UEX Announces Completion and Filing of Shea Creek Technical Report
VANCOUVER, June 4, 2013 /CNW/ - UEX Corporation ("UEX") is pleased to announce the completion and filing of an updated technical report dated May 31, 2013 (the "Technical Report"), pursuant to Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("N.I. 43-101"), updating the Shea Creek Project ("Shea Creek") mineral resource estimate, as such mineral resource estimate was reported in a UEX news release dated April 17, 2013. Shea Creek is located in the western Athabasca Basin of northern Saskatchewan, Canada, and is owned 49% by UEX Corporation and 51% by AREVA Resources Canada Inc. ("AREVA"), the project operator.The Technical Report titled "Technical Report on the Shea Creek property, northern Saskatchewan, with an updated mineral resource estimate", prepared for UEX Corporation and dated May 31, 2013, has been filed on SEDAR and can be viewed under UEX's profile on the SEDAR website at www.sedar.com and on UEX's website at www.uex-corporation.com.
The Technical Report was prepared by R. Sierd Eriks, B.A. (Geol.), P.Geo., James N. Gray, B.Sc., P.Geo., David A. Rhys, M.Sc., P.Geo., and Steve Hasegawa, B.Sc., P.Geo., with the updated mineral resource estimate contained therein prepared under the direction of James N. Gray, following the guidelines of N.I. 43-101 and Form 43-101F1.
The mineral resource estimate for Shea Creek contained in the Technical Report, at a cut-off grade of 0.30% U3O8, totals:
- 67.66 million pounds of U3O8 in the Indicated mineral resource category comprising 2,067,900 tonnes grading 1.48% U3O8; and
- 28.19 million pounds of U3O8 in the Inferred mineral resource category comprising 1,272,200 tonnes grading 1.01% U3O8.
The information in this release related to the Technical Report and the mineral resource estimate has been approved by R. Sierd Eriks, P.Geo., UEX's Vice-President of Exploration, James N. Gray, P.Geo., of Advantage Geoservices Limited, David A. Rhys, P.Geo., of Panterra Geoservices Inc. and UEX Advisory Board member, and Steve Hasegawa, P.Geo., Geological Consultant, each of whom is a Qualified Person as defined under National Instrument 43‐101.
About UEX
UEX is a Canadian uranium exploration and development company actively involved in 17 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 nine joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 17 projects, totaling 264,363 hectares (653,255 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 15% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Kianna, Anne, Colette and 58B deposits at its 49%-owned Shea Creek Project, and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project. UEX currently has a cash position of approximately $10.4 million.
UEX's two major projects have mineral resource estimates as follows:
| UEX Corporation - Indicated Mineral Resources (1) (2) (3) |
| Project | Tonnes | Grade U3O8 (%) | Total U3O8 (lbs) | UEX's share U3O8 (lbs) |
| Shea Creek (4) | 2,067,900 | 1.484 | 67,663,000 | 33,154,870 |
| Hidden Bay (5) | 10,372,500 | 0.160 | 36,623,000 | 36,623,000 |
| TOTAL INDICATED | 12,440,400 | 0.380 | 104,286,000 | 69,777,870 |
| UEX Corporation - Inferred Mineral Resources (1) (2) (3) |
| Project | Tonnes | Grade U3O8 (%) | Total U3O8 (lbs) | UEX's share U3O8 (lbs) |
| Shea Creek (4) | 1,272,200 | 1.005 | 28,192,000 | 13,814,080 |
| Hidden Bay (5) | 1,109,200 | 0.111 | 2,715,000 | 2,715,000 |
| TOTAL INFERRED | 2,381,400 | 0.589 | 30,907,000 | 16,529,080 |
| Notes: | |
| (1) | The mineral resource estimates follow the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and classifications follow CIM definition standards. |
| (2) | The Shea Creek mineral resources were estimated at a cut-off of 0.30% U3O8. |
| (3) | The Hidden Bay mineral resources were estimated at a cut-off of 0.05% U3O8. |
| (4) | The Shea Creek mineral resource estimates are included in the Shea Creek Technical Report with an effective date of May 31, 2013 and which was filed on SEDAR at www.sedar.com on May 31, 2013. |
| (5) | The Hidden Bay mineral resource estimates are included in the Hidden Bay Technical Report with an effective date of February 15, 2011 which was filed on SEDAR at www.sedar.com on February 23, 2011 |
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 mineral resource and mineral reserve 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 is 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, participation in joint ventures, reliance on other companies as operators, 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.
SOURCE UEX Corporation
UEX Corporation
Graham C. Thody
President & CEO