SASKATCHEWAN – Plans are underway and regulatory requests will be filed for permission to sink an exploration shaft at the Shea Creek uranium project on the western rim of the Athabasca Basin. The property is owned by AREVA RESOURCES CANADA, but UEX CORPORATION is earning a 49% interest by funding up to $30 million of exploration work.
The proposed shaft is located between the Anne and Kianna deposits. It will have a depth from surface of approximately 950 m and cost an estimated $100 million. Preliminary site characterization and base line testing will begin this summer, and the project description may be filed as early as the last quarter of 2007.
A map depicting the location of the exploration shaft is posted at www.UEX-Corporation.com in the Map Gallery available by clicking Projects.
Meanwhile, drilling continues in the area of the Anne and Kianna deposits.