SASKATCHEWAN – Partners UEX CORP. of Vancouver and AREVA RESOURCES CANADA (the operator) of Saskatoon have intersected two zones of high-grade basement-hosted mineralization at the Shea Creek project in the western Athabasca Basin. One zone assays 4.73% U3O8 over 33.7 metres and the second grades 1.24% U3O8 over 11.4 metres. Both intersections were made in the Anne deposit.
Shea Creek hosts the Kianna, Anne, and Colette uranium deposits and is one of the 10 Athabasca projects currently under option from AREVA. UEX has earned a 40% interest in the project by spending in excess of $24.5 million on exploration and development expenditures in just over three years. UEX has an option to earn an additional 9% interest, and anticipates that it will earn its full 49% interest during the first quarter of 2008, at which time, Areva and UEX will form a joint venture where expenditures will be shared 49% by UEX and 51% by Areva.
The Anne deposit is geologically similar to the Kianna deposit in that both exhibit unconformity and basement mineralization. The Anne deposit has been traced over a strike length of 250 metres and a width of 100 metres and remains open in all directions. Drilling continues between the Anne and Kianna deposits.
Areva is planning to submit a project description to the federal and provincial regulatory agencies in early 2008 for one or two underground exploration shafts and related test mining facilities. Construction could begin in 2010 based on the outcome of regulatory procedures.
Visit www.UEX-corporation.com for additional news and updates on the Shea Creek project.