UEX Corp UEXCF

Winter program underway

[Goldfingerr]

UEX Corporation ("UEX") announced today that AREVA subsidiary COGEMA Resources Inc. ("COGEMA") has reported to UEX that the Winter 2006 exploration program has commenced on the Western Athabasca Projects (the "Projects"), which includes the Shea Creek Project ("Shea Creek"), site of a high-grade uranium discovery in July 2005 (see UEX News Releases July 13, September 14 and October 11, 2005). The ten Projects, totaling 181,509 hectares (448,327 acres) in size, are located in the western Athabasca Basin in northern Saskatchewan, Canada. UEX can acquire a 49% interest in these ten Projects from COGEMA, the operator, by funding $30 million (CDN) in exploration expenditures by June 2015. UEX announced on August 24, 2005 that it had earned its first partial interest of 12.25% in the Projects by spending $7.5 million (CDN). UEX anticipates that it will earn an additional 12.25% interest in the Projects during 2006, increasing its interest to 24.5%. Total budgets for the Projects during 2006 are estimated at $7.0 million (CDN). This is the highest grade U308 around. They open mines with a grade of .5% or less and these guys are finden 30%. Look out above. This bad boy is about to punch a hole in the sky.