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www.uex-corporation.comA URANIUM EXPLORATIONAND DEVELOPMENT COMPANY
2FORWARD-LOOKING INFORMATION AND STATEMENTS:Certain statements and other information contained in this presentation may constitute “forward-looking information” within the meaning of applicable Canadian securitieslegislation or constitute “forward-looking statements” within the meaning of applicable United States securities legislation. Such information and statements are based onUEXs current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX‘s outlook 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-looking statements. Such forward-looking statements arebased on certain factors and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future resultsexpressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from UEXs expectations include uncertaintiesrelating to interpretation of drill results and geology, additional drilling results, continuity and grade of deposits, participation in joint ventures, reliance on other companiesas operators, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other lawsaffecting uranium exploration and mining, and other risks and uncertainties disclosed in UEXs Annual Information Form and other filings with the applicable securitiescommissions in Canada. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made herein are qualified by this cautionarystatement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not placeundue reliance on such forward-looking statements. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-lookinginformation, whether as a result of new information, future events or otherwise.NOTICE TO U.S. PERSONS:The information in this presentation 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 of Disclosurefor Mineral Projects (“N.I. 43-101”). N.I. 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuermakes of scientific and technical information concerning mineral projects. Canadian standards, including N.I. 43-101, differ significantly from the requirements of the SEC.For example, the terms “indicated mineral resources” and “inferred mineral resources” are used in this publication to comply with the reporting standards in Canada. Whilethose terms are recognized and required by Canadian regulations, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a“reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination ismade. Readers should understand that “indicated mineral resources” and “inferred mineral resources” have a great amount of uncertainty as to their existence and as totheir economic and legal feasibility. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineralreserves. In accordance with Canadian rules, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies. In addition, thedefinitions of proven and probable mineral reserves used in N.I. 43-101 differ from the definitions in the SEC Industry Guide 7. Disclosure of “contained pounds” is permitteddisclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves as in place tonnage andgrade without reference to unit measures. Accordingly, information contained in this publication describing the Companys mineral properties may not be comparable tosimilar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules andregulations thereunder.QUALIFIED PERSON:Technical information in this presentation has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX’s Vice-President of Exploration who is a Qualified Person as definedby N.I. 43-101.
3Graham C. Thody, CA – President & Chief Executive OfficerMr. Thody was a Partner of NTA, Chartered Accountants from 1979 until his retirement frompublic practice in 2007. He was a Director of Pioneer Metals Corporation at the time of theadoption of the Plan of Arrangement which created UEX Corporation and has been a Director ofUEX since its inception. He served as Chairman of the Board of UEX until June 2010.Ed Boney, CA – Chief Financial Officer & Corporate SecretaryMr. Boney held the position of Corporate Controller at a Canadian junior gold mining companywith producing mines in Canada and Peru prior to joining UEX. He has also held the position ofmanager with Deloitte where he supervised the audits of public companies in the mining andnatural resource sector and was involved in the asset valuations of several companies in theCanadian 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 to1998, he gained geological and managerial experience with SMDC (now Cameco Corporation),Falconbridge Limited, Noranda Exploration Co. Ltd. and Cogema Resources Inc. (now AREVAResources 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 alsoworked with Kilborn Engineering where she assisted with project feasibility studies. As anindependent consultant she has coordinated, or assisted with the preparation of EnvironmentalImpact Statements for several uranium mine developments in Canada. Most recently Ms. Lee hasbeen managing the preliminary feasibility studies for tailings management facilities for twouranium 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. In 1990 he wasappointed President and Director of Westmin Resources Ltd. Upon the takeover of Westmin by Boliden in 1998, Mr. Segsworth joined Homestake MiningCompany of California where he was subsequently appointed President, Director and Chief Operating Officer and served until its merger with Barrick in early2002. 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 sitegrade control. He has had a long association with UEX, and has provided technical consulting and guidance to the Company since its inception. He has alsobeen involved in exploration advisory roles to several other junior mining companies.UEX Management TeamUEX Advisory BoardLeft to right: Graham Thody, Nan Lee, Ed Boney and Sierd EriksWalter Segsworth David Rhys
4Suraj 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 to 1988 hewas employed by Cameco as a Project Geologist and a Senior Geologist. From 1988 to 2001 he was employed by PNC Exploration (Canada)Co. Ltd., a Japanese-owned uranium exploration company. Mr. Ahuja consults for several major and junior uranium exploration companiesthrough 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. He has athorough understanding of the regulatory and statutory reporting requirements of publicly listed companies and is well versed in corporategovernance matters. He has extensive experience in mergers and acquisitions, and currently sits on the Board of Directors of several publiclylisted companies in the mining industry. He is a Director and former Chairman of the Board of Westminster Credit Union, the fourth largestcredit union in British Columbia.Graham C. Thody, CAMark P. Eaton, B.A.Chairman of the BoardMr. Eaton is an experienced investment professional with over 20 years ofexperience in equity capital markets specializing in the resource sector.He has held the position of Managing Director of Global Mining Sales, adivision of CIBC World Markets of Toronto, Canada and Manager of U.S.Equity Sales for CIBC World Markets. He was a Partner and Director ofLoewen Ondaatje McCutcheon Ltd., a Toronto-based investment dealer,until March 2008. He is currently President and CEO of Belo Sun MiningCorp.Colin C. Macdonald, M.Sc.Mr. Macdonald held the position of Vice-President, Exploration, forCameco Corporation until his retirement on June 30, 2011. He had workedfor Cameco Corporation and its predecessor companies since 1981 andwas responsible for Camecos worldwide uranium exploration activities.UEX Board of DirectorsLeft to right: Mark Eaton, Colin Macdonald, Suraj Ahuja, Graham Thodyand Emmet McGrath
5 UEX Corporation is an industry leader inthe discovery and advancement of newuranium resources in Canada’s AthabascaBasin. UEX’s enduring success in uraniumexploration is enhanced by: Early acquisition of highly prospectiveland positions in the prolific AthabascaBasin Strong relationships with CamecoCorporation and AREVA, the world’slargest uranium companies Progress continues on our advancedresource development projects at SheaCreek and Hidden Bay, placing UEX amonga select peer group of companies capableof delivering superior results over thecoming years. The Athabasca Basin is located in northernSaskatchewan, Canada and yields approximately15% of the world’s mined uranium.
Shares Issued and outstanding 227,838,679 Fully diluted 243,574,679Options 15,736,000 Weighted Average Exercise Price for Options $ 1.09Warrants Nil Share Price (June 17, 2013) $ 0.50 Market Capitalization $ 114,000,000 Daily Trading Volume (3 month average) 533,680Significant shareholders Cameco Corporation 21.95% Global X Uranium ETF 3.98% BlackRock (UK) 3.95% GCIC Ltd. 3.56% Current/Retired Management & Directors 1.49%Cash position as at June 17, 2013 $ 13.3 million6
N.I. 43-101 Mineral Resource Estimates69.78 16.530510152025303540Shea Creek (UEXs 49% share) Hidden Bay33.1536.6213.812.72MillionsofpoundsofU3O8Millions of Pounds of U3O8 by Category and by ProjectIndicated Mineral Resource (UEX’s share)Inferred Mineral Resource (UEX’s share)DepositSHEA CREEK - Indicated Categoryat 0.30% U3O8 Cut-offSHEA CREEK - Inferred Categoryat 0.30% U3O8 Cut-offTonnesGradeU3O8(%)U3O8(lbs) TonnesGradeU3O8(%)U3O8(lbs)Kianna* 1,034,500 1.526 34,805,000 560,700 1.364 16,867,000Anne* 564,000 1.992 24,760,000 134,900 0.880 2,617,000Colette* 327,800 0.786 5,680,000 493,200 0.716 7,780,00058B* 141,600 0.774 2,471,000 83,400 0.505 928,000Totals* 2,067,900 1.484 67,663,000 1,272,200 1.005 28,192,000DepositHIDDEN BAY - Indicated Categoryat 0.05% U3O8 Cut-offHIDDEN BAY - Inferred Categoryat 0.05% U3O8 Cut-offTonnesGradeU3O8(%)U3O8(lbs) TonnesGradeU3O8(%)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 1,666,000West Bear 78,900 0.908 1,579,000 - - -Totals 10,372,500 0.160 36,623,000 1,109,200 0.111 2,715,000* Joint venture with 49% UEX / 51% AREVA ownership 8
$39.9M$59.8M$38.2M$7.4M$6.1M010203040506070Shea Creek Hidden Bay OtherUEX CumulativeExpenditures(C$ millions)Exploration Development$3.07M$1.25M$0.09M$1.09M01234Shea Creek Hidden Bay OtherUEX 2012 Expenditures(C$ millions)Exploration DevelopmentAs at December 31, 20129
As at December 31, 201222.622.214.171.1241.124.011.52.9051015202530354045Shea Creek* Hidden BayAnnual Drilling 2009-2012(thousands of metres)2009 2010 2011 201299.3205.0141.3282.90100200300400500Shea Creek* Hidden BayHistorical Drilling(thousands of metres)Pre-UEX UEX10* Utilizing directional drilling, whereby several wedge cuts are made from a single pilot hole, has significantly reduced the total numberof drilling metres required to attain the desired number of unconformity impacts.2009 2010 2011 2012 2009 2010 2011 2012
11• Numerous untested graphitic conductorson the property provide significant green-fields exploration potential for the project.• Strong joint venture partner in AREVA andexperienced drilling contractors.• UEX has significant involvement and inputinto the planning of exploration programs.• The resources at Shea Creek are open inalmost every direction and have excellentpotential for substantial expansion asexploration continues.• High-grade uranium is distributed along a3-kilometre strike length at the north endof the 33-kilometre long Saskatoon LakeConductor in multiple N.I. 43-101 deposits.
12• Located in northwest Saskatchewan,the Shea Creek property hosts thelargest undeveloped uraniumresource in the Athabasca Basin.• AREVA operated a uranium mine onthe property adjacent to Shea Creek.The former Cluff Lake mine, nowdecommissioned, produced over 62million lbs(1) of U3O8 during itssuccessful 22 years of operation.• AREVA’s former Cluff Lake uranium mine is located approximately 15 km to the north ofthe Shea Creek deposits.• Access is provided year-round by Provincial Highway 955, allowing for easy transport ofcrews, equipment and supplies to the UEX/ AREVA Shea Creek project site.(1) Source: Saskatchewan Mining AssociationPhoto courtesy of AREVA Resources Canada Inc.Active decommissioning of AREVA’s former Cluff Lake uranium mine began in2004 and is now complete.(1)
The Shea Creek Project is a joint venture49% owned by UEX Corporation and 51%owned by AREVA Resources Canada Inc.,the project operator. The Shea Creek Project contains the largestundeveloped uranium resource in theAthabasca Basin. UEX Cumulative ExpendituresAs at December 31, 2012 Exploration C$39.9 million Development C$ 7.4 million 2013 Joint Venture Budget Exploration C$ 3.1 million 2013 Additional Exploration Budget Exploration C$ 2.0 million13
The N.I. 43-101 mineral resource estimate for Shea Creek incorporates resources from theKianna, Anne, Colette and 58B deposits based on drilling information up to December 31, 2012.Please refer to UEX’s news release dated April 17, 2013 available online under UEX’s profile at www.sedar.com and our Companywebsite. Full technical report to be filed on SEDAR within 45 days of the date of the news release. This mineral resource estimate confirms that Shea Creek remains the largest undevelopeduranium resource in the Athabasca Basin. It also ranks as the third largest uranium resource inthe 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 forsignificant expansion as exploration continues.DepositIndicated Resources at 0.30% U3O8 cut-off Inferred Resources at 0.30% U3O8 cut-offTonnes U3O8 (%) U3O8 (lbs) Tonnes U3O8 (%) U3O8 (lbs)Kianna* 1,034,500 1.526 34,805,000 560,700 1.364 16,867,000Anne* 564,000 1.992 24,760,000 134,900 0.880 2,617,000Colette* 327,800 0.786 5,680,000 493,200 0.716 7,780,00058B* 141,600 0.774 2,417,000 83,400 0.505 928,000Total* 2,067,900 1.484 67,663,000 1,272,200 1.005 28,192,000* Joint venture with 49% UEX / 51% AREVA ownership14
The Shea Creek Project contains four knownuranium deposits: Kianna Anne The deposits are distributed along a strike lengthof over 3 km at the north end of the 33-km longSaskatoon Lake Conductor. Mineralization is largely open and large parts ofthe Saskatoon Lake Conductor remain untested;the potential for resource expansion is extremelyhigh. UEX signed an agreement with AREVA whichallows the Company to increase its interest in theWestern Athabasca Joint Venture (including SheaCreek).The Company has the option but no obligation tospend up to $18.0 million over a six-year periodto earn an additional 0.9% interest in the project.UEX will gain not only a further interest of 0.9%in the existing resource, but also up to 49.9% ofany further resources discovered.15 Colette 58B
The uranium mineralization in adeposit can occur in three styles: Perched (P) mineralization is foundin sandstone at shallower depths. Unconformity (UC) mineralizationis found at the contact of thesandstone and the underlyingbasement rock. Basement (B) mineralization isfound in the gneissic rock beneaththe unconformity. A vertical cross section of the KiannaDeposit is shown at left. 58B displaysthe same stacked mineralization style.16
Kianna SHE-114-05 Perched (P)mineralization grading27.7% eU3O8 over 7.6 mKianna SHE-115-03 Unconformity (UC)mineralization grading21.2% U3O8 over 4.3 mKianna SHE-115-11 Basement (B)mineralization grading13.2% U3O8 over 4.5 m17
Kianna SHE-114-19(P) 33.6% eU3O8 over 1.3 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 mColette SHE-111-06(B) 23.9% U3O8 over 0.5 m18Selected High-Grade Drilling Results
Kianna Deposit: 3D ModelSide view facing SW: perched, unconformity andbasement mineralization are clearly visible.19SHE-115-03: GT 1149.34% U3O8/12.2 mSHE-115-05: GT 737.83% U3O8/7.2 mSHE-115-08: GT 916.17% U3O8/6.7 mSHE-114-05: GT 22420.7% eU3O8/10.2 mSHE-118: GT 506.30% U3O8/7.9 mSHE-115-10: GT 1448.58% U3O8/15.0 mSHE-115-11: GT 885.36% U3O8/16.5 mSHE-114-11: GT 2544.09% eU3O8/45.0 mSHE-114-19: GT 715.94% eU3O8/12.0 m SHE-115-04: GT 482.55% U3O8/19.0 mSHE-114-20: GT 1451.02% eU3O8/141 mSHE-114-09: GT 1444.64% eU3O8/22.2 mSHE-115-18: GT 1158.42% eU3O8/12.6 mSHE-114-07: GT 707.37% U3O8/9.5 mGT is presented for the entire drill hole along withthe Grade/Thickness of the major intercept.PerchedUnconformityBasementBasementZone(2011)Basement ZoneUpper Kianna East(2012)Basement ZoneKianna East (2012)
Anne Deposit: 3D ModelSide view facing NE: perched, unconformity andbasement mineralization are clearly visible.20SHE-095-03: GT 864.41% U3O8/14.9 mSHE-099-02: GT 1015.65% U3O8/17.9 mSHE-087: GT 7011.6% U3O8/6.0 mSHE-099: GT 8410.0% U3O8/8.4 mSHE-099-03: GT 362.61% U3O8/13.6 mSHE-100-01: GT 1103.32% U3O8/25.1 mSHE-122-05: GT 753.64% U3O8/20.5 mSHE-122-01: GT 1634.21% U3O8/36.0 mSHE-096-03: GT 1435.42% U3O8/19.0 mSHE-101-02: GT 323.75% U3O8/8.6 mSHE-016: GT 394.32% U3O8/9.1 mGT is presented for the entire drill hole along withthe Grade/Thickness of the major intercept.SHE-109-05: GT 797.24% U3O8/8.7 mSHE-109-06: GT 404.51% U3O8/8.9 mUnconformityPerchedBasement
Colette Deposit: 3D ModelView from above the unconformity facing SE with58B, Kianna and Anne visible in the distance.21SHE-052: GT 392.34% U3O8/16.8 mSHE-065: GT 211.73% U3O8/11.9 mSHE-111-06: GT 263.23% U3O8/8.0 mSHE-059: GT 274.10% U3O8/6.6 mGT is presented for the entire drill hole along withthe Grade/Thickness of the major intercept.SHE-066-2: GT 331.28% eU3O8/26.0 mSHE-066-3: GT 341.22% eU3O8/27.9 mUnconformitymineralizationANNEKIANNA58BBasementmineralizationCOLETTEKIANNAEAST
58B Deposit: 3D ModelView from above the unconformity facing SE withKianna and Anne visible in the distance.22SHE-133-5: GT 19.56.53% eU3O8/1.6 mSHE-133-6: GT 11.86.17% eU3O8/1.6 mSHE-133-7: GT 22.72.13% eU3O8/10.6 mGT is presented for the entire drill hole along withthe Grade/Thickness of the major intercept.SHE-133-3: GT 20.21.81% eU3O8/7.6 mSHE-133-4: GT 21.26.55% eU3O8/2.4 m Mineralization at 58B has now been traced over astrike length of 400 metres and occurs over awidth of up to 110 metres in plan view. Broad areas of the highly prospective structuralcorridor hosting 58B remain sparsely tested andopen in several directions.UnconformitymineralizationKIANNABasementmineralization58BKIANNAEASTANNE
23• Located in northeast Saskatchewan,the Hidden Bay property hosts thesixth largest undeveloped uraniumresource in the Athabasca Basin.• The two main known deposits areHorseshoe and Raven.Horseshoe-Raven Camp• The N.I. 43-101 Preliminary AssessmentTechnical Report recommended that theCompany complete a pre-feasibility studyon the Hidden Bay Project.• A base case scenario of US$60 per lb ofU3O8 would yield an estimated NPV ofC$163M(1)(2) before interest and taxes.(1) These results are included in a technical report on the Hidden Bay property with an effective date of February 15, 2011 available online under UEX’s profile at www.sedar.com.(2) Projects in the mining sector have experienced rising costs, including rising capital and operating costs, during the past few years. Rising capital and operating costs would, in theabsence of other changes, negatively impact EBIT, NPV and IRR which have been calculated based upon historical costs. Accordingly, readers should bear these factors in mindwhen reading the PA and should not place undue reliance on the PA.
24• Horseshoe and Raven are approximately4 km from Cameco’s Rabbit Lake Mill and22 km from AREVA’s McClean Lake Mill.This proximity creates the opportunityfor toll milling arrangements to benegotiated.• The Rabbit Lake Mine Road branches offfrom Provincial Highway 905 and providesaccess to the deposits, as well as the localuranium mills.• The principal hydroelectric transmissionlines that service both of these facilitiespass 3 km to the north of the deposits.
25 The Hidden Bay Project is 100% owned byUEX and contains three known uraniumdeposits: Horseshoe Raven West Bear The Hidden Bay Project contains the sixthlargest undeveloped uranium resource inthe Athabasca Basin. Cumulative ExpendituresAs at December 31, 2012 Exploration C$59.8 million Development C$ 6.1 million 2013 Budget Exploration Development C$ 1.0 million(1) A C$1.5 million greenfields drilling program at Hidden Bay hasbeen deferred and is subject to improved market conditions.C$ 0.5 million(1)
The February 2011 N.I. 43-101 Preliminary Assessment Technical Report (“PA”) prepared bySRK Consulting (Canada) Inc. finds the economics of mining the Horseshoe and Raven depositsto be positive.These results are included in a technical report on the Hidden Bay property with an effective date of February 15, 2011 available onlineunder UEX’s profile at www.sedar.com. The PA recommends that the project be advanced to a preliminary feasibility level, and thatthis next phase of study also include UEX’s West Bear Deposit. The PA utilized cut-off grades calculated on the basis of $60 (US) per lb of U3O8 and estimated16.6 million lbs of U3O8 could be extracted over a seven-year mine life. This “Base Case”scenario at $60 (US) per lb of U3O8 is shown below.Price U3O8(per lb)Pre-Tax (Base Case) (1)EBIT(C$ millions)NPV5%(C$ millions)IRR(%)$60 (US) 246 163 4226“EBIT” Earnings before interest and taxes “IRR” Internal rate of return“NPV5%” Net present value (5% discount rate)(1) Projects in the mining sector have experienced rising costs, including risingcapital and operating costs, during the past few years. Rising capital andoperating costs would, in the absence of other changes, negatively impactEBIT, NPV and IRR which have been calculated based upon historical costs.Accordingly, readers should bear these factors in mind when reading the PAand should not place undue reliance on the PA.
Uranium processing and tailings management, as envisionedin the PA, would be conducted through a toll arrangement* atone 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 hasexcess capacity and is the closer of the two facilities. The Hidden Bay Project has opportunities for the improvementof economics, including:27 Expansion of mineable tonnes due to an increase in U3O8 price which would result in a lowercut-off grade and thus the conversion of a higher proportion of the existing resource base toreserves; Expansion of mineable tonnes through discovery of additional resources at other locations onthe Hidden Bay property; 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.
UEX is focused on advancing thedeposits at Horseshoe and Raventhrough pre-feasibility and ultimatelyto feasibility level to assess thepotential economics and viability ofmining the deposits. Results from the July 2009 N.I. 43-101mineral resource estimate prepared byGolder Associates Ltd. are shown inthe table below.This resource is included in a technical report onthe Hidden Bay property with an effective date ofFebruary 15, 2011 available online under UEX’sprofile at www.sedar.com.DepositIndicated Resources at 0.05% U3O8 cut-off Inferred Resources at 0.05% U3O8 cut-offTonnes 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 2,715,00028
The Horseshoe and Raven Deposits lie in overall competent and impermeable quartzite,arkosic quartzite and calc-arkosic gneiss host rocks with no overlying Athabascasandstone cover, highly favourable conditions for mining in the Athabasca Basin. Vertical cross sections of the Horseshoe and Raven Deposits are shown above.29
30Nodular pitchblenderimmed by boltwooditePitchblende inhematite-clayLate yellow boltwoodite-uranophaneHU-16 high grade intercept: 12.35 m @ 4.53% U3O8
31 Results from the January 2009 N.I. 43-101 mineral resource estimate for the West BearDeposit prepared by Golder Associates Ltd. are as follows: 78,900 tonnes grading 0.908% U3O8 in the Indicated category containing 1,579,000pounds U3O8 at a cut-off grade of 0.05% U3O8.This resource is included in a technical report on the Hidden Bay property with an effective date of February 15, 2011 available onlineunder UEX’s profile at www.sedar.com.
The West Bear Deposit is aclassic, unconformity-hosteduranium deposit which isdeveloped under shallowAthabasca sandstone coverabove a conductive graphiticgneiss unit. The near-surface nature ofthe mineralization, all ofwhich occurs at depths ofunder 35 metres, is amenableto shallow open-pit mining. A vertical cross section of theWest Bear Deposit is shown atleft.32
33Shea Creek Hidden Bay Largest undeveloped uranium resource inCanada’s Athabasca Basin 49% owned by UEX in partnership withAREVA Resources Canada Inc. Kianna, Anne, Colette and 58B contain anestimated 67.7 million lbs U3O8 Indicatedand 28.2 million lbs U3O8 Inferred mineralresources(1) Potential to grow our interest in knownresources by up to 0.9% and our interest byup to 49.9% in future resources discoveredby funding additional exploration at SheaCreek beyond the budgets proposed by theproject operator Shea Creek resources are open in almostevery direction and have excellentpotential for significant expansion asexploration continues Sixth largest undeveloped uraniumresource in the Athabasca Basin 100% owned by UEX Corporation Positive Preliminary Assessment Project will be advanced further whenuranium commodity price justifies Horseshoe, Raven and West Bear arehost to an estimated 36.6 million lbsU3O8 Indicated and 2.7 million lbs U3O8Inferred mineral resources(2) Infrastructure near Hidden Bay is welldeveloped, with two operating uraniumore processing facilities in the local area(1) See “Shea Creek - Resources” on page 14 for % U3O8 grades and % U3O8 cut-off. (2) See “Raven & Horseshoe Resources” on page 28 for % U3O8 grades and % U3O8 cut-off.
Our primary objectives: To continue the exploration and development work required todelineate and develop economic uranium resources at the SheaCreek Project; To advance the development process at the Horseshoe, Raven andWest Bear uranium deposits to a production decision; To maintain, explore and advance to discovery our other uraniumprojects; and To pursue a diversified portfolio of uranium projects from earlyexploration through to development and production.34
Shea CreekExpansion of mineral resourcesinto deposits of global significanceHidden BayAdvancing toward aproduction decision35
For more information:UEX CorporationSuite 1007 – 808 Nelson StreetVancouver, BC V6Z 2H2www.uex-corporation.comInvestor and Media Inquiries Contact:Graham Thody, President & CEO+1 (604) firstname.lastname@example.orgTSX: UEXUEXCF.PKFrankfurt: UXO.FInternational OTC Markets