Corporate Presentation - Jan 2012

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  • 1. A URANIUM EXPLORATION AND DEVELOPMENT COMPANYwww.uex-corporation.com
  • 2. FORWARD-LOOKING INFORMATION AND STATEMENTS:Certain statements and other information contained in this presentation may constitute “forward-looking information” within the meaning of applicable Canadiansecurities legislation or constitute “forward-looking statements” within the meaning of applicable United States securities legislation. Such information andstatements are based on UEXs current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX‘soutlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. The words“estimates”, “projects”, “expects”, “intends”, “believes”, “plans”, or their negatives or other comparable words and phrases are intended to identify forward-lookingstatements. Such forward-looking statements are based on certain factors and assumptions and are subject to risks, uncertainties and other factors that could causeactual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results todiffer materially from UEXs expectations include uncertainties relating to interpretation of drill results and geology, additional drilling results, continuity and grade ofdeposits, participation in joint ventures, reliance on other companies as operators, public acceptance of uranium as an energy source, fluctuations in uranium pricesand currency exchange rates, changes in environmental and other laws affecting uranium exploration and mining, and other risks and uncertainties disclosed in UEXsAnnual Information Form and other filings with the applicable securities commissions in Canada. Many of these factors are beyond the control of UEX. Consequently,all forward-looking statements made herein are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipatedby UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Except as required byapplicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events orotherwise.NOTICE TO U.S. PERSONS:The information in this publication has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of UnitedStates securities laws. Information, including scientific or technical information, has been prepared in accordance with National Instrument 43-101 - Standards ofDisclosure for Mineral Projects (“N.I. 43-101”). N.I. 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all publicdisclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including N.I. 43-101, differ significantly from therequirements of the SEC. For example, the terms “indicated mineral resources” and “inferred mineral resources” are used in this publication to comply with thereporting standards in Canada. While those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Under United Statesstandards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legallyproduced or extracted at the time the reserve determination is made. Readers should understand that “indicated mineral resources” and “inferred mineral resources”have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. Readers are cautioned not to assume that any part or all of themineral deposits in these categories will ever be converted into mineral reserves. In accordance with Canadian rules, estimates of “inferred mineral resources” cannotform the basis of feasibility or other economic studies. In addition, the definitions of proven and probable mineral reserves used in N.I. 43-101 differ from thedefinitions in the SEC Industry Guide 7. Disclosure of “contained ounces” is permitted disclosure under Canadian regulations; however, the SEC normally only permitsissuers to report mineralization that does not constitute reserves as in place tonnage and grade without reference to unit measures. Accordingly, informationcontained in this publication describing the Companys mineral properties may not be comparable to similar information made public by U.S. companies subject to thereporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. 2
  • 3. Graham C. Thody, CA – President & Chief Executive OfficerMr. Thody was a Partner of Nemeth Thody Anderson, Chartered Accountants from 1979 until his retirement from public practice in2007. He was a Director of Pioneer Metals Corporation at the time of the adoption of the Plan of Arrangement which created UEXCorporation and has been a Director of UEX since its inception. He served as Chairman of the Board of UEX until June 2010.Ed Boney, CA – Chief Financial OfficerMr. Boney held the position of Corporate Controller at a Canadian junior gold mining company with producing mines in Canada and Peruprior to joining UEX. He has also held the position of manager with Deloitte where he supervised the audits of public companies in themining and natural resource sector and was involved in the asset valuations of several companies in the Canadian oil and gas sector.R. Sierd Eriks, P.Geo. – Vice-President, ExplorationMr. Eriks, B.A. (Geology), has worked in mineral exploration for over thirty years. From 1979 to 1998, he gained geological andmanagerial experience with SMDC (now Cameco Corporation), Falconbridge Limited, Noranda Exploration Co. Ltd. and CogemaResources Inc. (now AREVA Resources Canada Inc.) in base metals, gold, PGE and uranium exploration.Nan H. Lee, M.Sc., P.Eng. – Vice-President, Project DevelopmentMs. Lee has worked as a Mining and Project Engineer on several projects in Canada and has also worked with Kilborn Engineering whereshe assisted with project feasibility studies. As an independent consultant she has coordinated, or assisted with the preparation ofEnvironmental Impact Statements for several uranium mine developments in Canada. Most recently Ms. Lee has been managing thepreliminary feasibility studies for tailings management facilities for two uranium operations in northern Saskatchewan.Walter Segsworth, P.Eng. – Management Advisory BoardMr. Segsworth previously served on the Board of Directors of UEX from 2002 to 2008. He has managed three large Canadian mines. In1990 he was appointed President and Director of Westmin Resources Ltd. Upon the takeover of Westmin by Boliden in 1998, Mr.Segsworth joined Homestake Mining Company of California where he was subsequently appointed President, Director and ChiefOperating Officer and served until its merger with Barrick in early 2002. He is currently Lead Director of Alterra Power Corporation.David Rhys, M.Sc., P.Geo. – Management Advisory BoardMr. Rhys is a consulting structural geologist specializing in structural controls on mineral deposits and their application to exploration,mining and mine site grade control. He has had a long association with UEX, and has provided technical consulting and guidance to theCompany since its inception. He has also been involved in exploration advisory roles to several other junior mining companies. 3
  • 4. Mark P. Eaton, B.A.Chairman of the BoardMr. Eaton is an experienced investment professional with over 20 years of experience in equity capital markets specializing in theresource sector. He has held the position of Managing Director of Global Mining Sales, a division of CIBC World Markets of Toronto,Canada and Manager of U.S. Equity Sales for CIBC World Markets. He was a Partner and Director of Loewen Ondaatje McCutcheon Ltd.,a Toronto-based investment dealer, until March 2008. He is currently President and CEO of Belo Sun Mining Corp.Colin C. Macdonald, M.Sc.Mr. Macdonald held the position of Vice-President, Exploration, for Cameco Corporation until his retirement on June 30, 2011. He hadworked for Cameco Corporation and its predecessor companies since 1981 and was responsible for Camecos worldwide uraniumexploration activities.Suraj P. Ahuja, M.Sc., P.Geo.Mr. Ahujas career as a geologist in the design and management of mineral exploration programs spans over 40 years. From 1978 to1988 he was employed by Cameco as a Project Geologist and a Senior Geologist. From 1988 to 2001 he was employed by PNCExploration (Canada) Co. Ltd., a Japanese-owned uranium exploration company. Mr. Ahuja consults for several major and junioruranium exploration companies through his own mineral exploration consulting company.Emmet McGrath, CAMr. McGrath, a member of the Canadian Institute of Chartered Accountants, was an audit partner with KPMG from 1981 to 2002. Hehas a thorough understanding of the regulatory and statutory reporting requirements of publicly listed companies and is well versed incorporate governance matters. He has extensive experience in mergers and acquisitions, and currently sits on the Board of Directors ofseveral publicly listed companies in the mining industry. He is a Director and former Chairman of the Board of Westminster CreditUnion, the sixth largest credit union in British Columbia.Graham C. Thody, CA 4
  • 5.  UEX Corporation is an industry leader in the discovery and advancement of new uranium resources in Canada’s Athabasca Basin. UEX’s enduring success in uranium exploration is enhanced by:  Early acquisition of highly prospective land positions in the prolific Athabasca Basin  Strong relationships with Cameco Corporation and AREVA, the world’s largest uranium companies Progress continues on our advanced resource development projects at Shea  The Athabasca Basin is located in northern Creek and Hidden Bay, placing UEX Saskatchewan, Canada and yields approximately among a select peer group of 18% of the world’s mined uranium. companies capable of delivering superior results over the coming years. 5
  • 6. As at December 31, 2011Shares Issued and outstanding 203,067,652 Fully diluted 222,128,352Significant shareholder Cameco Corporation 22.58%2012 Budgets Approved Proposed Exploration C$ 3.5 million C$ 1.0 million Development Nil 2.0 million Administration 1.3 million 0.4 millionTotal C$ 4.8 million C$ 3.4 millionCash position C$4.8 million 6
  • 7. 7
  • 8. N.I. 43-101 Compliant Mineral Resource Estimates Resources by Deposit Resources by Deposit (millions of lbs U3O8 at recommended† cut-off) UEX Equity Holdings40 (% of UEX total U3O8 at recommended† cut-off)3530 Anne Colette 17% 11%2520 Kianna Horseshoe15 24% 29%10 Raven 5 17% 0 West Bear 2% UEX total U3O8 (lbs) by Resource Category Project Indicated Inferred UEX Corporation - Indicated Resources Shea Creek 31,150,770 12,017,250 UEX Corporation - Inferred Resources Hidden Bay 36,622,500 2,715,000 AREVA Resources Canada Inc. Total 67,773,270 14,732,250 * Joint venture with 49% UEX / 51% AREVA ownership † Hidden Bay 0.05% U3O8 cut-off / Shea Creek 0.30% U3O8 cut-off 8
  • 9. As at December 31, 2011 UEX 2011 Expenditures UEX Cumulative (C$ millions)6 Expenditures (C$ millions) $0.46M 705 60 $5.1M4 503 40 $7.4M $4.98M $4.34M 30 $58.5M2 20 $36.8M $38.1M1 10 $0.55M0 0 Shea Creek Hidden Bay Other Shea Creek Hidden Bay Other Exploration Development Exploration Development 9
  • 10. As at December 31, 2011 Annual Drilling 2009-2011 Historical Drilling (thousands of metres) (thousands of metres)45 50040 40035 279.130 3002520 40.1 20015 129.8 22.6 24.010 19.9 21.1 100 205.0 5 6.5 99.3 0 2009 2010 2011 2009 2010 2011 0 Shea Creek* Hidden Bay Shea Creek* Hidden Bay 2009 2010 2011 Pre-UEX UEX * Utilizing directional drilling, whereby several wedge cuts are made from a single pilot hole, has significantly reduced the total number of drilling metres required to attain the desired number of unconformity impacts. 10
  • 11.  The Shea Creek Project is a joint venture 49% owned by UEX Corporation and 51% owned by AREVA Resources Canada Inc., the project operator. The Shea Creek Project contains the largest undeveloped uranium resource in the Athabasca Basin. UEX Cumulative Expenditures As at December 31, 2011  Exploration C$36.8 million  Development C$ 7.4 million 2012 Joint Venture Budget  Exploration C$ 6.0 million 11
  • 12.  Results from the N.I. 43-101 compliant Mineral Resource Estimate prepared by Golder Associates Ltd. are shown in the table below. These results are based on drilling information up to December 31, 2009. Mineralization encountered during the 2010 and 2011 programs is not included. No resource has yet been estimated for the 58B Deposit. (Please refer to the “Technical Report on the Shea Creek Property” dated effective May 26, 2010 available online under UEX’s profile at www.sedar.com.) This estimate confirms that Shea Creek contains the largest undeveloped uranium resource in the Athabasca Basin, exceeded in size only by McArthur River and Cigar Lake. The resources at Shea Creek are open in almost every direction and have excellent potential for significant expansion as exploration continues. Indicated Resources at 0.30% U3O8 cut-off Inferred Resources at 0.30% U3O8 cut-offDeposit Tonnes U3O8 (%) U3O8 (lbs) Tonnes U3O8 (%) U3O8 (lbs)Kianna* 713,000 1.442 22,665,000 573,100 1.360 17,184,000Anne* 484,500 2.368 25,295,000 299,300 0.674 4,448,000Colette* 675,100 1.049 15,613,000 196,500 0.668 2,893,000Total 1,872,600 1.540 63,573,000 1,068,900 1.041 24,525,000* Joint venture with 49% UEX / 51% AREVA ownership 12
  • 13.  The Shea Creek Project contains four known uranium deposits:  Kianna  Colette  Anne  58B The deposits are distributed along a strike length of over 3 kilometres at the north end of the 33-kilometre long Saskatoon Lake conductor . 58B is an emerging new deposit located between Kianna and Colette which displays the same stacking of basement, unconformity and perched mineralization as is seen at Kianna. (UEX news release of September 21, 2010) Mineralization is largely open and large parts of the Saskatoon Lake conductor remain untested; the potential for resource expansion is extremely high. 13
  • 14.  The uranium mineralization in a deposit can occur in three styles:  Perched (P) mineralization is found in sandstone at shallower depths.  Unconformity (UC) mineralization is found at the contact of the sandstone and the underlying basement rock.  Basement (B) mineralization is found in the gneissic rock beneath the unconformity. A vertical cross section of the Kianna Deposit is shown at left. 58B displays the same stacked mineralization style. 14
  • 15. Kianna SHE-114-05 Perched (P) mineralization grading 27.7% eU3O8 over 7.6 mKianna SHE-115-03 Unconformity (UC) mineralization grading 21.2% U3O8 over 4.3 mKianna SHE-115-11 Basement (B) mineralization grading 13.2% U3O8 over 4.5 m 15
  • 16. Selected High-Grade Drilling ResultsKianna Colette SHE-114-19  SHE-111-06 (P) 33.6% eU3O8 over 1.3 m (B) 23.9% U3O8 over 0.5 m SHE-115-10 (B) 24.3% U3O8 over 2.5 m SHE-123-06 (UC) 32.3% U3O8 over 1.1 mAnne SHE-087 (B) 34.7% U3O8 over 1.9 m SHE-096-03 (UC) 29.2% U3O8 over 3.4 m SHE-099 (UC) 60.6% U3O8 over 1.2 m 16
  • 17. SHE-114-09: GT 144 4.64% eU3O8/22.2 mSHE-114-11: GT 2544.09% eU3O8/45 .0 m SHE-114-20: GT 145 SHE-114-07: GT 70 1.02% eU3O8/141 m 7.37% U3O8/9.5 m Perched SHE-114-19: GT 715.94% eU3O8/12.0 m SHE-115-04: GT 48 Unconformity 2.55% U3O8/19.0 mSHE-115-11: GT 885.36% U3O8/16.5 m SHE-115-03: GT 114 9.34% U3O8/12.2 m SHE-118: GT 50 6.30% U3O8/7.9 m SHE-115-18: GT 115 SHE-115-05: GT 73 8.42% eU3O8/12.6 m 7.83% U3O8/7.2 m SHE-114-05: GT 224 SHE-115-08: GT 91 20.7% eU3O8/10.2 m 6.17% U3O8/6.7 m Basement SHE-115-10: GT 144 8.58% U3O8/15.0 m Kianna Deposit: 3D Model GT is presented for the entire drill hole along with Side view facing NE: perched, unconformity and the Grade/Thickness of the major intercept. basement mineralization are clearly visible. 17
  • 18. SHE-109-06: GT 40 Perched Unconformity 4.51% U3O8/8.9 m SHE-122-05: GT 75 SHE-109-05: GT 79 3.64% U3O8/20.5 m 7.24% U3O8/8.7 mSHE-095-03: GT 86 SHE-101-02: GT 324.41% U3O8/14.9 m 3.75% U3O8/8.6 mSHE-122-01: GT 163 SHE-100-01: GT 1104.21% U3O8/36.0 m 3.32% U3O8/25.1 m Basement SHE-096-03: GT 143 SHE-099-03: GT 36 5.42% U3O8/19.0 m 2.61% U3O8/13.6 m SHE-016: GT 39 4.32% U3O8/9.1 m SHE-087: GT 70 11.6% U3O8/6.0 m SHE-099-02: GT 101 SHE-099: GT 84 5.65% U3O8/17.9 m 10.0% U3O8/8.4 m Anne Deposit: 3D Model GT is presented for the entire drill hole along with Side view facing NE: perched, unconformity and the Grade/Thickness of the major intercept. basement mineralization are clearly visible. 18
  • 19. SHE-066-2: GT 33 COLETTE 58B KIANNA ANNE1.28% eU3O8/26.0 m SHE-066-3: GT 34 1.22% eU3O8/27.9 m SHE-065: GT 21 1.73% U3O8/11.9 m SHE-059: GT 27 4.10% U3O8/6.6 m Perched Basement SHE-052: GT 39 2.34% U3O8/16.8 m Unconformity SHE-111-06: GT 26 3.23% U3O8/8.0 m Colette Deposit: 3D Model GT is presented for the entire drill hole along with View from above the unconformity facing SE with the Grade/Thickness of the major intercept. 58B, Kianna and Anne visible in the distance. 19
  • 20. 58B KIANNA ANNE GT is presented for the entire drill hole along with the Grade/Thickness of the major intercept. SHE-133-5: GT 19.5 6.53% eU3O8/1.6 m SHE-133-7: GT 22.7 2.13% eU3O8/10.6 m SHE-133-3: GT 20.2 1.81% eU3O8/7.6 m SHE-133-4: GT 21.2 6.55% eU3O8/2.4 m SHE-133-6: GT 11.8 6.17% eU3O8/1.6 m Unconformity Mineralization at 58B has now been traced over a Basement strike length of 400 metres and occurs over a width of up to 110 metres in plan view. Broad areas of the highly prospective structural corridor hosting 58B remain sparsely tested and will be explored in subsequent drilling programs. 58B Deposit: 3D Model View from above the unconformity facing SE with (UEX news release of September 21, 2010) Kianna and Anne visible in the distance. 20
  • 21.  The Hidden Bay Project is 100% owned by UEX and contains three known uranium deposits:  Horseshoe  Raven  West Bear The Hidden Bay Project contains the sixth largest undeveloped uranium resource in the Athabasca Basin. Cumulative Expenditures As at December 31, 2011  Exploration C$58.5 million  Development C$ 5.1 million 2012 Budget  Exploration (approved) C$ 0.5 million  Exploration (proposed) C$ 1.0 million  Development (proposed) C$ 2.0 million 21
  • 22.  The recent N.I. 43-101 compliant Preliminary Assessment Technical Report (“PA”) prepared by SRK Consulting (Canada) Inc. finds the economics of mining the Horseshoe and Raven Deposits to be very robust. (Please refer to the “Preliminary Assessment Technical Report on the Horseshoe and Raven Deposits” dated effective February 15, 2011 available online under UEX’s profile at www.sedar.com.) The PA recommends that the project be advanced to a preliminary feasibility level, and that this next phase of study also include UEX’s West Bear Deposit. The PA was conducted utilizing cut-off grades calculated on the basis of $60 (US) per lb of U3O8 in the mine optimization plan under which 16.6 million lbs of U3O8 would be extracted over a seven-year mine life. Uranium price sensitivity for this “Base Case” scenario is shown below. Pre-Tax (Base Case) Pre-Tax Earnings (Base Case) (C$ millions) 600 $542M Price U3O8 EBIT NPV5% IRR 500 (per lb) (C$ millions) (C$ millions) (%) $394M $371M 400 $60 (US) 246 163 42 300 $267M $246M $70 (US) 394 267 55 200 $163M 100 $80 (US) 542 371 66 0 “EBIT” Earnings before interest and taxes $60 (US)/lb $70 (US)/lb $80 (US)/lb “NPV5%” Net present value (5% discount rate) EBIT NPV (5%) “IRR” Internal rate of return 22
  • 23.  In addition to the Base Case scenario, which is estimated using $60 (US) per lb U3O8 in the cut- off grade calculation, the PA also contains a simple, preliminary exercise which was conducted to estimate the potential increase in mineable tonnes and EBIT if lower cut-off grades established by a price of $80 (US) per lb U3O8 were used in the mine optimization plan and economic model. This exercise showed an increase to 23.6 million lbs* of potentially mineable U3O8 together with a potential increase in EBIT from C$542 million (Base Case) to approximately C$620 million. A uranium price sensitivity graph for this scenario is shown below on the right. EBIT (Base Case) EBIT ($80 (US)/lb mine plan) (C$ millions) (C$ millions) 1,200 1,200 $1,044M 1,000 1,000 $832M 800 800 $620M 600 $542M 600 $394M 400 400 $246M 200 200 0 0 $60 (US)/lb $70 (US)/lb $80 (US)/lb $80 (US)/lb $90 (US)/lb $100 (US)/lb * This expanded tonnage contains a small proportion of Inferred Mineral Resources which are considered speculative and have no guarantee of being converted into Measured or Indicated Mineral Resources. 23
  • 24.  Uranium processing and tailings management, as envisioned in the PA, would be conducted through a toll arrangement* at one of two milling facilities located near Horseshoe and Raven:  The Rabbit Lake Mill within 4 km, operated by Cameco  The McClean Lake Mill within 22 km, operated by AREVA The PA has focused on Cameco’s Rabbit Lake Mill as it has excess capacity and is the closer of the two facilities. The Hidden Bay Project has numerous opportunities for the improvement of economics, including:  Expansion of mineable tonnes due to an increase in U3O8 price or a reduction in operating costs which would result in a lower cut-off grade and thus the conversion of a higher proportion of the existing resource base to reserves;  Expansion of mineable tonnes through discovery of additional resources and potential inclusion of Raven underground mineralization in the mine plan;  Potential use of the Raven pit as a regional toll tailings management site and potential use of tailings as underground backfill thereby further increasing regional tailings capacity; and  Inclusion of UEX’s West Bear Deposit in the overall project mine plan and economics. * Toll milling utilizes the excess capacity of an existing mill to process uranium ore, and is often a cost-effective alternative to constructing a new milling facility. 24
  • 25.  UEX is focused on advancing the deposits at Horseshoe and Raven through pre-feasibility and ultimately to feasibility level to assess the potential economics and viability of mining the deposits.  Results from the N.I. 43-101 compliant Mineral Resource Estimate prepared by Golder Associates Ltd. are shown in the table below. (Please refer to the “Technical Report on the Hidden Bay Property” dated effective July 15, 2009 available online under UEX’s profile at www.sedar.com.) Indicated Resources at 0.05% U3O8 cut-off Inferred Resources at 0.05% U3O8 cut-offDeposit Tonnes U3O8 (%) U3O8 (lbs) Tonnes U3O8 (%) U3O8 (lbs)Horseshoe 5,119,700 0.203 22,895,000 287,000 0.166 1,049,000Raven 5,173,900 0.107 12,149,000 822,200 0.092 1,666,000Total 10,293,600 0.155 35,044,000 1,109,200 0.111 2,715,000 25
  • 26.  The Horseshoe and Raven Deposits lie in overall competent and impermeable quartzite, arkosic quartzite and calc-arkosic gneiss host rocks with no overlying Athabasca sandstone cover, highly favourable conditions for mining in the Athabasca Basin. Vertical cross sections of the Horseshoe and Raven Deposits are shown above. 26
  • 27.  Results from the N.I. 43-101 compliant Preliminary Feasibility Study prepared by Golder Associates Ltd. are as follows:  Golder’s previous resource estimate has been upgraded to a Probable Mineral Reserve estimate of 1,492,000 lbs U3O8 grading 0.94% U3O8 at a 0.18% U3O8 cut-off.  Overall uranium recovery of 95% is anticipated based on metallurgical testing.  The economic base case scenario (C$77.73 per lb U3O8) for a mine at West Bear predicts an internal rate of return (IRR) of 118% and a net present value (NPV) of C$23.4 million. (Please refer to the “Preliminary Feasibility Study of the West Bear Deposit” dated effective February 24, 2010 available online under UEX’s profile at www.sedar.com.) 27
  • 28.  The West Bear Deposit is a classic, unconformity-hosted uranium deposit which is developed under shallow Athabasca sandstone cover above a conductive graphitic gneiss unit. The near-surface nature of the mineralization, all of which occurs at depths of under 35 metres, is amenable to shallow open-pit mining. A vertical cross section of the West Bear Deposit is shown at left. 28
  • 29. Our primary objectives: To continue the exploration and development work required to delineate and develop economic resources at the Shea Creek Project; To advance the development process at the Horseshoe, Raven and West Bear Deposits; To maintain, explore and advance to discovery our other uranium projects; and To pursue a diversified portfolio of projects from early exploration through to development and production. 29
  • 30. Shea Creek Hidden Bay Largest undeveloped uranium resource  Sixth largest undeveloped uranium in Canada’s Athabasca Basin. resource in the Athabasca Basin. 49% owned by UEX in partnership with  100% owned by UEX Corporation. AREVA Resources Canada Inc.  Very robust economic outlook with an estimated EBIT of C$394 million based Kianna, Anne, Colette and 58B contain on a U3O8 price of $70 (US)/lb. in excess of 63.5 million lbs U3O8 indicated and 24.5 million lbs U3O8  The Hidden Bay Project is ready to be inferred. advanced to a pre-feasibility level. Shea Creek resources are open in  Horseshoe, Raven and West Bear are almost every direction and have host to 36.6 million lbs U3O8 indicated excellent potential for significant and 2.7 million lbs U3O8 inferred. expansion as exploration continues.  Infrastructure near Hidden Bay is well developed, with two operating uranium ore processing facilities in the local area. 30
  • 31. Shea Creek Hidden Bay Expansion of mineral resources Advancing toward ainto deposits of global significance production decision 31
  • 32. TSX: UEX For more information: International OTC Markets UEX Corporation UEXCF.PK Suite 1007 – 808 Nelson Street Frankfurt: UXO.F Vancouver, BC V6Z 2H2www.uex-corporation.com Investor and Media Inquiries Contact: Graham Thody, President & CEO +1 (604) 669-2349 uex@uex-corporation.com