Attention Business Editors:
UEX/AREVA Drilling Extends Mineralization at Kianna Deposit: SHE-115-15A Intersects 7.11% U(3)O(8) Over 6.5 metres, Including 31.95% U(3)O(8) over 1.2 metres Hosted in Basement Rock
Development Work on Proposed Shaft at Shea Creek Proceeding on Schedule
Trading Symbol: UEX-TSX
VANCOUVER, July 12 /CNW/ - UEX Corporation ("UEX") announced today that
AREVA Group subsidiary AREVA Resources Canada Inc. ("AREVA") has reported to
UEX all results from the 2007 winter/spring 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 Western Athabasca Projects currently under option from AREVA, the
operator. UEX has earned a 36.75% interest in the ten projects by spending in
excess of $22.5 million on exploration and development expenditures in just
over three years (see UEX News Release, July 5, 2007). UEX has an option to
earn an additional 12.25% interest, and anticipates that it will earn its full
49% interest during the first quarter of 2008.
"The 2007 drilling has significantly increased the size of the Kianna
Deposit, with multiple high-grade intersections, especially in the basement
portion of the deposit, our main focus. These results continue to support
AREVA's plans to sink an exploration shaft at Shea Creek," said Stephen
Sorensen President and CEO of UEX. Sorensen went on to say "the development
work at Shea Creek regarding the planned shaft is on schedule, and we expect
to be in a position to apply for the permits required for shaft construction
by year end."
About the Kianna Deposit
At the Kianna Deposit, high-grade uranium mineralization has been
intersected in multiple zones at depths from 662 metres to 922 metres, a
vertical distance of approximately 260 metres - located in sandstone high
above the unconformity, at the unconformity, and below the unconformity in
basement rocks, with unconformity depths ranging from approximately 710 to
760�metres.
To date, the AREVA-UEX drilling programs from 2004 through to 2007 have
outlined three distinct styles of high-grade uranium mineralization that are
still open in all directions:
- Perched ("P"), sandstone-hosted mineralization found in discrete
zones tens of metres above the unconformity currently has a defined
strike length of 80 metres and a width of 60 metres (previously
announced 2005 hole SHE-114-5, 27.4% U(3)O(8) over 8.8 metres,
including 58.3% U(3)O(8) over 3.5 metres);
- Unconformity-type mineralization ("UC"), in close proximity to the
unconformity has a defined strike length of 200 metres and a width of
200 metres (previously announced 2006 hole SHE-115-3, grading 12.57%
U(3)O(8) over 11.9 metres, including 27.35% U(3)O(8) over
4.2 metres);
- Basement-hosted mineralization ("B"), found in zones up to 200 metres
below the unconformity has outlined a strike length of 200 metres and
a down-dip extension of 160 metres (previously announced 2005 hole
SHE-114-11, grading 5.40% U(3)O(8) over 37.7 metres, including 25.46%
U(3)O(8) over 4.0 metres).
Results from 2007 Winter/Spring Shea Creek Drilling Program at the Kianna
Deposit
The 2007 winter/spring drilling program at the Kianna Deposit operated
from January to June 2007. Sixteen directional cuts were made from pilot holes
SHE-115 and SHE-118. Multiple directional cuts, or "step-outs", can be made
from one pilot hole, which reduces costs while improving targeting precision
when drilling deep targets. To view a map of the 2007 drilling at the Kianna
Deposit, visit UEX's website at www.uex-corporation.com. Highlights of the
2007 winter/spring drilling program that expanded the dimensions of the
unconformity and basement portions of the deposit include:
- The recorded mineralized impacts and visible mineralization seen in
the SHE-115 series of holes and SHE-118-7 confirmed and expanded upon
the high grade basement mineralization associated with an east-west
structural corridor within the Kianna Deposit. The interpretation of
results concludes that the basement component of the deposit was
expanded by an extra 100 metres in strike length to a current known
length of 200 metres and is still open.
- The results from the SHE-118 series provided the continuity of
mineralization needed to assess the southern portion of the
unconformity component of the deposit. These results have outlined a
continuous zone of mineralization at the unconformity that is
currently 200 metres in length and will be the foundation to continue
the expansion of the deposit. The basement mineralization of a number
of holes from the SHE-118 series was not expected and this new
mineralization opens new exploratory targets within the Kianna
Deposit.
SHE-115-11: Hole previously announced in UEX news release on February 13,
2007.
(B) 6.72% U(3)O(8) over 15.1 metres, including 11.81% U(3)O(8) over
6.2 metres.
SHE-115-11 targeted the continuity of high-grade basement mineralization
along the east-west structural corridor in the vicinity of SHE-114-8. The
unconformity was intersected at 724.6 metres, approximately 31.0 metres
south-southeast of the unconformity impact point of hole SHE-114-8, and 23.0
metres northwest of the unconformity impact point of hole SHE-115.
An intersection of high-grade, basement-hosted mineralization grading
6.72% U(3)O(8) over 15.1 metres was encountered from 854.2 to 869.3 metres,
which included 11.81% U(3)O(8) over 6.2 metres. Several other intervals of
weak, basement-hosted mineralization were intersected below the unconformity
from 811.4 to 817.7 metres, and from 839.5 to 852.8 metres. From the reported
15.1�metres of the strongly mineralized zone approximately 3.7 metres more
mineralization was not probed because of a technical problem and the hole was
stopped at a depth of 877.0 metres.
The results from SHE-115-11 significantly expanded the known strike
length of the Kianna Deposit basement mineralization (see accompanying
Section�1 on UEX's website) and confirmed AREVA's theory that mineralization
within the basement at Kianna is structurally-controlled.
SHE-115-12:
(UC) 0.18% U(3)O(8) over 1.2 metres, and
(B) 0.06% U(3)O(8) over 9.9 metres.
SHE-115-12 targeted the continuity of high-grade basement mineralization
along the east-west structural corridor in the vicinity of SHE-115-11. The
unconformity was intersected at 719.4 metres, approximately 15.0 metres
southeast of the unconformity of SHE-115-11. Weak mineralization was
intersected at the unconformity grading 0.18% U(3)O(8) over 1.2 metres between
718.7 and 719.9 metres. Trace basement mineralization was intersected grading
0.06% over 9.9 metres between 820.6 and 830.5 metres and is associated with a
structure but the main mineralizing east-west structural corridor was not
intersected (see accompanying Section 1 on UEX's website).
SHE-115-13:
(B) Mineralization intersected between 852.9 and 864.0 metres, hole was
lost and no mineralized intervals were recorded.
SHE-115-13 targeted the continuity of high-grade basement mineralization
along the east-west structural corridor to the west of SHE-115-11. The
unconformity was intersected at 722.0 metres, approximately 20.0 metres west
of the unconformity of SHE-115-11. The hole was lost at 869.0 metres when the
drilling crew was unable to retrieve a broken rod in the hole. This hole is
the most westerly drilled hole on the Kianna Deposit and mineralization is
still encountered at depths between 852.9 and 864.0 metres in the basement
along the interpreted structural corridor implying the deposit is still open.
SHE-115-14:
(B) 5.65% U(3)O(8) over 1.7 metres, including 15.30% U(3)O(8) over
0.4 metres.
SHE-115-14 continued to target the continuity of high-grade basement
mineralization along the east-west structural corridor in the vicinity of
SHE-115-11. The unconformity was intersected at 723.6 metres, approximately
19.0�metres west of the unconformity of hole SHE-115-11. High-grade basement
mineralization associated with structures was intersected from 863.6 to
865.3�metres grading 5.65% U(3)O(8) over 1.7 metres, including 15.30% U(3)O(8)
over 0.4�metres. The structure intersected was not the main east-west
structural corridor and the drill hole "over-shot" the intended target. The
narrow high grade intercept implies that mineralizing fluids are present.
SHE-115-15:
The target was to test the continuity of high grade basement
mineralization 40 metres north and down-dip of the mineralized impact in
SHE-115-11. The hole was stopped at 833.0 metres before the intersection of
the intended target. The stoppage was due to the loss of a drill bit at the
end of a hole after the rods became stuck, attempts to drill the bit out with
a reduced rod string size were unsuccessful.
SHE-115-15A:
(B) 7.11% U(3)O(8) over 6.5 metres, including 15.82% U(3)O(8) over
2.6 metres, including 31.95% U(3)O(8) over 1.2 metres, and 2.82%
U(3)O(8) over 1.8 metres.
SHE-115-15A targeted the continuity of high-grade basement north and
down-dip of the mineralized impact in SHE-115-11 along the east-west
structural corridor. The unconformity was intersected at 721.2 metres,
approximately 9.0 metres north of the unconformity of hole SHE-115-11.
High-grade basement mineralization was intersected from 831.1 to 837.6 metres
grading 7.11% U(3)O(8) over 6.5 metres, including 15.82% U(3)O(8) over
2.6�metres from 831.1 to 833.7 metres, which includes 31.95% U(3)O(8) over
1.2�metres from 831.9 to 833.1 metres, and 2.82% U(3)O(8) over 1.8 metres from
835.8 to 837.6 metres. Additional basement mineralization was intersected from
940.9 to 944.3 metres grading 0.43% U(3)O(8) over 3.4 metres.
SHE-115-16:
The target was to test the continuity of high grade basement
mineralization north west and down-dip of the mineralized impact in
SHE-115-11. The hole was lost at 848.0 metres before the intersection of the
intended target. Basement mineralization was intersected at a depth of 844.5
to 844.8�metres and it is believed to be the possible beginning of a much
larger mineralizing envelope very similar to the intersection seen SHE-115-11
(see accompanying Section 1 on UEX's website). The rods broke at 596.0 metres
and after several attempts to retrieve the drill string the hole was
abandoned. This top priority target will be drilled in future programs.
SHE-118-4: Hole previously announced in UEX news release on February 13,
2007.
(UC) 1.14% U(3)O(8) over 16.8 metres, including 2.22% U(3)O(8) over
6.2 metres.
SHE-118-4 targeted the continuation of unconformity-style and possible
deep basement mineralization. The unconformity was intersected at
730.9�metres, approximately 17.0 metres east of the unconformity impact point
of hole SHE-115-5, 17.0 metres south-southwest of unconformity impact point of
hole SHE-115-3, and 19.0 metres northwest of the unconformity impact point of
SHE-118.
High-grade unconformity-style mineralization was encountered straddling
the unconformity, grading 1.14% U(3)O(8) over 16.8 metres from 715.75 metres
to 732.55 metres, which included 2.22% U(3)O(8) over 6.2 metres. Several
intervals of weak, basement-hosted mineralization were intersected within
fault zones below the unconformity between 795.0 to 892.5 metres, with the
most notable intersection grading 0.52% U(3)O(8) over 7.2 metres from 795.6 to
802.8 metres.
SHE-118-5:
Unconformity mineralization was intersected consisting of disseminated
pitchblende within the matrix of the breccia or within the basement fault
gouge directly below the unconformity. SHE-118-5 targeted the continuation of
unconformity-style mineralization 20 metres north-west of pilot hole SHE-118.
The hole was lost at 758.0 metres because rods broke at a depth of
700.0�metres in the hole and could not be retrieved, and as a result no gamma
probing was performed. The hole was re-drilled as SHE-118-5A.
SHE-118-5A:
(UC) 3.24% U(3)O(8) over 8.0 metres, including 10.76% U(3)O(8) over
1.9 metres.
(B) 0.40% U(3)O(8) over 3.3 metres.
SHE-118-5A targeted the continuation of unconformity-style mineralization
on the eastern side of the Kianna Deposit. The unconformity was intersected
20�metres north-west of pilot hole SHE-118 at a depth of 711.0 metres.
High-grade unconformity-style mineralization was encountered between 706.0 and
714.0 metres grading 3.24% U(3)O(8) over 8.0 metres, including 10.76% U(3)O(8)
over 1.9�metres between 710.0 and 711.9 metres. Additional mineralization was
intersected in the basement from 732.5 to 735.8 metres grading 0.40% U(3)O(8)
over 3.3 metres.
SHE-118-6:
(UC) 3.20% U(3)O(8) over 5.1 metres.
SHE-118-6 targeted the continuation of unconformity-style mineralization
on the eastern side of the Kianna Deposit. The unconformity was intersected
21�metres west of pilot hole SHE-118 at a depth of 706.4 metres. High-grade
unconformity-style mineralization was encountered between 701.6 and
706.7�metres grading 3.20% U(3)O(8) over 5.1 metres. The hole was abandoned at
716.0�metres because the core barrel was dropped by the driller and could not
be retrieved and the hole was restarted as SHE-118-6A.
SHE-118-6A:
(UC) 8.35% U(3)O(8) over 3.0 metres, including 11.75% U(3)O(8) over
2.1 metres, and
(B) 0.42% U(3)O(8) over 4.0 metres.
SHE-118-6A was a restart of SHE-118-6 and targeted the continuation of
unconformity-style mineralization on the eastern side of the Kianna Deposit.
The unconformity was intersected 22 metres west of pilot hole SHE-118 at a
depth of 707.9 metres. High-grade unconformity-style mineralization was
encountered between 705.45 and 708.45 metres grading 8.35% U(3)O(8) over
3.0�metres, including 11.75% U(3)O(8) over 2.1 metres between 705.85 to
707.95�metres. Basement mineralization was intersected consisting of 0.42%
U(3)O(8) over 4.0 metres between 806.85 and 810.85 metres. The full
significance of the mineralization approximately 100 metres below the
unconformity is not thoroughly understood. It is the first time a hole has
been drilled in this area and it is 50 metres south of the main east-west
structural corridor containing basement mineralization.
SHE-118-7:
(UC) 1.33% U(3)O(8) over 5.7 metres, and
(B) 0.40% U(3)O(8) over 2.9 metres.
SHE-118-7 targeted the continuation of unconformity-style mineralization
on the southern portion of the Kianna Deposit. The unconformity was
intersected 20 metres further west of SHE-118-6A. High-grade
unconformity-style mineralization was encountered between 704.9 and 710.6
metres grading 1.33% U(3)O(8) over 5.7 metres. The significance of the
mineralized impact confirms the continuity of unconformity mineralization over
150 metres on the southern most drill fence on the Kianna Deposit (see
accompanying Section 2 on UEX's website). Basement mineralization was
intersected between 800.7 to 803.6�metres which graded 0.40% U(3)O(8) over 2.9
metres.
SHE-118-8:
(UC) 7.10% U(3)O(8) over 3.9 metres, including 18.74% U(3)O(8) over
1.2 metres and
(B) 3.50% U(3)O(8) over 5.7 metres, and 1.54% U(3)O(8) over 3.5 metres.
SHE-118-8 targeted the continuity of unconformity mineralization and
tested the extension of basement mineralization along the east-west structural
corridor that cuts through the Kianna deposit. The unconformity was
intersected 35 metres west of pilot hole SHE-118 at a depth of 712.8 metres.
High-grade unconformity-style mineralization was encountered from 710.4 to
714.3 metres grading 7.10% U(3)O(8) over 3.9 metres, including 18.74% U(3)O(8)
over 1.2 metres between 711.3 and 712.5 metres. High-grade basement
mineralization was encountered between 801.0 and 806.7 metres grading 3.50%
U(3)O(8) over 5.7 metres, and between 816.9 and 820.1 metres grading 1.54%
U(3)O(8) over 3.5 metres. The basement impacts confirm the continuation of
mineralization that still remains open at depth and along strike.
SHE-118-9:
(UC) 2.74% U(3)O(8) over 10.5 metres, including 4.07% U(3)O(8) over
6.1 metres, including 8.28% U(3)O(8) over 1.1 metres, and
(B) 2.37% U(3)O(8) over 8.7 metres, including 11.75% U(3)O(8) over
0.5 metres.
SHE-118-9 targeted the continuity of unconformity mineralization between
SHE-118 and SHE-102 (drilled in 2000). The unconformity was intersected
8�metres south east of pilot hole SHE-118 at a depth of 715.8 metres.
High-grade unconformity-style mineralization was encountered between 706.2 and
716.7 metres grading 2.74% U(3)O(8) over 10.5 metres, including 4.07% U(3)O(8)
over 6.1 metres from 710.6 to 716.7 metres, which includes 8.28% U(3)O(8) over
1.1 metres from 711.7 to 712.8 metres. High-grade basement mineralization was
encountered between 760.2 and 768.9 metres grading 2.37% U(3)O(8) over
8.7�metres. The basement impact was not expected along the interpreted
basement structure and this new mineralization and potentially high grade
opens a new exploratory target within the Kianna Deposit.
SHE-118-10:
(UC) 0.37% U(3)O(8) over 2.6 metres.
SHE-118-10 targeted the continuity of unconformity mineralization
40�metres south west of SHE-118 and intersected the unconformity at
721.6�metres. Disseminated mineralization was associated with hematized
breccias above the unconformity. A mineralized interval of 0.37% U(3)O(8) over
2.6�metres between 719.0 and 721.6 metres was recorded.
Pilot Holes and Geotechnical Program
Five pilot holes were completed on the western side of the known trend of
mineralization from the Anne deposit to the Kianna deposit (see accompanying
Map 2 on UEX's website). These holes were drilled for exploration and
development purposes as follows:
- To collect geotechnical data and hydrological properties pertaining
to packer tests to estimate groundwater inflows in underground
openings and groundwater sampling to evaluate water quality. This
work is currently being performed by Golder Associates;
- To be used as pilot holes for future exploration directional
drilling. It is important to note that these holes were not targeted
to intersect mineralization.
The five holes were labeled SHE-121 to SHE-125. The geological profiles
for the five holes were similar in terms of regional alteration within the
sandstones, weak brecciation at the unconformity and the basement lithological
sequence. Increases in radioactivity were seen in all the holes with three
holes having recordable mineralized intervals (see Table 2). The significance
of the mineralization encountered in these pilot holes outlines the potential
of expanding mineralization between and at the known deposits.
Development Work for Proposed Exploration Shaft at Shea Creek
As first announced (see UEX News Release, April 10, 2007) AREVA has
started the necessary studies for site characterization and base line testing
for an exploration shaft. The work is required to file a Project Description
for federal and provincial regulatory bodies. Work is presently ongoing with
three drill rigs performing operations to complete five piezometer holes to a
depth of 800 metres in the vicinity of the planned shaft location (see
accompanying Map 3 on UEX's website). These holes will also be used to collect
geotechnical data and groundwater sampling to evaluate water quality. This
work is expected to continue throughout the summer.
An environmental baseline study has been started in the form of surface
hydrology with monitoring stations and lake level gauges installed; aquatic
and terrestrial ecology will begin by the middle of July in the Shea Creek
area.
It is expected that the Project Description will be presented to both
federal and provincial regulatory bodies in the fourth quarter of this year.
Fall 2007 Drilling Program at Shea Creek
Exploration drilling will restart in early September with the guarantee
of two rigs capable of performing directional drilling with the possibility of
a third rig. Work will commence between the Anne and Kianna deposits, a
500�metre strike length, where historical work intersected mineralization in 9
out of 13 completed drill holes.
Work is also slated to expand the Anne deposit to define the extents of
both unconformity and basement mineralization, currently the Anne deposit is
open in all directions.
About the Anne Deposit
The Anne Deposit is geologically comparable to the Kianna Deposit with
both unconformity and basement mineralization. To date, the unconformity
mineralization at the Anne Deposit has been traced over a strike length of
250�metres and a width of 100 metres and remains open in all directions. A
systematic drilling program has outlined the current deposit, but with the
recent focus on the Kianna Deposit, no work has been carried out on the Anne
Deposit since the fall of 2004.
Previous drilling programs have outlined two distinct styles of
high-grade mineralization:
- Unconformity-type mineralization, in close proximity to the
unconformity (previous hole SHE-99-2, grading 9.17% U(3)O(8) over
15.7 metres, including 36.37% U(3)O(8) over 2.5 metres);
- Basement hosted mineralization, found in zones up to 35 meters below
the unconformity: (previous hole SHE-96-3, grading 1.39% U(3)O(8)
over 47.3 meters).
About AREVA Resources Canada Inc.
AREVA, a uranium exploration and mining company, is a subsidiary of AREVA
Group, a worldwide expert in the energy field with a strong industrial
presence in over 40 countries. AREVA Group, through its Canadian subsidiary,
has significant interests in several uranium deposits in the Athabasca Basin,
including the producing McClean Lake Deposits operated by AREVA, the producing
McArthur River Deposit operated by Cameco Corporation ("Cameco"), the
Millenium Deposit, and the Cigar Lake Deposit.
About UEX
UEX is a Canadian uranium exploration company formed under an agreement
between Pioneer Metals Corporation and 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.
TABLE 1
2007 Kianna Deposit Drill Results
All Uranium Intersections Calculated from Gamma Probe Logging
-------------------------------------------------------------------------
2007 Winter/Spring Drilling Results
-------------------------------------------------------------------------
Hole Total Depth to From To Length Avg. Grade
Depth of Unconformity (metres) (metres) (metres) Within the
Hole (metres) Intersection
(metres) (% U(3)O(8))
-------------------------------------------------------------------------
SHE-115-11(*) 887.0 724.6 854.2 869.3 15.1 6.72
including 862.4 868.6 6.2 11.81
-------------------------------------------------------------------------
SHE-115-12 896.0 719.4 718.7 719.9 1.2 0.18
820.6 830.5 9.9 0.06
-------------------------------------------------------------------------
SHE-115-13(**) 869.0 722.0 Mineralization intersected between
852.9-864.0 metres
-------------------------------------------------------------------------
SHE-115-14 989.0 723.6 863.6 865.3 1.7 5.65
including 864.5 864.9 0.4 15.30
-------------------------------------------------------------------------
SHE-115-15(**) 833.0 724.4
-------------------------------------------------------------------------
SHE-115-15A 1004.0 721.2 831.1 837.6 6.5 7.11
including 831.1 833.7 2.6 15.82
including 831.9 833.1 1.2 31.95
835.8 837.6 1.8 2.82
940.9 944.3 3.4 0.43
-------------------------------------------------------------------------
SHE-115-16(**) 848.0 722.0 Mineralization intersected between
844.5-844.8 metres
-------------------------------------------------------------------------
SHE-118-4(*) 950.0 730.9 715.75 732.55 16.8 1.14
including 725.75 731.95 6.2 2.22
795.6 802.8 7.2 0.52
-------------------------------------------------------------------------
SHE-118-5(**) 758.0 711.6
-------------------------------------------------------------------------
SHE-118-5A 830.0 711.0 706.0 714.0 8.0 3.24
including 710.0 711.9 1.9 10.76
732.5 735.8 3.3 0.40
-------------------------------------------------------------------------
SHE-118-6 716.0 706.4 701.6 706.7 5.1 3.20
-------------------------------------------------------------------------
SHE-118-6A 817.0 707.9 705.45 708.45 3.0 8.35
including 705.85 707.95 2.1 11.75
806.85 810.85 4.0 0.42
-------------------------------------------------------------------------
SHE-118-7 821.0 709.8 704.9 710.6 5.7 1.33
800.7 803.6 2.9 0.40
-------------------------------------------------------------------------
SHE-118-8 937.0 712.8 710.4 714.3 3.9 7.10
including 711.3 712.5 1.2 18.74
801.0 806.7 5.7 3.50
816.6 820.1 3.5 1.54
-------------------------------------------------------------------------
SHE-118-9 797.0 715.8 706.2 716.7 10.5 2.74
including 710.6 716.7 6.1 4.07
including 711.7 712.8 1.1 8.28
760.2 768.9 8.7 2.37
including 765.0 765.5 0.5 11.75
-------------------------------------------------------------------------
SHE-118-10 830.0 721.6 719.0 721.6 2.6 0.37
-------------------------------------------------------------------------
(*) Hole previously announced in UEX news release on February 13, 2007.
(**) No probing - hole lost
TABLE 2
2007 Pilot Holes/Geotechnical Program
All Uranium Intersections Calculated from Gamma Probe Logging
-------------------------------------------------------------------------
2007 Winter/Spring Drilling Results
-------------------------------------------------------------------------
Hole Total Depth to From To Length Avg. Grade
Depth of Unconformity (metres) (metres) (metres) Within the
Hole (metres) Intersection
(metres) (% U(3)O(8))
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SHE-121 837.0 714.5
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SHE-122 846.0 718.5 714.65 716.95 2.3 0.37
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SHE-123 847.0 722.9
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SHE-124 815.0 702.7 772.1 772.8 0.7 0.93
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SHE-125 821.0 703.6 728.9 729.3 0.4 0.21
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Uranium grades are calculated from gamma probe logging (see Table 1 & 2).
True widths of mineralized intervals have not yet been determined. The
technical information in this news release has been compiled and reviewed
by Erwin Koning, P. Geo., AREVA's District Geologist, West Athabasca
Region, a qualified person as defined by National Instrument 43-101.
%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
