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UEX Corp

Publié le 09 août 2011

Commences 18,000 Metre Summer Drilling Program at Hidden Bay

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News Release - Tuesday, August 09, 2011
UEX Commences 18,000 Metre Summer Drilling Program at Hidden Bay


UEX Corporation ("UEX") is pleased to announce that its summer 2011 diamond drilling program has commenced on its 100%-owned Hidden Bay Project in the eastern Athabasca Basin of northern Saskatchewan, Canada. Two drills operated by Graham Brothers Drilling Ltd. are currently being utilized on the Project. Drilling totaling approximately 18,000 metres with a budget of $3.0 million will focus on targets in the vicinity of the Horseshoe and Raven deposits.

Given the successful results from drilling the Horseshoe and Raven deposits over the last several years, UEX intends to carry out an aggressive drilling program to test additional geological targets in the area. The drilling will be carried out at Horseshoe-Raven in three areas:
  1. Step out and infill drilling at the Raven Deposit to assess possible extensions of mineralization into open areas, upgrade portions of the deposit resources from Inferred to Indicated status, and to evaluate the potential for greater continuity and expansion of higher grade portions of the deposit.

  2. Drilling between the Horseshoe and Raven deposits to follow up previous intercepts, and to assess potential for additional pods of mineralization.

  3. Drilling at the Horseshoe Deposit to further enhance geological interpretation and to provide additional infill information which may upgrade the resources.
In February 2011, UEX announced the results of the Preliminary Assessment Report ("PA") on the Horseshoe and Raven deposits, prepared by SRK Consulting (Canada) Inc. ("SRK") (see UEX news release dated February 23, 2011). Using a mine design based upon cut-off grades defined by a $60 (US) per pound price of U3O8 and prices for U3O8 of $70 (US) per pound, the PA calculated Earnings Before Interest and Taxes ("EBIT") of $394M. To evaluate the impact of higher uranium prices, the PA estimated EBIT at approximately $620M by using a mine design based upon lower cut-off grades defined by an $80 (US) per pound price of U3O8.

The PA referred to the Hidden Bay Project as "very robust" and SRK made some specific recommendations to advance the project to a pre-feasibility level. These recommendations included that UEX conduct an infill drilling program at the Raven Deposit to upgrade Inferred resources to Indicated resources. This is particularly important as the price of U3O8 increases, thereby allowing for the lower grade mineralization, some of which is in the Inferred category, to be included in the mine plan. The PA also recommended that further expansion drilling be conducted where it appears the resources can be increased. The summer 2011 diamond drilling program will in part follow up on these recommendations as well as testing additional exploration targets.

In furtherance of the recommended Preliminary Feasibility Study ("PFS"), UEX intends to conduct additional field work and information gathering for geotechnical, structural, environmental, metallurgical and hydrological studies. UEX has retained SRK to assist in these studies. The planned step out and infill drill holes at the Horseshoe and Raven deposits will also provide information utilizable for geotechnical and structural purposes for the mine design as part of the PFS study.

Results of the Winter 2011 Drilling Program on the Hidden Bay Property
A reconnaissance drilling program was carried out in from January to April, 2011 in the eastern Hidden Bay property to test areas of possible structurally controlled clay and hematite alteration associated with resistivity and gravity anomalies that are similar to those associated with mineralization at the Horseshoe and Raven deposits. Thirteen holes totaling 3,546 metres were completed. Anomalous radioactivity, including several intercepts of >200 ppm U3O8, was intersected in association with alteration and structures but no significant mineralization was identified. Additional drill-worthy targets exist several kilometres to the west of the Raven Deposit.

Widely spaced exploration drilling consisting of six holes totaling 2,759 metres was also completed in the Shamus Lake area ("Shamus") located in the northwestern part of the Hidden Bay property. Shamus lies south of and along strike from the Sue deposits on the adjacent McClean Lake Mine property operated by AREVA Resources Canada Inc. Drilling at Shamus targeted basement-hosted mineralization associated with resistivity low anomalies. Several areas of low grade mineralization were intersected, including 0.055% U3O8 over 2.0 metres in drill hole SHA 046 and 0.048% U3O8 over 4.5 metres in drill hole SHA 047. These and past drilling results further convey the anomalous nature of the Shamus area.

About the Horseshoe, Raven and West Bear Deposits
The Horseshoe and Raven deposits are located in the central portion of UEX's 100%-owned Hidden Bay Project which also contains the West Bear Deposit. Mineralization at the Horseshoe and Raven deposits comprises shallow dipping zones of hematization with disseminated and veinlet pitchblende-boltwoodite-uranophane that are hosted by folded arkosic quartzite gneiss. The two deposits are located less than 5 kilometres south of Cameco's Rabbit Lake milling operation, and 22 kilometres southeast of AREVA's McClean Lake milling operation. As previously announced in July 2009, the Horseshoe and Raven deposits collectively contain, at a cut-off grade of 0.05% U3O8, National Instrument 43-101 ("N.I. 43-101") compliant resources as filed on SEDAR (www.sedar.com) on September 8, 2009 of:
  • 10.29 million tonnes containing 35.04 million pounds of U3O8 with a grade of 0.155% U3O8 in the Indicated Mineral Resource category; and
  • 1.11 million tonnes containing 2.72 million pounds of U3O8 with a grade of 0.111% U3O8 in the Inferred Mineral Resource category.
The West Bear Deposit, which lies approximately 35 kilometres to the south, has a N.I. 43-101 compliant Probable Mineral Reserve estimate of 72,347 tonnes containing 1,492,261 pounds of U3O8 grading 0.94% U3O8 at a cut-off of 0.18% U3O8, based on a Preliminary Feasibility Study filed on SEDAR on March 30, 2010.

To view additional information and maps of the deposits, visit UEX's website at www.uex-corporation.com.

Qualified Persons
Technical information in this news release has been reviewed by R. Sierd Eriks, P.Geo., UEX's Vice-President of Exploration and David Rhys, P.Geo., UEX Advisory Board member, both of whom who are Qualified Persons as defined by N.I. 43-101.

About UEX
UEX is a Canadian uranium exploration and development company actively involved in 18 uranium projects, including six that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, as well as ten joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 18 projects, totaling 338,972 hectares (837,618 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 22% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne, Colette and 58B deposits at its 49%-owned Shea Creek Project, a joint venture with AREVA in the western Athabasca Basin, and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project in the eastern Athabasca Basin. With a cash position of approximately $13.5 million at June 30, 2011, UEX is well-financed to carry out the remainder of its 2011 exploration and development programs, budgeted at approximately $8.5 million.

FOR FURTHER INFORMATION PLEASE CONTACT

Graham C. Thody
President & CEO
(604) 669-2349

Forward-Looking Information
This news release may contain statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding UEX's resource estimates, outlook for our future operations, plans and timing for exploration activities, 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 information. Such forward-looking information is 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 information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, additional drilling results, continuity and grade of deposits, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other laws affecting uranium exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is 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 information. 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.


Copyright � 2011 UEX CORPORATION (TSX - UEX) All rights reserved. For more information visit our website at http://www.uex-corporation.com/ or send email to info@uex-corporation.com ..

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UEX Corp

EXPLORATEUR
CODE : UEX.TO
ISIN : CA9026661061
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UEX est une société d’exploration minière d'or et de cuivre basée au Canada.

UEX détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont BLACK LAKE, RIOU LAKE, BEATTY RIVER, DOUGLAS, NORTHERN ATHABASCA PROJECTS, WESTERN ATHABASCA PROJECTS, FOND DU LAC, SHEA CREEK, HIDDEN BAY, ALEXANDRA, BRANDER LAKE PROJECTS et JAMES CREEK PROJECTS au Canada.

UEX est cotée au Canada et en Allemagne. Sa capitalisation boursière aujourd'hui est 52,7 millions CA$ (39,4 millions US$, 33,8 millions €).

La valeur de son action a atteint son plus bas niveau récent le 15 août 2003 à 0,05 CA$, et son plus haut niveau récent le 09 novembre 2007 à 9,30 CA$.

UEX possède 319 240 000 actions en circulation.

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