)O(8). This historical
resource estimate was based on widely-spaced drill holes and was not
calculated using current Canadian Institute of Mining, Metallurgy and
Petroleum categories and no current resource or reserve competence categories
were applied. As a result, such a resource estimate is not compliant with N.I.
43-101 and should not be relied upon.
     To view maps and cross sections of Raven and Horseshoe, please access
UEX's website at www.uex-corporation.com under "Projects - Eastern Athabasca -
Hidden Bay".
     The technical information in this news release has been compiled by David
Rhys, P. Geo., a qualified person as defined by N.I. 43-101.
     About UEX
     UEX is a Canadian uranium exploration company formed under an agreement
between Pioneer Metals Corporation and Cameco Corporation ("Cameco"). Cameco,
the world's largest supplier of uranium, is UEX's largest shareholder. UEX
began trading on the Toronto Stock Exchange in July 2002 and is actively
involved in the exploration and development of 19 uranium projects, including
seven that are 100% owned and operated by UEX, one joint venture with AREVA
that is operated by UEX, ten under option from AREVA and one under option from
Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19
projects, totaling 386,650 hectares (955,400 acres), are located in the
eastern, western and northern perimeters of the Athabasca Basin, the world's
richest uranium belt, which accounts for approximately 30% of the global
primary uranium production. UEX's exploration budget for 2007 is
$25.0�million, and the Company has a cash position of approximately
$67.0�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 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. 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. 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$ 49.5 millions as of today (US$ 37.3 millions, € 33.7 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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