Trading Symbol: UEX-TSX
VANCOUVER, Jan. 8, 2015 /CNW/ - UEX Corporation ("UEX") and
AREVA Resources Canada Inc. ("AREVA"), the operator, are pleased to
announce the 2015 exploration budget for the Western Athabasca
Joint Venture ("WAJV") Projects of $4.8
million, of which UEX has indicated its intention to fund
$2.1 million.
"I view the increase in the total 2015 joint venture budget
over recent years to be a positive indication that AREVA is
strongly committed to the advancement of the Western Athabasca
Projects." Roger Lemaitre,
President and CEO
Details of the approved programs and budgets are outlined
below.
Shea Creek – Winter/Summer 2015
A budget of $2.8 million has been
approved for the Shea Creek Project. In 2015, exploration
activities will consist of drilling in four areas and a moving-loop
SQUID electromagnetic survey on the southernmost Shea Creek
claim. A total of 4,900 m of drilling is planned (eight
holes) this summer and approximately 31.5 km of electromagnetic
surveying will be completed this winter season.
Drilling will follow up on hole SHE-2, the first mineralized
hole encountered on the property during a systematic drilling
campaign of the Saskatoon Lake Conductor undertaken in 1992 by
Amok, a previous operator of the project. SHE-2 intersected
significant uranium mineralization (0.342%
U3O8 over 0.4 m) associated with the
Saskatoon Lake Conductor. Until now, this intersection has
not been followed up with additional drilling as other mineralized
holes that tested the Saskatoon Lake Conductor led the exploration
team toward the discovery of the current Shea Creek Deposits
approximately 2.0 km to the north.
The insight that has been gained over the last 10 years that UEX
has been involved with the Shea Creek Project suggests that this
historical shallow basement intersection exhibits many of the same
characteristics that led to the discovery of the Shea Creek
Deposits on the Saskatoon Lake Conductor to the north.
One hole is planned to intersect a previously untested
electromagnetic conductor parallel to and west of the Saskatoon
Lake Conductor at a location approximately 650 m southwest of the
Anne Deposit. Three holes are planned to systematically test
segments of the Saskatoon Lake Conductor system 3.7 to 4.9 km south
of the Shea Creek Deposits.
Three holes will also be drilled to test the sparsely explored
southernmost extent of the Saskatoon Lake Conductor system at the
southern end of the Shea Creek property where unconformity depths
are in the range of 450 to 500 m.
UEX has approved the Shea Creek program and budget and intends
to fund its 49.1% share of this program or approximately
$1.4 million.
Erica – Winter 2015
A winter drilling program with a budget of $1.5 million has been approved for the Erica
Project in 2015.
The program will consist of 3,500 m of drilling (4 to 6 holes)
to test a newly defined electromagnetic conductor trend coincident
with a magnetic low located 15 km west‑southwest of the Shea Creek
Deposits. The trend is oriented parallel to the Saskatoon
Lake Conductor and exhibits a similar geophysical signature as the
basement rocks on the Shea Creek property.
UEX has approved the Erica program and budget and intends to
fund its 49.1% share of this program or approximately $736,000.
Brander, Alexandra and Nikita Projects
No significant exploration activities are planned on the
Brander, Alexandra and Nikita Projects in 2015. Budgets of
$10,000 have been approved for each
of these projects in 2015 to prepare for future exploration
activities, possibly as soon as 2016.
UEX has approved the budgets for the Brander, Alexandra and
Nikita Projects totaling $30,000. UEX
intends to fund its 49.1% share of these budgets or approximately
$14,700.
Laurie Project – Winter 2015
A budget of $500,000 has been
approved for the Laurie Project. In winter 2015, exploration
activities will consist exclusively of a moving-loop time-domain
electromagnetic ("ML‑TEM") survey on the southern end of the
project where the Athabasca
sandstone ranges from 0 to 225 m thick. A total of 49 km of
ML-TEM is planned on fourteen profiles with the objective of
defining future drill targets.
UEX has elected not to participate in the 2015 Laurie
program. UEX's interest in this project is anticipated
to drop from the current 49.097% interest to approximately 42.25%
should AREVA complete the approved ML-TEM program.
For additional clarity, UEX's decision to not fund exploration
work at the Laurie Project does not have an impact on UEX's
ownership interest in the other eight WAJV projects which will
remain at 49.097%, including the Company's ownership of the
existing uranium resources at the Shea Creek Project.
UEX continues to have the ability to propose up to an additional
$4.0 million budget for the
Western Athabasca in 2015;
however, to date no decision has been made with respect to
supplemental budgets.
About UEX
UEX (TSX:UEX) is a Canadian uranium exploration and development
company actively involved in seventeen 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 joint venture with AREVA and JCU (Canada) Exploration Company, Limited, which
are operated by AREVA. The seventeen projects, totaling
260,121 hectares (642,773 acres), are located in the eastern,
western and northern perimeters of the Athabasca Basin, the world's richest uranium
belt, which in 2013 accounted 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 currently 49.1%-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 $8.0
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
(2)
|
2,067,900
|
1.484
|
67,663,000
|
33,222,533
|
Hidden Bay
(3)
|
10,372,500
|
0.160
|
36,623,000
|
36,623,000
|
TOTAL
INDICATED
|
12,440,400
|
0.380
|
104,286,000
|
69,845,533
|
UEX Corporation – Inferred Mineral Resources (1) (2)
(3)
Project
|
Tonnes
|
Grade
U3O8 (%)
|
Total
U3O8 (lbs)
|
UEX's
share
U3O8 (lbs)
|
Shea Creek
(2)
|
1,272,200
|
1.005
|
28,192,000
|
13,842,272
|
Hidden Bay
(3)
|
1,109,200
|
0.111
|
2,715,000
|
2,715,000
|
TOTAL
INFERRED
|
2,381,400
|
0.589
|
30,907,000
|
16,557,272
|
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, and are documented in the Shea Creek
Technical Report with an effective date of May 31, 2013 which was
filed on SEDAR at www.sedar.com on May 31, 2013.
|
(3)
|
The Hidden Bay
mineral resources were estimated at a cut-off of 0.05%
U3O8, and are documented 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.
|
Qualified Persons and Data Acquisition
Technical information in this news release has been reviewed and
approved by Roger Lemaitre, P.Eng.,
P.Geo., UEX's President and CEO who is a Qualified Person as
defined by N.I. 43‑101 standards.
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, intentions and plans that are not historical
fact. The words "estimates", "projects", "expects", "intends",
"believes", "plans", "will", "may", 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.
Cautionary Note to United States Investors
This news release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which differ from the requirements of
U.S. securities laws. Unless otherwise indicated, all resource
estimates included in this press release have been prepared in
accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101") and the Canadian Institute of
Mining, Metallurgy, and Petroleum Definition Standards on Mineral
Resources and Mineral Reserves. NI 43-101 is a rule developed by
the Canadian Securities Administrators which establishes standards
for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. Canadian
standards, including NI 43-101, differ significantly from the
requirements of the United States Securities and Exchange
Commission ("SEC"), and resource information contained herein may
not be comparable to similar information disclosed by U.S.
companies. In particular, and without limiting the generality of
the foregoing, the term "resource" does not equate to the term
"reserves". Under U.S. standards, mineralization may not be
classified as a "reserve" unless the determination has been made
that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. The
SEC's disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves" by U.S. standards in documents
filed with the SEC. Investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves. U.S. investors should also
understand that "inferred mineral resources" have a great amount of
uncertainty as to their existence and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an "inferred mineral resource" will ever be upgraded to
a higher category. Under Canadian rules, estimated "inferred
mineral resources" may not form the basis of feasibility or
pre-feasibility studies except in rare cases. Investors are
cautioned not to assume that all or any part of an "inferred
mineral resource" exists or is economically or legally mineable.
Disclosure of "contained pounds" in a resource is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in-place tonnage and
grade without reference to unit measures. Accordingly, information
concerning mineral deposits set forth herein may not be comparable
with information made public by companies that report in accordance
with U.S. standards.
SOURCE UEX Corporation