Trading Symbol: UEX-TSX
VANCOUVER,
Nov. 27, 2013 /CNW/ - UEX Corporation
("UEX") is pleased to announce a $2.0
million 2014 exploration budget for its Western Athabasca
Projects, for which UEX will be responsible for $982,000. The budget will be directed solely
toward exploration of the Laurie, Mirror River and Erica Projects
(see Figure 1). Effective December 31,
2013 and upon finalization of 2013 exploration expenditures,
the projects will be owned approximately 49.1% by UEX and 50.9% by
the operator, AREVA Resources Canada Inc. ("AREVA"). Exploration is
expected to commence in January
2014. UEX's forecasted cash position at December 31, 2013 is approximately $8.7 million and it is well-financed to
carry out its share of these 2014 exploration programs.
Laurie and Mirror River Projects
The Laurie and Mirror River project areas lie
along the southern margin of the Athabasca Basin approximately 35 and 55
kilometres, respectively, east of the recent Fission Uranium
Corp./Alpha Minerals Inc. discovery at Patterson Lake South.
A $1.4 million budget for 2014 will
test several electromagnetic conductors with approximately 4,000
metres of drilling, particularly in areas where crosscutting
structures are postulated to be present or where strong, previously
untested conductors are apparent. These conductors have the
potential to be associated with unconformity-style uranium
mineralization in structural settings which are interpreted to be
comparable to those associated with known deposits in the
region.
Erica Project
The Erica Project area lies directly west of
UEX's Shea Creek Project, which hosts the Kianna, Anne, Colette and
58B deposits. A $600,000 budget for
2014 has been designed to carry out a ground geophysical Tensor
Magnetotelluric program of 50.4 line-kilometres. This ground
geophysical program is planned over a northwest-southeast
conductive trend outlined by a previous 2002 MEGATEM®
airborne geophysical survey in a setting which is similar to the
orientation and intensity of the Saskatoon Lake Conductor that is
associated with uranium mineralization on the Shea Creek
Project.
Shea Creek Project
Exploration plans for the Shea Creek Project in
2014 under the additional earn-in option (see UEX's News Release
dated April 10, 2013) have not yet
been determined and will be dependent upon capital market
conditions in the first quarter of 2014.
Further information regarding UEX's projects,
including maps, is available on UEX's website at
www.uex-corporation.com.
To view Figure 1 (Western Athabasca Projects -
Location of Erica, Laurie and Mirror River Projects) please access
this news release on UEX's website at
www.uex-corporation.com.
Qualified Persons and Data
Acquisition
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., UEX Advisory
Board member and Erwin Koning,
P.Geo., AREVA's Technical Advisor, Exploration, who are each
Qualified Persons as defined by National Instrument 43-101.
About UEX
UEX is a Canadian uranium exploration and
development company actively involved in 16 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 eight
joint-ventured with AREVA and one joint venture with AREVA and JCU
(Canada) Exploration Company,
Limited, which are operated by AREVA. The 16 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 currently 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
$9.4 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
(2) |
2,067,900 |
1.484 |
67,663,000 |
33,154,870 |
Hidden Bay
(3) |
10,372,500 |
0.160 |
36,623,000 |
36,623,000 |
TOTAL INDICATED |
12,440,400 |
0.380 |
104,286,000 |
69,777,870 |
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 |
13,814,080 |
Hidden Bay
(3) |
1,109,200 |
0.111 |
2,715,000 |
2,715,000 |
TOTAL INFERRED |
2,381,400 |
0.589 |
30,907,000 |
16,529,080 |
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, 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.
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