SASKATCHEWAN – Vancouver-based UEX CORPORATION reports very high-grade assays from the drill program at the Shea Creek uranium project in the western Athabasca Basin. One hole intersected 12.57% U3O8 over 11.9 metres including 27.35% U3O8 over 4.2 metres in the Kianna deposit. To date, the mineralization at the Kianna deposit has been traced over a strike length of 200 metres and a width of 100 metres, and remains open in all directions.
“We are encountering three distinct styles of high-grade mineralization, which in a future mining scenario could be mined simultaneously,” said Stephen Sorensen, president and CEO of UEX. “This basement-hosted mineralization occurs in rocks that have the structural integrity that would not require the expense of freezing mineralized zones during underground mining operations.”
The Shea Creek project is one of the 10 western Athabasca projects currently under option from AREVA RESOURCES CANADA (formerly Cogema Resources), the operator. UEX has earned a 12.25% interest in the projects (see UEX news release, August 24, 2005 at www.UEX-Corporation.com) and has an option to earn an additional 36.75% interest, up to a maximum of 49%.