SASKATCHEWAN – The largest program to date has begun at the Shea Creek uranium project in the western Athabasca Basin. Partner UEX CORP. of Vancouver, which recently vested its 49% interest, says the 2008 budget is a minimum of $20.3 million, split between exploration and development. The operator is AREVA RESOURCES CANADA (51%) of Saskatoon.
Four drills have been deployed. One will work 150 metres south of the Kianna deposit where basement-hosted mineralization grading 2.80% U3O8 was intersected earlier. The second drill will be used to expand the southern portion of the Anne deposit that is open in all directions. The third will revisit the southern part of the Colette deposit, where mineralization was first intersected in the fall of 2004. The fourth drill will investigate the Saskatoon Lake conductor 1.5 km south of the Anne deposit. Additional follow-up drilling and ground geophysics are also planned.
As the Shea Creek project moves into development, $10.0 million is earmarked for that work in 2008. Two 950-metre shafts plus horizontal drifting are planned. The first of these shafts will cost roughly $100.0 million.
Definitive information about the Shea Creek project is posted at www.UEX-Corporation.com in the news releases.