Resource World Magazine

www.resourceworld.com 45 F E B R U A R Y / M A R C H 2 0 1 4 MINING UEX plans Athabasca Basin uranium exploration UEX Corp. [UEX-TSX] has budgeted a $2 million exploration pro- gram for 2014 uranium exploration in the western Athabasca Basin of northern Saskatchewan with its partner AREVA Resources Canada Inc. With its contribution of $982,000 UEX (49.1%) and AREVA (50.9%), the planned exploration programs on the Laurie, Mirror River and Erica projects are now under way. UEX is well funded with well over $8 million in its treasury. The Laurie and Mirror River Projects are situated along the south - ern margin of the Athabasca Basin approximately 35 and 55 km, respectively, east of the recent high-grade Fission Uranium Corp. dis- covery at Patterson Lake South. The $1.4 million program 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 con- ductors are apparent. Uranium deposits in this region are classified as unconformity-style mineralization and the conductors of interest have structural settings which are interpreted to be comparable to those associated with known deposits in the area. UEX and AREVA are also exploring the Erica Project which is located near the Alberta border just west of UEX's 49%-owned Shea Creek Project that hosts the Kianna, Anne, Colette and 58B uranium deposits totaling 2,067,900 tonnes grading 1.484% U 3 O 8 in the indi- cated category (67,663,000 lbs U 3 O 8 ) and inferred resources totaling 1,272,200 tonnes of 1.005% U 3 O 8 (28,192,000 lbs U 3 O 8 ). The $600,000 exploration budget for the Erica Project will include a ground geophysical Tensor Magnetotelluric program of 50.4 line- km over an area of an earlier favourable airborne geophysical survey in a geological environment similar to Shea Creek. UEX also has a 100% interest in the Hidden Bay Project on the east - ern border of the Athabasca Basin which hosts the Horseshoe, Raven and West Bear uranium deposits. Indicated resources at Hidden Bay total 10,372,500 tonnes grading 0.160% U 3 O 8 (36,623,000 lbs U 3 O 8 ) with inferred resources totaling 1,109,200 tonnes grading 0.111% U 3 O 8 (2,715,000 lbs U 3 O 8 ). UEX is involved in 16 uranium projects, including six that are 100%-owned and operated by the company, one joint venture with AREVA 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 encompass 264,363 hectares (653,255 acres) and are located in the eastern, western and northern perimeters of the Athabasca Basin, home to the world's richest uranium mines that account for approxi - mately 15% of the global primary uranium production. Cameco Corp. [CCO-TSX; CCJ-NYSE] operates the McArthur River and Rabbit Lake uranium mines in the Athabasca Basin with the Cigar Lake Mine at an advanced stage of development. n

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