UEX Corp

Published : March 24th, 2009

Geochemical Results and Identify Gold Potential at the Shea Creek Project

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

UEX and AREVA Announce Geochemical Results and Identify Gold Potential at the Shea Creek Project

     Trading Symbol: UEX-TSX

     VANCOUVER, March 24 /CNW/ - UEX Corporation ("UEX") reports that through
its current review of analytical data from drill holes at the Shea Creek
Project ("Shea Creek"), geochemical composites have been generated for
mineralized drill hole intercepts which were previously released as downhole
probe equivalent grades (eU(3)O(8)). Shea Creek, which is located in the
western Athabasca Basin of northern Saskatchewan, hosts the Kianna, Anne, and
Colette Deposits and is one of the ten 49%-owned Western Athabasca Uranium
Projects joint-ventured with AREVA Resources Canada Inc. ("AREVA"), the
operator.
     Principal composites reported here are mainly geochemical, and are based
on analysis of split half cores typically collected at approximately 0.5-metre
sample intervals. The analysis was performed by the Saskatchewan Research
Council Geoanalytical Laboratories ("SRC") using ICP-MS and ICP-OES analysis
for uranium. Since geochemical results form the basis to estimate probe
equivalent uranium grades, the geochemical data will form the basis of future
National Instrument 43-101 ("N.I. 43-101") compliant resource estimates for
the Shea Creek deposits.
     UEX also announces that it is filing shortly on SEDAR, a N.I. 43-101
compliant Technical Report on the Shea Creek Project (the "Shea Creek Report")
which also incorporates significant results from previous exploration. The
reader is referred to this report for further information and a more complete
documentation of composited analytical results from previous drilling.
     Table 1 illustrates the effects of the use of geochemical data in place
of the previously released probe estimated results from mineralized intervals
which have returned a grade (%U(3)O(8)) - thickness (length in metres) product
("GT") of greater than 50 in intercepts which have greater than 80% core
recovery. Note that the GT of individual geochemical composites varies from
lower to locally higher than the previously released probe results, with an
average decrease in GT from probe to geochemical results in this subset by
about 8%. True thickness of unconformity-hosted mineralization is close to the
reported lengths listed below, while true widths of basement intercepts are
not yet determined.
     Note in Table 1 that downhole depth intervals of mineralization will
differ slightly due to the differences in calibration of the position of probe
location in the drill hole, compositing techniques, and differences in
defining boundaries of mineralization in the sampled material of the two
techniques. The probe data are from news releases between 2004 and 2007. Probe
data from drill holes which were completed prior to UEX's involvement in the
property (up to SHE-100-01) were reported in UEX's news release of March 18,
2004. All of these previous probe results were estimated using one coefficient
coming from a Cluff Lake deposit.

                                   Table 1:
        Comparison of Geochemical and Previously Released Probe Estimated
     Composites (significant mineralized intercepts on the Shea Creek Project
     which have a GT (U(3)O(8) grade-thickness product) of  greater than
       50 that have greater than 80% core recovery or assays available.)

     -------------------------------------------------------------------------
     Drill hole, with
     location and
     type of                               From    To   Length
     mineralization   Data source           (m)    (m)    (m)  U(3)O(8)%   GT
     -------------------------------------------------------------------------
     SHE-087          Geochemical data    705.50 711.50   6.00  11.607  69.64
     Anne,
      unconformity    Previous probe data 708.10 712.00   3.90 e15.180  59.20
     -------------------------------------------------------------------------
     SHE-095-03       Geochemical data    717.70 732.60  14.90   4.411  65.73
     Anne,
      unconformity +
      basement        Previous probe data 716.40 726.90  10.50  e6.100  64.05
     -------------------------------------------------------------------------
     SHE-096-03       Geochemical data    706.00 725.00  19.00   5.419 102.97
     Anne,
      unconformity +
      basement        Previous probe data 708.90 725.20  16.30  e8.470 138.06
     -------------------------------------------------------------------------
     SHE-099          Geochemical data    704.00 712.40   8.40  10.027  84.22
     Anne,
      unconformity    Previous probe data 701.80 710.50   8.70  e9.050  78.74
     -------------------------------------------------------------------------
     SHE-099-02       Geochemical data    694.10 712.00  17.90   5.649 101.12
     Anne,
      unconformity +
      basement        Previous probe data 693.60 709.30  15.70  e7.770 121.99
     -------------------------------------------------------------------------
     SHE-100-01       Geochemical data    710.70 735.80  25.10   3.315  83.21
     Anne,
      unconformity +
      basement        Previous probe data 715.05 721.25   6.20 e10.950  67.89
     -------------------------------------------------------------------------
     SHE-114-11       Geochemical data    818.50 863.50  45.00   4.093 184.19
     Kianna,
      basement        Previous probe data 816.10 853.80  37.70  e5.400 203.58
     -------------------------------------------------------------------------
     SHE-115-03       Geochemical data    735.60 747.80  12.20   9.335 113.89
     Kianna,
      unconformity    Previous probe data 735.00 746.90  11.90 e12.570 149.58
     -------------------------------------------------------------------------
     SHE-115-05       Geochemical data    730.50 737.70   7.20   7.827  56.35
     Kianna,
      unconformity    Previous probe data 731.50 736.40   4.90 e12.740  62.43
     -------------------------------------------------------------------------
     SHE-115-10       Geochemical data    825.50 840.50  15.00   8.581 128.72
     Kianna,
      basement        Previous probe data 829.90 840.00  10.10 e13.870 140.09
     -------------------------------------------------------------------------
     SHE-115-11       Geochemical data    854.50 871.00  16.50   5.358  88.40
     Kianna,
      basement        Previous probe data 854.20 869.30  15.10  e6.720 101.47
     -------------------------------------------------------------------------
     SHE-122-01       Geochemical data    710.50 746.50  36.00   4.206 151.40
     Anne,
      unconformity +
      basement        Previous probe data 713.80 747.50  33.70  e4.730 159.40
     -------------------------------------------------------------------------
     SHE-122-05       Geochemical data    727.00 747.50  20.50   3.642  74.65
     Anne,
      unconformity +
      basement        Previous probe data 727.00 742.50  15.50  e4.580  70.99
     -------------------------------------------------------------------------

     Perched mineralization in the Kianna Deposit area locally has intervals
of poor drill recovery where less than 80% of core is recovered. This small,
shallow dipping pod (50 by 30 metres in plan view) contains very high grades,
but due to the core loss issues many intervals are reported here and in the
Shea Creek Report utilizing new calibrated probe results to geochemical
results (see below).
     Comparison of the previous and currently estimated probe equivalent
grades based on the new calibrations are included as Table 2. The new probe
calibration is at approximately 87% of the older coefficient, so the grade
decrease of the new calibration is approximately 13% in comparison to the
previously reported probe results. A Kianna perched mineralization intercept
in drill hole SHE-115-18 of 8.42% eU(3)O(8) over 12.6 metres, which also meets
the GT threshold of greater than 50 but has less than 80% core recovery, was
reported in January 2009 utilizing the new Kianna calibration, so is
considered a currently valid estimate of grade.
     Probe equivalent data in Table 2 are based on a conversion factor now
normalized to Kianna drill hole data from 2004 to 2007, and replaces the older
data which utilized the Cluff Lake deposit conversion. Since these intervals
have less than 80% core recovery, they are reported here as probe equivalent
grades. Note that the intervals vary slightly since a lower cutoff grade
(0.05% eU(3)O(8)) was used during compositing than in the previous news
releases (0.1% eU(3)O(8)).

                                   Table 2:
       Comparison of Current Calibrated Probe and Geochemical Results to
     Previously Released 2004 to 2007 Probe Results from the Kianna Perched
            Zone of Mineralization which have a GT of greater than 50.

     -------------------------------------------------------------------------
     Drill hole, with
     location and
     type of                               From    To   Length
     mineralization   Data source           (m)    (m)    (m)  U(3)O(8)%   GT
     -------------------------------------------------------------------------
     SHE-114-11       New calibrated
                       probe              679.30 694.60  15.30  e4.580  70.08
     Kianna perched   Previous probe
                       data               678.50 692.20  13.70  e5.830  79.87
     -------------------------------------------------------------------------
     SHE-114-09       New calibrated
                       probe              677.00 699.20  22.20  e4.637 102.94
     Kianna perched   Previous probe
                       data               677.00 697.00  20.00  e5.880 117.60
     -------------------------------------------------------------------------
     SHE-114-05       New calibrated
                       probe              678.70 688.90  10.20 e20.721 211.35
     Kianna perched   Previous probe
                       data               677.80 686.60   8.80 e27.400 241.12
     -------------------------------------------------------------------------
     SHE-114-07       Geochemical data    673.60 683.10   9.50   7.367  69.99
     Kianna perched   Previous probe
                       data               665.60 679.70  14.10  e7.730 108.99
     -------------------------------------------------------------------------

     Note that the intercept in hole SHE-114-07 utilizes geochemical data, but
poor recovery occurs on its margins explaining the difference in sampled
length. This intercept will be reviewed and sampling conducted of low recovery
intervals, if necessary.

     Background: Probe Data Acquisition

     As a standard practice in uranium exploration in the Athabasca Basin,
Diamond drill holes are radiometrically logged immediately after completion of
drilling utilizing a down-hole radiometric probe. Mineralized intervals are
logged down-hole by AREVA using either an ST-22 2T or an STD-27 low flux
probe, as well as with an STD27-HF (high flux) probe when very high grade
mineralization is encountered. The probe intervals are collected at 0.1-metre
intervals and stored in the drill hole database as raw counts per second.
Down-hole radiometric probe data are often used in mining and advanced
exploration settings to estimate uranium grade when sufficient comparative
geochemical and probe data are available to calibrate the probe data
specifically to individual deposits or mineralized areas.
     The conversion formula from probe data to equivalent uranium grades
(denoted as "eU" or "eU(3)O(8)") on an exploration or mining project is
periodically modified for different mineralized areas as new geochemical data
are received. Probe data reported in UEX disclosures prior to 2008 utilized a
modified conversion coefficient which had been developed by AREVA in its
operations at the Dominique-Peter Deposit at the nearby Cluff Lake mining
operations in the 1980s. Cluff Lake is located 13 kilometres north of the Shea
Creek Project and, prior to generation of sufficient geochemical data at Shea
Creek, was considered to be a reasonable analogue for estimation of probe
equivalent grades at Shea Creek. Due to mineralogical, grain size, and
morphological differences of mineralized material between deposits and areas,
formulas from different deposits generally need to be customized to the local
mineralized material to produce estimates that are as accurate as possible.
     UEX has recently determined and AREVA has confirmed that, in 2008, AREVA
calculated specific probe conversion coefficients for the Kianna and Anne
Deposits based on geochemical data received up to that time, which replaced
the earlier Cluff Lake coefficient. The new coefficients and their basis are
documented in the Shea Creek Report to be filed shortly on SEDAR. AREVA has
also recently informed UEX that the results reported by AREVA to UEX and
disclosed in UEX's news releases from June 2008 onward incorporate AREVA's new
probe conversion coefficients, and therefore currently still form a
statistically valid estimate of uranium concentrations, although they too are
superceded by geochemical results reported here.
     Since the geochemical data are based upon a direct analysis of
mineralized material, they form a more accurate representation of the uranium
grade than the probe estimated grades. Even where well-calibrated probe
conversions are available since 2008, geochemical results will show local
differences between probe estimated and geochemical results, due to local
variations in mineralization style, and that the fact that when the probe is
run down the drill hole, the mineralized material in the core has already been
extracted from the drill hole, so the probe is sampling the wallrocks to the
drill hole. Consequently, the geochemical composite intervals reported here
and in the Shea Creek Report, supercede all previously composited probe
estimated intervals reported by AREVA to UEX and disclosed by UEX in 2004 to
2009 news releases.

     Shea Creek Geochemical Composites and Revised Probe Estimated Grades

     Geochemical and, where recoveries are low, new probe equivalent
composited intervals for all drill holes completed on the Shea Creek property
since 1992 that have a GT of greater than 5 and minimum grade of 0.20%
U(3)O(8) are reported in Table 4. A more complete tabulation of results at a
cutoff grade of 0.05% and GT of greater than 0.1 is provided as Appendix 2 in
the Shea Creek Report, and the reader is referred to that for further
information.
     Since the orientations of drill holes in the deposits vary, and the
morphology of mineralized zones has variable orientation, the relationship of
geochemical sample length and probe composited lengths in drill holes to the
true thickness of mineralization is also variable. For mineralization
developed at the unconformity in the Anne, Kianna and Colette Deposits, the
steep orientation of most drill holes crosses the flat-lying mineralization in
intercepts which are at or close to true thickness. For basement hosted
mineralization, in many areas thickness has not yet been determined since the
morphology and orientation of mineralization is still interpretive so
thickness is apparent, although in some areas in the southern Anne Deposit
where basement mineralization is parallel to the metamorphic stratigraphy and
a higher confidence level of its morphology has been determined, intercepts
are close to true thickness. Perched mineralization at Kianna has been
intersected by multiple closely spaced drill holes which indicate it has a
lens-shaped shallow southwesterly dip, resulting in drill hole intercepts
which are also generally close to true thickness.
     Composites reported in Table 4 under the column "U(3)O(8)" are composited
from geochemical analyses by the SRC and analyzed by ICP. The SRC has an
ISO/IEC 17025:2005 accredited quality management system (Scope of
Accreditation No. 537) from the Standards Council of Canada, and is accredited
by the Canadian Association for Laboratory Accreditation Inc. Data reported
initially from the lab as U ppm which were determined using the ICP-MS
technique are converted to U(3)O(8) with the formula ((U ppm)(*)1.179/10,000).
     Down-hole radiometric probe equivalent grades reported as eU(3)O(8) are
substituted in Table 4 under the column "eU(3)O(8)" where 20% or more of a
composited interval is not recovered during drilling (core loss), is
unsampled, or where no geochemical sampling at all has occurred across a
mineralized interval. These were estimated from the new probe coefficients
that are based on the 2008 probe equivalent coefficients which have been
calculated specifically for the Kianna and Anne Deposits.
     Several levels of geochemical and probe data verification are currently
utilized at Shea Creek by AREVA including (i) internal SRC laboratory quality
assurance and quality control ("QA/QC"), (ii) comparison of the results of the
different geochemical analytical techniques for uranium which are routinely
received (uranium partial and total by ICP-MS, U(3)O(8) assay by ICP-OES),
(iii) comparison to probe results, and (iv) external laboratory check analysis
of selected samples. As part of AREVA's quality improvement programs, a more
rigorous geochemical QA/QC program was implemented in 2006 which continues to
be followed.

     Effects on Other UEX Projects

     UEX reports only geochemical results from its other projects in the
Athabasca Basin, including the Hidden Bay Project, which is 100% owned and
operated by UEX. The probe calibration issues reported here are consequently
not present in any other UEX disclosure that does not pertain to Shea Creek.

     Gold Mineralization

     Gold was mined as a by-product from the D orebody at Cluff Lake. At Shea
Creek, locally high gold grades are also present. Significant composited gold
intercepts with a grade of greater than 3.0 g/T Au and grade-thickness product
of greater than 5.0 are illustrated in Table 3; the morphology and true
thickness of areas which are high in gold content are as yet undetermined.
Analyses are by fire assay by the SRC laboratories. The high gold grades
frequently, but not always, occur in areas of higher grade uranium
mineralization, and can be present both in unconformity and basement
mineralization in all three deposits at Shea Creek. Native gold grains both
encapsulated in pitchblende, sometimes in association with Bi-tellurides, and
free in the surrounding clay alteration have been identified in samples from
basement and sandstone hosted mineralization.
     Significant gold-bearing intercepts include 20.79 g/T Au over 2.40 metres
in drill hole SHE-087, 14.02 g/T Au over 3.30 metres in hole SHE-115-03, 13.75
g/T Au over 2.50 metres in hole SHE-079, 9.70 g/T Au over 3.50 metres in hole
SHE-102, and 5.95 g/T Au over 5.70 metres in hole SHE-115-04. Future work to
establish patterns of gold distribution is planned, especially to identify if
any consistent local gold-enriched domains can be identified which might
enhance the potential value of parts of the Shea Creek Deposits.

                                   Table 3:
          Summary of Significant Gold Intercepts with a Grade of greater
         than 3 g/Tonne Au and a Grade-Thickness (Au g/Tonne x metres) of
                 greater than 5 from Drill Holes at Shea Creek

           (Gold analyses are by fire assay at the SRC Laboratories.
        The true thickness and morphology of areas of higher grade gold
                mineralization are as yet undetermined.)


     -------------------------------------------------------------------------
     Hole             From     To  Length    Au   Area          Mineralization
                       (m)     (m)   (m)    ppm                  style
                                            (g/
                                           Tonne)
     -------------------------------------------------------------------------
     SHE-016         717.70  721.00  3.30   5.80  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-018         719.60  720.10  0.50  10.74  Kianna South   Unconformity
     -------------------------------------------------------------------------
     SHE-023         736.90  738.10  1.20   7.50  Colette        Unconformity
     -------------------------------------------------------------------------
     SHE-052         710.10  713.50  3.40   5.37  Colette        Unconformity
     -------------------------------------------------------------------------
     SHE-078         702.00  708.00  6.00   3.85  Colette        Unconformity
     -------------------------------------------------------------------------
     SHE-079         714.50  717.00  2.50  13.75  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-079         729.50  731.00  1.50   5.88  Anne           Basement
     -------------------------------------------------------------------------
     SHE-087         708.60  711.00  2.40  20.79  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-091         707.00  710.00  3.00   3.44  Colette        Unconformity
     -------------------------------------------------------------------------
     SHE-094-01      742.10  744.30  2.20   7.49  Anne           Basement
     -------------------------------------------------------------------------
     SHE-094-05      716.40  718.70  2.30   3.53  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-095-03      719.80  720.20  0.40  19.50  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-096-03      710.20  716.00  5.80   4.14  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-099         707.20  708.90  1.70   7.55  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-100-01      717.00  719.50  2.50   6.20  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-101-04      736.20  737.70  1.50   4.61  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-102         716.80  720.30  3.50   9.70  Kianna         Unconformity
     -------------------------------------------------------------------------
     SHE-102-02      715.20  715.80  0.60  23.00  Kianna         Unconformity
     -------------------------------------------------------------------------
     SHE-109-01      723.80  725.30  1.50   6.20  Anne           Unconformity
     -------------------------------------------------------------------------
     SHE-111-08      732.50  733.50  1.00  27.26  Colette South  Unconformity
     -------------------------------------------------------------------------
     SHE-114-11      837.00  839.90  2.90   6.03  Kianna         Basement
     -------------------------------------------------------------------------
     SHE-115         715.50  716.50  1.00   5.63  Kianna         Unconformity
     -------------------------------------------------------------------------
     SHE-115-03(*)   743.00  746.30  3.30  14.02  Kianna         Unconformity
     -------------------------------------------------------------------------
     SHE-115-05(**)  732.00  737.70  5.70   5.95  Kianna         Unconformity
     -------------------------------------------------------------------------
     SHE-115-05      794.50  795.00  0.50  19.04  Kianna         Basement
     -------------------------------------------------------------------------
     SHE-115-06      743.50  745.00  1.50   4.21  Kianna         Unconformity
     -------------------------------------------------------------------------
     SHE-115-10      833.50  840.00  6.50   3.20  Kianna         Basement
     -------------------------------------------------------------------------
     SHE-118         706.00  711.40  5.40   5.43  Kianna         Unconformity
     -------------------------------------------------------------------------
     SHE-118-01      873.50  874.00  0.50  18.26  Kianna         Basement
     -------------------------------------------------------------------------
     (*)  includes 0.3 m unsampled, composited at 0 grade
     (**) includes 0.1 m unsampled, composited at 0 grade

     Qualified Persons

     Technical information in this news release has been reviewed and approved
by R. Sierd Eriks, P. Geo., UEX's Vice President of Exploration, David Rhys,
P. Geo., consultant to UEX, and Erwin Koning, P. Geo., AREVA's District
Geologist, West Athabasca Region, who are Qualified Persons as defined by N.I.
43-101.

     About the Shea Creek Deposits

     The Kianna, Anne and Colette Deposits within Shea Creek are distributed
along a strike length of over three kilometres of the north-northwest trending
Saskatoon Lake graphitic conductor. The Saskatoon Lake conductor is coincident
with a southwest-dipping, reverse fault that displaces the flat lying
unconformity with the overlying Athabasca Group sandstone by several tens of
metres. Depth to unconformity typically ranges from 700 to 740 metres.
     Mineralized areas along the Saskatoon Lake conductor at Shea Creek occur
often in areas where northeast and east-northeast trending discordant faults
offset the northwest trending conductive graphitic unit. Three styles and
settings of mineralization are present:

     -  Basement-hosted mineralization ("B") found in zones up to 200 metres
        below the unconformity. Drilling at Kianna has outlined a zone of this
        type with a strike length of 200 metres and a down-dip extension of
        160 metres.

     -  Perched ("P") sandstone-hosted pervasive and fracture controlled
        pitchblende bearing mineralization found in discrete zones tens of
        metres above the unconformity. At Kianna the largest of these pods has
        a defined strike length of 80 metres and a width of 60 metres.
        Fracture/fault-controlled perched mineralization is also developed
        within the Anne area; however intersections cannot be correlated
        between drill holes with the current density of drill information.

     -  Unconformity-type ("UC") disseminated, nodular and massive
        mineralization in a flat lying zone in close proximity to the
        unconformity. This is the most widespread style of mineralization at
        Shea Creek. At Kianna, a high grade principal zone of this style has
        a defined strike length of 200 metres and a plan width of 200 metres.
        Much of the mineralization at Anne and Colette are of this style also.
        Higher grade portions of the unconformity mineralization at the Anne
        Deposit have been traced over a strike length of 250 metres, and a
        plan view width of 100 metres. Drilling suggests that lower grade
        mineralization at the unconformity may be continuously traceable from
        the Anne to the Kianna deposits, containing several higher grade
        lenses in between which are currently being defined by drilling.

     The reader is referred to the Shea Creek Report, to be filed shortly, for
detailed information about the property geology and mineralization styles.

     About AREVA Resources Canada Inc.

     AREVA, a uranium exploration, mining and milling company, is a subsidiary
of AREVA Group, a worldwide expert in the energy field with manufacturing
facilities in 43 countries and a sales network in more than 100 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, the Midwest Deposit, the Millennium Deposit,
and the Cigar Lake Deposit.

     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
356,088 hectares (879,913 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.

                                    Table 4

       1992 to 2008 Composited Drilling Results from the Shea Creek property
          with a grade-thickness product of greater than 5, and a minimum
                    grade of 0.200% U(3)O(8) or eU(3)O(8).

        See text for further details. Drill holes not reported do not meet
                       the minimum compositing thresholds.

     -------------------------------------------------------------------------
     Drill     From   To   Length U(3)O(8) eU(3)O(8)  GT Type          Area
     hole      (m)    (m)    (m)     %        %
     -------------------------------------------------------------------------
     SHE-016   714.70 723.80  9.10  4.324          39.34 Unconformity  Anne
     -------------------------------------------------------------------------
     including 717.70 719.10  1.40 24.115          33.76 Unconformity  Anne
     -------------------------------------------------------------------------
     including 754.60 755.00  0.40 15.091           6.04 Basement      Anne
     -------------------------------------------------------------------------
     SHE-023   735.10 742.70  7.60  0.726           5.52 Unconformity Collette
     -------------------------------------------------------------------------
     SHE-038A  707.40 710.00  2.60  8.664          22.53 Unconformity  Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-043   712.80 717.30  4.50  2.107           9.48 Unconformity  Anne
     -------------------------------------------------------------------------
     including 715.50 717.30  1.80  5.070           9.13 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-045   725.50 737.70 12.20  1.432          17.47 Unconformity Collette
     -------------------------------------------------------------------------
     including 729.90 735.50  5.60  2.916          16.33 Unconformity Collette
     -------------------------------------------------------------------------
     including 733.30 734.40  1.10  6.229           6.85 Unconformity Collette
     -------------------------------------------------------------------------
     SHE-052   698.00 714.80 16.80  2.342          39.35 Unconformity Collette
     -------------------------------------------------------------------------
     including 706.30 714.10  7.80  4.294          33.49 Unconformity Collette
     -------------------------------------------------------------------------
     including 710.80 713.50  2.70  7.547          20.38 Unconformity Collette
     -------------------------------------------------------------------------
     SHE-053   715.40 719.20  3.80  1.327           5.04 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-058B  753.60 756.20  2.60  2.213           5.75 Basement      58B
     -------------------------------------------------------------------------
     SHE-059   709.40 716.00  6.60  4.099          27.05 Unconformity Collette
     -------------------------------------------------------------------------
     including 709.80 713.70  3.90  6.493          25.32 Unconformity Collette
     -------------------------------------------------------------------------
     SHE-060   715.20 721.30  6.10  1.133           6.91 Unconformity Collette
     -------------------------------------------------------------------------
     SHE-063B  720.90 725.60  4.70  1.639           7.70 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 722.90 723.50  0.60 10.906           6.54 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-065   729.80 741.70 11.90  1.732          20.62 Unconformity Collette
     -------------------------------------------------------------------------
     including 735.20 739.80  4.60  3.476          15.99 Unconformity Collette
     -------------------------------------------------------------------------
     SHE-078   701.50 712.50 11.00  1.122          12.34 Unconformity Collette
     -------------------------------------------------------------------------
     SHE-079   714.50 717.50  3.00  5.446          16.34 Unconformity  Anne
     -------------------------------------------------------------------------
     including 715.50 717.00  1.50  9.577          14.37 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-082   724.50 735.00 10.50  0.726           7.62 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-087   705.50 711.50  6.00 11.607          69.64 Unconformity  Anne
     -------------------------------------------------------------------------
     including 708.60 711.50  2.90 23.964          69.50 Unconformity  Anne
     -------------------------------------------------------------------------
     including 708.60 710.50  1.90 34.694          65.92 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-088   752.00 761.00  9.00  3.244          29.20 Basement      Anne
     -------------------------------------------------------------------------
     including 758.50 760.50  2.00 10.159          20.32 Basement      Anne
     -------------------------------------------------------------------------
     SHE-091   703.50 712.40  8.90  1.517          13.50 Unconformity Collette
     -------------------------------------------------------------------------
     SHE-094   707.00 724.70 17.70          0.418   7.39 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-094   735.90 743.20  7.30          0.730   5.33 Basement      Anne
     -------------------------------------------------------------------------
     SHE-094
      -01      707.90 717.30  9.40  1.283          12.06 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-094
      -01      741.70 745.60  3.90  4.553          17.76 Basement      Anne
     -------------------------------------------------------------------------
     including 742.10 744.30  2.20  7.925          17.44 Basement      Anne
     -------------------------------------------------------------------------
     SHE-094
      -03      710.90 721.90 11.00  1.588          17.46 Unconformity  Anne
     -------------------------------------------------------------------------
     including 714.40 717.00  2.60  4.608          11.98 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-094
      -04      718.00 727.40  9.40  0.621           5.84 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-094
      -05      710.80 724.10 13.30          1.878  24.97 Unconformity  Anne
     -------------------------------------------------------------------------
     including 715.70 721.60  5.90          3.841  22.66 Unconformity  Anne
     -------------------------------------------------------------------------
     including 715.70 717.00  1.30          7.931  10.31 Unconformity  Anne
     -------------------------------------------------------------------------
     including 720.40 721.60  1.20          6.892   8.27 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-094
      -06      721.30 724.10  2.80  5.740          16.07 Basement      Anne
     -------------------------------------------------------------------------
     including 721.70 722.60  0.90 14.089          12.68 Basement      Anne
     -------------------------------------------------------------------------
     SHE-095   753.50 760.00  6.50  0.834           5.42 Basement      Anne
     -------------------------------------------------------------------------
     SHE-095
      -01      719.70 728.60  8.90  1.796          15.98 Unconformity  Anne
     -------------------------------------------------------------------------
     including 719.70 721.70  2.00  6.367          12.73 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-095
      -01      740.10 750.80 10.70  1.033          11.05 Basement      Anne
     -------------------------------------------------------------------------
     including 747.30 747.80  0.50 13.205           6.60 Basement      Anne
     -------------------------------------------------------------------------
     SHE-095
      -01      755.80 760.20  4.40  1.854           8.16 Basement      Anne
     -------------------------------------------------------------------------
     including 755.80 757.70  1.90  3.362           6.39 Basement      Anne
     -------------------------------------------------------------------------
     SHE-095
      -01      764.90 769.80  4.90  1.143           5.60 Basement      Anne
     -------------------------------------------------------------------------
     SHE-095
      -01      774.50 776.60  2.10  2.907           6.11 Basement      Anne
     -------------------------------------------------------------------------
     SHE-095
      -03      717.70 732.60 14.90  4.411          65.73 Unconformity  Anne
     -------------------------------------------------------------------------
     including 719.40 722.30  2.90 20.898          60.60 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-095
      -03      761.50 781.30 19.80  1.044          20.66 Basement      Anne
     -------------------------------------------------------------------------
     including 766.50 768.20  1.70  5.511           9.37 Basement      Anne
     -------------------------------------------------------------------------
     SHE-096
      -01      719.80 738.90 19.10  0.293           5.60 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-096
      -03      706.00 725.00 19.00  5.419         102.97 Unconformity  Anne
     -------------------------------------------------------------------------
     including 712.60 716.00  3.40 29.200          99.28 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-096
      -03      730.50 748.50 18.00  0.760          13.67 Basement      Anne
     -------------------------------------------------------------------------
     SHE-096
      -03      756.00 776.80 20.80  0.920          19.13 Basement      Anne
     -------------------------------------------------------------------------
     SHE-096
      -03      782.80 785.10  2.30  3.236           7.44 Basement      Anne
     -------------------------------------------------------------------------
     including 783.30 784.10  0.80  7.905           6.32 Basement      Anne
     -------------------------------------------------------------------------
     SHE-096
      -04      753.80 756.30  2.50  3.826           9.56 Basement      Anne
     -------------------------------------------------------------------------
     including 754.30 755.00  0.70 13.132           9.19 Basement      Anne
     -------------------------------------------------------------------------
     SHE-098   705.10 712.60  7.50  2.235          16.76 Unconformity  Anne
     -------------------------------------------------------------------------
     including 706.20 707.60  1.40  7.477          10.47 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-099   704.00 712.40  8.40 10.027          84.22 Unconformity  Anne
     -------------------------------------------------------------------------
     including 706.60 708.90  2.30 34.149          78.54 Unconformity  Anne
     -------------------------------------------------------------------------
     including 707.70 708.90  1.20 60.601          72.72 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-099
      -01      705.90 728.60 22.70          0.959  21.77 Unconformity  Anne
     -------------------------------------------------------------------------
     including 712.20 715.60  3.40          4.368  14.85 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-099
      -02      694.10 712.00 17.90  5.649         101.12 Unconformity  Anne
     -------------------------------------------------------------------------
     including 699.00 705.50  6.50 14.547          94.56 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-099
      -03      709.00 722.60 13.60  2.612          35.53 Unconformity  Anne
     -------------------------------------------------------------------------
     including 710.70 712.60  1.90 16.661          31.66 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-099
      -05      715.60 726.20 10.60  0.494           5.24 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-100
      -01      710.70 735.80 25.10  3.315          83.21 Unconformity  Anne
     -------------------------------------------------------------------------
     including 715.90 719.90  4.00 16.866          67.46 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-100
      -01      753.50 761.00  7.50  3.639          27.29 Basement      Anne
     -------------------------------------------------------------------------
     including 758.70 759.30  0.60 16.954          10.17 Basement      Anne
     -------------------------------------------------------------------------
     SHE-101
      -02      738.00 746.60  8.60  3.746          32.22 Unconformity  Anne
     -------------------------------------------------------------------------
     including 738.00 742.90  4.90  6.413          31.43 Unconformity  Anne
     -------------------------------------------------------------------------
     including 738.00 739.50  1.50 15.630          23.44 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-101
      -04      735.30 739.00  3.70  4.420          16.35 Unconformity  Anne
     -------------------------------------------------------------------------
     including 735.70 736.20  0.50 18.157           9.08 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-102   716.80 730.20 13.40  0.656           8.79 Unconformity  Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-102                                                           Kianna
      -01      710.60 722.50 11.90  0.901          10.72 Unconformity   South
     -------------------------------------------------------------------------
     SHE-102                                                           Kianna
      -02      711.50 716.80  5.30  3.662          19.41 Unconformity   South
     -------------------------------------------------------------------------
     including 714.60 716.30  1.70 11.065          18.81 Unconformity  Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-102                                                           Kianna
      -07      712.50 716.20  3.70  3.024          11.19 Unconformity   South
     -------------------------------------------------------------------------
     SHE-102                                                           Kianna
      -10      717.00 728.00 11.00  1.418          15.60 Unconformity   South
     -------------------------------------------------------------------------
     including 725.10 726.40  1.30  7.309           9.50 Unconformity  Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-103   751.60 779.80 28.20          0.242   6.81 Unconformity  58B
     -------------------------------------------------------------------------
     SHE-105
      -4       716.50 721.80  5.30          1.541   8.17 Basement      Anne
     -------------------------------------------------------------------------
     SHE-109
      -01      715.30 737.50 22.20  0.682          15.13 Unconformity  Anne
     -------------------------------------------------------------------------
     including 722.80 724.80  2.00  5.789          11.58 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-109
      -02      723.50 739.00 15.50  0.699          10.83 Basement      Anne
     -------------------------------------------------------------------------
     including 737.50 739.00  1.50  3.985           5.98 Basement      Anne
     -------------------------------------------------------------------------
     SHE-111                                                          Collette
      -01      727.40 735.90  8.50  0.884           7.51 Unconformity  South
     -------------------------------------------------------------------------
     SHE-111                                                          Collette
      -02      750.80 762.40 11.60          0.907  10.52 Basement      South
     -------------------------------------------------------------------------
     SHE-111                                                          Collette
      -05      753.70 769.90 16.20          0.582   9.43 Basement      South
     -------------------------------------------------------------------------
     SHE-111                                                          Collette
      -06      749.00 757.00  8.00  3.227          25.82 Basement      South
     -------------------------------------------------------------------------
     including 752.50 753.00  0.50 12.380           6.19 Basement     Collette
                                                                       South
     -------------------------------------------------------------------------
     including 754.50 755.00  0.50 23.934          11.97 Basement     Collette
                                                                       South
     -------------------------------------------------------------------------
     SHE-111                                                          Collette
      -08      730.50 735.00  4.50  1.210           5.44 Perched       South
     -------------------------------------------------------------------------
     SHE-111                                                          Collette
      -11      692.00 698.00  6.00  1.429           8.57 Perched       South
     -------------------------------------------------------------------------
     SHE-111                                                          Collette
      -12      762.00 773.50 11.50  0.879          10.11 Basement      South
     -------------------------------------------------------------------------
     SHE-114   684.50 686.50  2.00  2.871           5.74 Perched       Kianna
     -------------------------------------------------------------------------
     including 684.50 685.50  1.00  5.223           5.22 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-114
      -01      683.50 692.50  9.00  0.556           5.00 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-114
      -01      807.00 810.50  3.50  1.576           5.52 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -04      725.50 733.00  7.50  1.025           7.69 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 726.00 728.50  2.50  2.596           6.49 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-114
      -04      797.30 813.20 15.90          0.465   7.40 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -05      678.70 688.90 10.20         20.721 211.35 Perched       Kianna
     -------------------------------------------------------------------------
     including 680.10 687.70  7.60         27.729 210.74 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-114
      -05      809.60 825.30 15.70          0.816  12.80 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -07      673.60 683.10  9.50  7.367          69.99 Perched       Kianna
     -------------------------------------------------------------------------
     including 673.60 680.10  6.50 10.700          69.55 Perched       Kianna
     -------------------------------------------------------------------------
     including 676.10 678.10  2.00 21.163          42.33 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-114
      -08      838.70 850.50 11.80  3.578          42.22 Basement      Kianna
     -------------------------------------------------------------------------
     including 838.70 840.20  1.50 21.143          31.72 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -08      855.90 862.40  6.50  5.776          37.55 Basement      Kianna
     -------------------------------------------------------------------------
     including 859.40 860.90  1.50 16.793          25.19 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -09      677.00 699.20 22.20          4.637 102.94 Perched       Kianna
     -------------------------------------------------------------------------
     including 684.10 687.30  3.20          8.001  25.60 Perched       Kianna
     -------------------------------------------------------------------------
     including 689.90 698.70  8.80          7.851  69.09 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-114
      -09      710.50 722.60 12.10  1.018          12.32 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-114
      -09      805.80 815.00  9.20          0.674   6.21 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -09      826.00 834.50  8.50  1.100           9.35 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -09      825.50 837.20 11.70          0.575   6.73 Basement      Kianna
     -------------------------------------------------------------------------
     including 833.50 834.00  0.50 16.270           8.14 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -09      841.20 870.40 29.20          0.225   6.58 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -10A     721.00 732.40 11.40  0.552           6.29 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-114
      -11      679.30 694.60 15.30          4.580  70.08 Perched       Kianna
     -------------------------------------------------------------------------
     including 686.10 692.50  6.40          9.967  63.79 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-114
      -11      818.50 863.50 45.00  4.093         184.19 Basement      Kianna
     -------------------------------------------------------------------------
     including 818.50 819.00  0.50 11.083           5.54 Basement      Kianna
     -------------------------------------------------------------------------
     including 829.50 833.00  3.50 10.300          36.05 Basement      Kianna
     -------------------------------------------------------------------------
     including 837.00 843.00  6.00 18.073         108.44 Basement      Kianna
     -------------------------------------------------------------------------
     including 846.00 847.00  1.00 15.109          15.11 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -12      682.10 688.60  6.50          1.370   8.90 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-114
      -12      712.90 718.70  5.80          1.191   6.91 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-114
      -12      830.20 842.30 12.10          0.733   8.87 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -13      809.50 811.00  1.50  7.719          11.58 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -13      817.00 823.00  6.00  0.951           5.71 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-114
      -17      883.00 890.80  7.80  4.382          34.18 Basement      Kianna
     -------------------------------------------------------------------------
     including 883.00 884.50  1.50 20.023          30.04 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -01      911.50 915.00  3.50  6.268          21.94 Basement      Kianna
     -------------------------------------------------------------------------
     including 912.00 912.50  0.50 40.086          20.04 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -02      734.10 751.50 17.40  0.514           8.95 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-115
      -02      851.50 856.00  4.50  1.892           8.51 Basement      Kianna
     -------------------------------------------------------------------------
     including 851.50 852.00  0.50 14.800           7.40 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -03      735.60 747.80 12.20  9.335         113.89 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 739.60 740.50  0.90 20.285          18.26 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 742.00 746.30  4.30 21.154          90.96 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-115
      -04      749.00 768.00 19.00  2.547          48.39 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 752.00 759.00  7.00  5.847          40.93 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 752.50 754.50  2.00 11.080          22.16 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-115
      -05      730.50 737.70  7.20  7.827          56.35 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 732.50 735.20  2.70 20.360          54.97 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-115
      -05      792.00 796.50  4.50  3.643          16.39 Basement      Kianna
     -------------------------------------------------------------------------
     including 794.50 795.00  0.50 30.418          15.21 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -06      704.50 714.50 10.00  1.815          18.15 Perched       Kianna
     -------------------------------------------------------------------------
     including 707.50 711.50  4.00  3.490          13.96 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-115
      -06      735.00 745.60 10.60  2.227          23.60 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 737.50 739.00  1.50  5.738           8.61 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 743.50 745.00  1.50  7.263          10.89 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-115
      -06      822.50 838.50 16.00  0.811          12.98 Basement      Kianna
     -------------------------------------------------------------------------
     including 825.50 827.50  2.00  5.600          11.20 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -06      864.00 878.50 14.50  0.382           5.53 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -07      814.20 823.50  9.30  0.560           5.21 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -07      832.90 835.20  2.30  3.694           8.50 Basement      Kianna
     -------------------------------------------------------------------------
     including 834.40 834.90  0.50 16.034           8.02 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -08      663.70 670.40  6.70  6.165          41.31 Perched       Kianna
     -------------------------------------------------------------------------
     including 664.20 666.20  2.00 20.134          40.27 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-115
      -08      718.70 729.70 11.00          0.790   8.69 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-115
      -08      724.50 730.10  5.60  1.535           8.60 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 725.00 726.50  1.50  4.850           7.27 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-115
      -08      847.60 862.60 15.00  1.059          15.88 Basement      Kianna
     -------------------------------------------------------------------------
     including 857.10 859.10  2.00  3.911           7.82 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -08      898.50 906.00  7.50  2.206          16.54 Basement      Kianna
     -------------------------------------------------------------------------
     including 899.00 901.00  2.00  7.911          15.82 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -09      822.50 844.50 22.00  1.840          40.48 Basement      Kianna
     -------------------------------------------------------------------------
     including 828.50 830.00  1.50 15.193          22.79 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -10      718.00 724.00  6.00  0.907           5.44 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-115
      -10      825.50 840.50 15.00  8.581         128.72 Basement      Kianna
     -------------------------------------------------------------------------
     including 830.00 840.00 10.00 12.768         127.68 Basement      Kianna
     -------------------------------------------------------------------------
     including 830.00 831.00  1.00 25.938          25.94 Basement      Kianna
     -------------------------------------------------------------------------
     including 837.50 840.00  2.50 24.346          60.87 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -10      856.50 876.00 19.50  0.477           9.30 Basement      Kianna
     -------------------------------------------------------------------------
     including 863.00 864.00  1.00  5.500           5.50 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -11      854.50 871.00 16.50  5.358          88.40 Basement      Kianna
     -------------------------------------------------------------------------
     including 854.50 857.50  3.00  8.613          25.84 Basement      Kianna
     -------------------------------------------------------------------------
     including 863.00 867.50  4.50 13.179          59.30 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -13      857.00 864.00  7.00  0.726           5.09 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -14      864.00 866.00  2.00  4.818           9.64 Basement      Kianna
     -------------------------------------------------------------------------
     including 864.50 865.00  0.50 12.969           6.48 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115-
      15A      832.00 842.00 10.00  3.731          37.31 Basement      Kianna
     -------------------------------------------------------------------------
     including 832.00 833.50  1.50 22.322          33.48 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-115
      -18      686.90 699.50 12.60          8.420 106.09 Perched       Kianna
     -------------------------------------------------------------------------
     SHE-115
      -18      895.00 906.00 11.00  0.837           9.21 Basement      Kianna
     -------------------------------------------------------------------------
     including 901.50 903.00  1.50  3.337           5.00 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-118   703.50 711.40  7.90  6.297          49.75 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 706.50 711.40  4.90  9.394          46.03 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 709.50 710.50  1.00 18.098          18.10 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -01      714.70 731.60 16.90  1.271          21.48 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 720.50 724.50  4.00  4.763          19.05 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -01      853.40 879.90 26.50          0.354   9.37 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-118
      -03      734.00 740.50  6.50  1.020           6.63 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 735.50 737.70  2.20  2.377           5.23 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -04      715.55 732.85 17.30          0.981  16.97 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 725.75 731.95  6.20          1.841  11.42 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -05      704.30 717.50 13.20  1.577          20.82 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 708.50 712.00  3.50  5.510          19.29 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 710.50 712.00  1.50 10.149          15.22 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -05A     706.00 721.00 15.00  1.475          22.12 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 708.00 711.50  3.50  5.791          20.27 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 710.50 711.50  1.00 12.556          12.56 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -06A     701.00 707.00  6.00  2.609          15.65 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 704.50 706.30  1.80  8.180          14.72 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -06B     702.50 708.50  6.00  4.028          24.17 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 706.00 708.00  2.00 11.831          23.66 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -07      704.50 710.50  6.00  0.909           5.46 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -08      705.50 715.50 10.00  2.030          20.30 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 711.50 713.80  2.30  8.468          19.48 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -08      797.50 807.00  9.50  2.188          20.79 Basement      Kianna
     -------------------------------------------------------------------------
     including 801.50 804.00  2.50  7.951          19.88 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-118
      -08      817.00 820.00  3.00  2.343           7.03 Basement      Kianna
     -------------------------------------------------------------------------
     including 818.00 819.00  1.00  6.278           6.28 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-118
      -09      706.00 717.50 11.50  2.275          26.16 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 711.50 715.80  4.30  5.011          21.55 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 711.50 713.00  1.50  8.037          12.06 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -09      764.00 769.00  5.00  1.802           9.01 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-118
      -11      737.30 740.50  3.20  5.863          18.76 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 738.90 739.50  0.60 24.300          14.58 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -13      734.30 741.10  6.80  1.542          10.48 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 737.70 739.60  1.90  4.690           8.91 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -13A     737.00 743.70  6.70  1.229           8.23 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -14      728.00 741.00 13.00  1.254          16.30 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 729.00 730.00  1.00  5.777           5.78 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -15      738.00 755.50 17.50  1.114          19.50 Unconformity  Kianna
     -------------------------------------------------------------------------
     including 741.00 743.50  2.50  5.124          12.81 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-118
      -15      765.50 766.50  1.00 19.244          19.24 Basement      Kianna
     -------------------------------------------------------------------------
     SHE-118
      -16      729.40 743.20 13.80          0.500   6.90 Unconformity  Kianna
     -------------------------------------------------------------------------
     SHE-122
      -01      710.50 746.50 36.00  4.206         151.40 Unconformity  Anne
     -------------------------------------------------------------------------
     including 713.50 720.00  6.50 13.703          89.07 Unconformity  Anne
     -------------------------------------------------------------------------
     and       715.00 718.50  3.50 23.171          81.10 Basement      Anne
     -------------------------------------------------------------------------
     including 725.50 729.00  3.50  4.025          14.09 Basement      Anne
     -------------------------------------------------------------------------
     and       726.50 727.50  1.00  9.160           9.16 Basement      Anne
     -------------------------------------------------------------------------
     including 731.00 739.50  8.50  3.512          29.85 Basement      Anne
     -------------------------------------------------------------------------
     SHE-122
      -01      772.50 783.00 10.50  1.096          11.51 Basement      Anne
     -------------------------------------------------------------------------
     including 780.10 783.00  2.90  4.025          11.67 Basement      Anne
     -------------------------------------------------------------------------
     SHE-122
      -02      733.80 744.40 10.60          0.643   6.82 Basement      Anne
     -------------------------------------------------------------------------
     including 773.50 774.00  0.50 15.800           7.90 Basement      Anne
     -------------------------------------------------------------------------
     SHE-122
      -04      716.50 724.50  8.00  2.631          21.05 Unconformity  Anne
     -------------------------------------------------------------------------
     including 717.50 719.00  1.50 13.000          19.50 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-122
      -04      756.50 760.50  4.00  3.569          14.28 Basement      Anne
     -------------------------------------------------------------------------
     including 759.00 760.50  1.50  6.661           9.99 Basement      Anne
     -------------------------------------------------------------------------
     SHE-122
      -05      727.00 747.50 20.50  3.642          74.65 Unconformity  Anne
     -------------------------------------------------------------------------
     including 727.50 733.50  6.00 11.407          68.44 Unconformity  Anne
     -------------------------------------------------------------------------
     and       728.50 732.50  4.00 15.635          62.54 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-122
      -06      713.00 737.00 24.00  0.334           8.02 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-123                                                           Kianna
      -02      800.50 804.00  3.50  4.841          16.95 Basement       South
     -------------------------------------------------------------------------
     including 800.50 802.50  2.00  7.850          15.70 Basement      Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-123   744.40 751.50  7.10  0.886           6.29 Unconformity  Kianna
      -03                                                               South
     -------------------------------------------------------------------------
     SHE-123   733.00 736.60  3.60 11.114          40.01 Unconformity  Kianna
      -06                                                               South
     -------------------------------------------------------------------------
     including 734.50 735.60  1.10 32.262          35.49 Unconformity  Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-123   729.50 732.80  3.30  5.198          17.15 Unconformity  Kianna
      -07                                                               South
     -------------------------------------------------------------------------
     including 731.00 732.30  1.30 11.491          14.94 Unconformity  Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-123   732.50 737.40  4.90  8.411          41.22 Unconformity  Kianna
      -08                                                               South
     -------------------------------------------------------------------------
     including 732.50 734.50  2.00 19.757          39.51 Unconformity  Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-123   733.00 735.80  2.80  2.506           7.02 Unconformity  Kianna
      -09                                                               South
     -------------------------------------------------------------------------
     including 734.00 735.00  1.00  5.730           5.73 Unconformity  Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-123   809.50 817.00  7.50  1.668          12.51 Basement      Kianna
      -09                                                               South
     -------------------------------------------------------------------------
     including 810.00 810.50  0.50 18.392           9.20 Basement      Kianna
                                                                        South
     -------------------------------------------------------------------------
     SHE-123   812.10 819.50  7.40          1.220   9.03 Basement      Kianna
      -09                                                               South
     -------------------------------------------------------------------------
     SHE-123   809.50 811.50  2.00  4.231           8.46 Basement      Kianna
      -12                                                               South
     -------------------------------------------------------------------------
     SHE-125
      -03      709.00 727.40 18.40  0.347           6.38 Unconformity  Anne
     -------------------------------------------------------------------------
     SHE-126   749.90 763.70 13.80  0.402           5.55 Basement     Collette
                                                                       South
     -------------------------------------------------------------------------
     SHE-126                                                          Collette
      -01A     756.00 766.20 10.20  0.700           7.14 Basement      South
     -------------------------------------------------------------------------

     %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 a gold and copper exploration 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$ 158.0 millions as of today (US$ 126.3 millions, € 126.7 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 $16.5 Million Budget for 2009
4/9/2008 reports final results of 2007 Horseshoe and Raven drilling,...
3/26/2008Eaton Joins UEX Board
1/22/2008UEX Commences 2008 Winter Exploration Program at Black Lake ...
1/14/2008UEX Earns Full 49% Interest in AREVA's Western Athabasca Ura...
12/14/2007Interim Resource Estimate for the West Bear Deposit Adds 223...
7/11/2007Commences Summer/Fall 2007 Drilling Programs at the Raven an...
4/23/2007on Riou Lake and Northern Athabasca Uranium Projects 2007 Ge...
2/28/2007Commences 2007 Winter Exploration Program at Black Lake Uran...
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TORONTO (UEX.TO)FRANKFURT (UXO.F)
0.495+16.47%0.385+2.67%
TORONTO
CA$ 0.495
08/24 16:59 0.070
16.47%
Prev close Open
0.425 0.400
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0.440 0.500
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.495 -%
Volume 1 month var.
9,418,620 -%
24hGold TrendPower© : 44
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