UEX Corp T.UEX

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Attention Business Editors: UEX Plans to Initiate Final Feasibility Study at Raven and Horseshoe Deposits Following Receipt of N.I. 43-101 Compliant Resource Estimate Trading Symbol: UEX-TSX VANCOUVER, June 13 /CNW/ - UEX Corporation ("UEX") is pleased to announce the results from all drill holes completed during the winter 2007 definition and exploration drilling program at the Raven and Horseshoe Deposits ("Raven", and "Horseshoe") located within UEX's 100%-owned Hidden Bay Project in the eastern Athabasca Basin area of northern Saskatchewan. The drilling program, totaling 28,212 metres, was completed between January and April 2007, and consisted of 6,408 metres in 25 holes at Raven (holes RU-001 to RU-025) and 21,804 metres in 63 holes at Horseshoe (holes HU-028 to HU-090). The purpose of UEX's drilling program was to further define the extent of Horseshoe mineralization to provide the basis for a National Instrument 43-101 ("N.I. 43-101") compliant resource estimate, test areas where Horseshoe mineralization extends into previously unexplored areas, and test portions of Raven to establish mineralization continuity for future resource definition. "The recent drilling has exceeded our expectations, and in particular the results from Horseshoe are impressive, with strong continuity between drill holes and significant grades and widths of mineralization," said Stephen Sorensen, President and CEO of UEX. Sorensen went on to say: "In this economic environment, UEX plans to move aggressively to final feasibility at Raven and Horseshoe, in parallel with environmental, metallurgical and geotechnical studies that are underway." Golder Associates ("Golder") has been engaged to oversee a resource calculation for Horseshoe, and has initiated components of a final feasibility study. Golder provides technical guidance on aspects of the final phases of definition drilling for both Raven and Horseshoe, including geotechnical analysis of drill core. Golder is also responsible for environmental management planning and is in the latter stages of environmental baseline collection. Melis Engineering Ltd. is currently overseeing a metallurgical testing program using representative composites derived from Horseshoe assay rejects. Head analyses of test composites revealed low levels of deleterious elements and initial metallurgical test results show over 97% uranium extraction under relatively mild acid leach conditions, thus greatly facilitating uranium recovery from the Horseshoe mineralization. On June 11, 2007, the Ux Consulting Company LLC reported the uranium spot price at US$135/lb U3O8. At that price, sample values per tonne for the following uranium grades are listed below: - 1.0% U3O8 represents a value of US$2,970 per tonne; - 0.5% U3O8 represents a value of US$1,485 per tonne; - 0.1% U3O8 represents a value of US$297 per tonne; - 0.05% U3O8 represents a value of US$148.50 per tonne. Raven and Horseshoe are located less than 5 kilometres south of Cameco Corporation's ("Cameco") Rabbit Lake, and 12 kilometres southeast of AREVA Resources Canada Inc.'s ("AREVA") McClean Lake milling operations, and are hosted by competent basement rocks that could be amenable to both open-pit and conventional underground ramp access mining methods. "While the feasibility study for Raven and Horseshoe will evaluate several mining methods, the probability of more favourable economics using an open pit mine design has led UEX to quote these intercepts with an open pit resource in mind and hence a 0.05% U3O8 cutoff," said Sorensen. "Should future results dictate otherwise, these results and their corresponding resource estimates would be re-stated with the appropriate cut-off as determined at that time." Horseshoe Deposit Results Numerous mineralized intercepts were obtained at Horseshoe during the 2007 winter drilling program, and those composited to grades of at least 0.05% U3O8 with a grade-thickness product of greater than 0.05 are listed in Table 1. Some of the most significant intercepts include the following, listed in chronological order as drilled: - 0.32% U3O8 over 16.00 metres in hole HU-28 (A zone, section 4640N) - 0.21% U3O8 over 10.50 metres in hole HU-30 (A zone, section 4640N) - 0.58% U3O8 over 6.80 metres in hole HU-32 (A zone, section 4611N) - 0.49% U3O8 over 17.00 metres in hole HU-33 (A zone, section 4611N) - 0.07% U3O8 over 16.50 metres in hole HU-34 (A zone, section 4650N) - 1.08% U3O8 over 2.60 metres in hole HU-36 (A zone, section 4665N) - 0.16% U3O8 over 8.50 metres in hole HU-36 (A zone, section 4665N) - 0.74% U3O8 over 13.40 metres in hole HU-37 (A zone, section 4611N) - 0.37% U3O8 over 20.30 metres in hole HU-38 (A zone, section 4650N) - 0.63% U3O8 over 12.75 metres in hole HU-39 (A zone, section 4611N) - 0.15% U3O8 over 10.40 metres in hole HU-40 (A zone, section 4697N) - 0.12% U3O8 over 13.90 metres in hole HU-40 (A zone, section 4697N) - 0.31% U3O8 over 65.00 metres in hole HU-43 (A zone, section 4665N) - 0.21% U3O8 over 28.95 metres in hole HU-44 (A zone, section 4697N) - 0.09% U3O8 over 15.20 metres in hole HU-44 (A zone, section 4697N) - 0.58% U3O8 over 19.00 metres in hole HU-45 (A zone, section 4593N) - 0.14% U3O8 over 13.10 metres in hole HU-46 (B zone, section 4665N) - 0.23% U3O8 over 15.00 metres in hole HU-47 (A-B zone, section 4697N) - 0.39% U3O8 over 2.60 metres in hole HU-48 (B zone, section 4665N) - 0.21% U3O8 over 16.40 metres in hole HU-49 (A zone, section 4593N) - 0.38% U3O8 over 24.60 metres in hole HU-50 (A-B zone, section 4724N) - 0.31% U3O8 over 23.00 metres in hole HU-51 (A zone, section 4593N) - 0.11% U3O8 over 24.40 metres in hole HU-52 (B zone, section 4665N) - 0.30% U3O8 over 5.65 metres in hole HU-54 (A-B zone, section 4697N) - 0.17% U3O8 over 13.70 metres in hole HU-54 (A-B zone, section 4697N) - 0.18% U3O8 over 8.50 metres in hole HU-54 (A-B zone, section 4697N) - 0.40% U3O8 over 6.50 metres in hole HU-56 (B zone, section 4665N) - 0.10% U3O8 over 15.40 metres in hole HU-58 (A-B zone, section 4697N) - 0.50% U3O8 over 26.60 metres in hole HU-61 (A zone, section 4593N) - 0.14% U3O8 over 14.90 metres in hole HU-62 (A-B zone, section 4697N) - 0.18% U3O8 over 60.90 metres in hole HU-63 (A-B zone, section 4755N) - 0.20% U3O8 over 11.00 metres in hole HU-65 (A-B zone, section 4697N) - 0.61% U3O8 over 17.65 metres in hole HU-65 (A-B zone, section 4697N) - 0.12% U3O8 over 20.00 metres in hole HU-66 (A zone, section 4593N) - 0.43% U3O8 over 10.90 metres in hole HU-72 (A-B zone, section 4724N) - 0.50% U3O8 over 9.80 metres in hole HU-81 (A-B zone, section 4724N) - 0.80% U3O8 over 4.10 metres in hole HU-83 (A zone, section 4540N) - 0.15% U3O8 over 14.50 metres in hole HU-84 (A zone, section 4540N) - 0.21% U3O8 over 38.50 metres in hole HU-85 (A-B zone, section 4724N) - 0.13% U3O8 over 12.00 metres in hole HU-88 (A-B zone, section 4724N) - 0.26% U3O8 over 5.40 metres in hole HU-88 (A-B zone, section 4724N) - 0.22% U3O8 over 38.20 metres in hole HU-88 (A-B zone, section 4724N) - 0.17% U3O8 over 12.10 metres in hole HU-89 (A-B zone, section 4755N) - 0.37% U3O8 over 6.20 metres in hole HU-89 (A-B zone, section 4755N) Many of the intercepts listed above contain narrower, higher-grade zones. For example, the intercept in hole HU-043 listed above contains a zone of 2.04% U3O8 over 7.50 metres, which includes 10.59% U3O8 over 0.50 metres. Other significant higher-grade intercepts include 0.99% over 11.40 metres in hole HU-61, 1.58% U3O8 over 5.20 metres in HU-065 and 1.97% U3O8 over 3.85 metres in HU-037, which includes 5.27% U3O8 over 0.55 metres (see Table 1 for other significant higher-grade intercepts included in wider intervals of mineralization). While true widths of mineralized intervals have not yet been determined, drill core axis angles and continuity of mineralization between drill holes suggest that the vertical to steep angle of drill holes crosses the shallow-dipping mineralized zones at a high angle, which is close to true thickness. Infill sampling will be required to fully assess the intercepts in HU-43 and HU-52 since they contain cumulative unsampled intervals of up to 12.70 metres where the core did not contain sufficiently anomalous radioactivity to meet UEX's sampling criteria as determined by hand-held scintillometer (greater than 200 counts per second, or "cps"). These unsampled intervals are scheduled for sampling during the upcoming 2007 summer drilling program, for if the intervals contain low-grade mineralization, they could be mined with adjacent higher-grade material pending a positive feasibility study. The results of the winter 2007 drilling program, when integrated with previously-reported holes from 2006, have now outlined mineralization at Horseshoe over a strike length of 500 metres. Within this mineralized area, definition drilling at 15 to 30 metres spacing has defined a continuous pair of stacked, shallow-dipping, mineralized zones over a 350 metre strike length. The zones, termed the A and B zones, comprise competent zones of hematization with disseminated and veinlet pitchblende-boltwoodite-uranophane mineralization within competent quartzitic gneiss. The zones plunge shallowly to the northeast and are linear in plan view. Mineralization depths increase as the mineralized zones plunge to the northeast, ranging in vertical depth below surface from 130 to 220 metres in the southwestern parts of the A zone between sections 4540-4650N, to depths of 240 to 390 metres below surface along sections 4690-4750N where the A and B zones converge to the northeast. Where the zones, converge, they are collectively referred to as the A-B zone in Table 1 and the intercepts above. Mineralization is still open to the northeast and additional drilling is planned during the summer of 2007. Raven Deposit Results The winter 2007 drilling program at Raven was designed to further test the continuity of mineralization identified by Gulf Minerals Canada ("Gulf") during its exploration of the deposit during the 1970's. Gulf's historical drilling was generally too widely-spaced to calculate a current resource or to fully interpret the continuity of mineralization. Previous drilling conducted by UEX in 2005 in a western area of Raven encountered narrow, discontinuous intercepts. The current target area was subsequently identified as an area where greater grade and continuity potential could occur, based on the interpretation of historical Gulf data. Uranium mineralization generally occurs at depths between 80 and 240 metres. The winter 2007 drilling program tested this area over a 300 metre strike length, with drill holes positioned on 60 metre-spaced sections, approximately 30 metres apart on each section line. Between three and six holes tested each cross section, following up areas where mineralization was previously intersected by Gulf. All holes were drilled grid north (north-northwest) with dips of 70 degrees to 88 degrees. Mineralized intervals intersected during the program and composited to grades of 0.05% U3O8 with a grade-thickness product of greater than 0.05 are listed in Table 2. Some of the most significant intercepts include: - 0.09% U3O8 over 40.70 metres in hole RU-001 (section 5475E) - 0.80% U3O8 over 2.20 metres in hole RU-002 (section 5475E) - 0.08% U3O8 over 14.60 metres in hole RU-002 (section 5475E) - 0.12% U3O8 over 9.00 metres in hole RU-002 (section 5475E) - 0.11% U3O8 over 9.00 metres in hole RU-003 (section 5475E) - 0.16% U3O8 over 27.00 metres in hole RU-004 (section 5475E) - 0.25% U3O8 over 13.30 metres in hole RU-005 (section 5535E) - 0.19% U3O8 over 16.70 metres in hole RU-012 (section 5415E) - 0.45% U3O8 over 5.60 metres in hole RU-014 (section 5415E) - 0.09% U3O8 over 36.20 metres in hole RU-015 (section 5630E) - 0.15% U3O8 over 8.30 metres in hole RU-015 (section 5630E) - 0.36% U3O8 over 4.50 metres in hole RU-017 (section 5630E) - 0.51% U3O8 over 4.10 metres in hole RU-023 (section 5660E) - 0.07% U3O8 over 20.00 metres in hole RU-024 (section 5660E) - 0.06% U3O8 over 38.70 metres in hole RU-024 (section 5660E) - 0.10% U3O8 over 33.60 metres in hole RU-025 (section 5415E) As with Horseshoe drilling, some infill sampling is planned during the upcoming 2007 summer drilling program to fully assess the mineralized intercepts in RU-001, RU-003, and RU-012 since they contain cumulative unsampled intervals of up to 3.9 metres where the core did not contain sufficiently anomalous radioactivity to meet UEX's sampling criteria of greater than 200 cps, as determined by hand-held scintillometer. The mineralization intersected during the winter 2007 program at Raven is more complex in morphology than that observed in the current areas of definition drilling at Horseshoe. It comprises a combination of pitchblende-boltwoodite-uranophane bearing narrow, higher- grade veinlets, disseminations with red hematite, and irregular pods and blebs. Further drilling will be required to assess its continuity and infill the current 60 metre-spaced sections. Mineralization intersected in several drill holes is open, and extends into areas not previously tested by Gulf. The intercepts reported here occur at vertical depths below surface of between 70 and 250 metres, and are shallower on average than the intercepts at Horseshoe to the east. Summer 2007 Drilling Programs A diamond drilling program at Raven and Horseshoe is planned for the summer of 2007 using up to 3 drill rigs and totaling approximately 21,000 metres. At Horseshoe, two drill rigs are planned to complete further drilling of approximately 15,000 metres, leading to the calculation of a N.I. 43-101 compliant resource in the fourth quarter of 2007, or in the first quarter of 2008. At Raven, a drilling program of approximately 6,000 metres is planned to test the continuity of mineralization at Raven with infill holes, and to test potential mineralization beyond the areas of current UEX and historical Gulf drilling. Infill drilling to establish a resource will be considered for the 2008 winter program if sufficient continuity of mineralization is identified. A potentially economic resource identified at Raven could be mined either by open pit or underground methods concurrently with resources developed at Horseshoe, pending a positive feasibility study. About Raven and Horseshoe In 1980, Gulf estimated a total resource at Raven and Horseshoe of 6.7 million tonnes at an average grade of 0.16% U3O8, representing approximately 23 million contained pounds of U3O8. This historical resource estimate was based on widely-spaced drill holes and was not calculated using current Canadian Institute of Mining, Metallurgy and Petroleum categories and no current resource or reserve competence categories were applied. As a result, such resource estimate is not compliant with N.I. 43-101 and should not be relied upon. To view maps and cross sections of Raven and Horseshoe, please access UEX's website at www.uex-corporation.com under "Projects - Eastern Athabasca - Hidden Bay". Sample Handling and Quality Assurance Geochemical samples are selected with the aid of a hand-held scintillometer to identify areas of above-background radioactivity. Samples are split, with half remaining in the core box, and the remainder shipped to Saskatchewan Research Council Geoanalytical Laboratories ("SRC") where they are crushed and ground to minus 106 microns. The pulp is digested in aqua regia leach and analyzed by ICP for uranium and other elements. In addition to the geochemical analyses, down-hole probe radiometric results, obtained for all drill holes on completion of drilling, provide an independent check of the geochemical data. Probe results can be used for grade calculations where poor ground conditions occur and drill core recoveries are low, although at Raven and Horseshoe recoveries are generally at, or close to, 100%. UEX has commenced systematic insertion of sample blanks into the sample stream. In addition, repeat analyses are routinely analyzed, and laboratory standards are inserted by SRC to assess sample repeatability and accuracy of results. The technical information in this news release regarding Raven and Horseshoe has been compiled by David Rhys, P. Geo., a Qualified Person as defined by N.I. 43-101. True widths of mineralized intervals have not yet been determined. About UEX UEX is a Canadian uranium exploration company formed under an agreement between Pioneer Metals Corporation and Cameco. Cameco, the world's largest supplier of uranium, is UEX's largest shareholder. UEX began trading on the Toronto Stock Exchange in July 2002 and is actively involved in the exploration and development of 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, ten under option from AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 386,650 hectares (955,400 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 30% of the global primary uranium production. UEX's exploration budget for 2007 is $25.0 million, and the Company has a cash position of approximately $65.0 million. ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION Stephen H. Sorensen President & C.E.O. Forward-Looking Statements This news release contains "forward-looking statements" that are based on UEX's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX's outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, and other expectations, intention 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 are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement 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 place undue reliance on such forward-looking statements. UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise. Table 1. Winter 2007 Horseshoe Drilling Program Significant Intersections from Drill Holes HU-028 to HU-090 Only intervals with composite grades greater than 0.05% U3O8 and a grade-thickness product greater than 0.05 are listed below. All analyses were performed by SRC by ICP. ------------------------------------------------------------------------- Total Depth Section of Hole From To Length Avg. Grade Hole (North) (metres) (metres) (metres) (metres) (% U3O8) ------------------------------------------------------------------------- HU-028 4638 600.0 185.60 201.6 16.00 0.32 HU-028 including 191.80 193.40 1.60 2.55 HU-028 and 192.70 193.10 0.40 5.31 ------------------------------------------------------------------------- HU-029 4650 251.0 188.00 194.00 6.00 0.06 HU-029 205.70 209.30 3.60 0.06 ------------------------------------------------------------------------- HU-030 4611 321.0 188.00 198.50 10.50 0.21 HU-030 246.85 247.90 1.05 1.02 ------------------------------------------------------------------------- HU-032 4638 295.0 193.80 200.60 6.80 0.58 HU-032 222.00 223.00 1.00 0.09 ------------------------------------------------------------------------- HU-033 4611 255.0 177.00 194.00 17.00 0.49 HU-033 including 190.30 193.40 3.10 1.90 HU-033 and 193.00 193.40 0.40 5.93 ------------------------------------------------------------------------- HU-034 4650 235.0 170.70 187.20 16.50 0.07 ------------------------------------------------------------------------- HU-036 4665 272.0 223.50 226.10 2.60 1.08 HU-036 238.00 246.50 8.50 0.16 ------------------------------------------------------------------------- HU-037 4611 258.4 181.00 194.40 13.40 0.74 HU-037 including 181.00 184.85 3.85 1.97 HU-037 and 184.30 184.85 0.55 5.27 HU-037 211.30 212.25 0.95 0.79 ------------------------------------------------------------------------- HU-038 4650 262.0 199.50 219.80 20.30 0.37 HU-038 including 199.50 200.50 1.00 3.90 ------------------------------------------------------------------------- HU-039 4611 255.0 136.90 139.40 2.50 0.29 HU-039 150.60 163.35 12.75 0.63 HU-039 including 162.75 163.35 0.60 7.55 HU-039 204.50 205.90 1.40 0.16 ------------------------------------------------------------------------- HU-040 4697 407.0 236.30 238.30 2.00 0.18 HU-040 262.00 272.40 10.40 0.15 HU-040 290.50 304.40 13.90 0.12 ------------------------------------------------------------------------- HU-041 4650 253.8 183.50 190.30 6.80 0.08 HU-041 212.80 214.00 1.20 0.22 ------------------------------------------------------------------------- HU-043 4665 329.6 127.40 127.80 0.40 0.12 HU-043 156.60 161.40 4.80 0.05 HU-043 179.40 244.40 65.00 0.31(*) HU-043 including 180.30 187.80 7.50 2.04 HU-043 and 183.80 187.10 3.30 4.27 HU-043 and 184.20 184.70 0.50 10.59 HU-043 260.80 262.40 1.60 0.09 HU-043 287.00 288.70 1.70 0.05 HU-043 297.90 298.40 0.50 0.19 ------------------------------------------------------------------------- HU-044 4697 362.0 158.30 159.00 0.70 0.43 HU-044 178.30 179.40 1.10 0.11 HU-044 206.95 235.90 28.95 0.21 HU-044 including 220.10 226.00 5.90 0.67 HU-044 253.50 268.70 15.20 0.09 ------------------------------------------------------------------------- HU-045 4593 347.0 163.00 164.30 1.30 0.30 HU-045 172.00 191.00 19.00 0.58 HU-045 including 172.00 172.80 0.80 1.94 HU-045 and 175.40 179.70 4.30 0.90 HU-045 and 190.00 191.00 1.00 2.72 ------------------------------------------------------------------------- HU-046 4665 296.0 96.80 98.00 1.20 0.07 HU-046 100.50 101.00 0.50 0.12 HU-046 117.90 119.00 1.10 0.14 HU-046 151.40 153.40 2.00 0.07 HU-046 207.70 208.60 0.90 0.20 HU-046 234.10 234.40 0.30 0.21 HU-046 237.90 239.30 1.40 0.10 HU-046 242.10 243.50 1.40 0.07 HU-046 254.30 267.40 13.10 0.14 HU-046 272.20 273.10 0.90 0.12 ------------------------------------------------------------------------- HU-047 4697 363.9 247.00 249.00 2.00 0.14 HU-047 279.00 294.00 15.00 0.23 ------------------------------------------------------------------------- HU-048 4665 361.0 110.60 111.80 1.20 0.12 HU-048 127.50 129.30 1.80 0.09 HU-048 135.20 139.70 4.50 0.06 HU-048 145.30 146.40 1.10 0.08 HU-048 154.50 157.60 3.10 0.07 HU-048 163.50 163.90 0.40 0.12 HU-048 183.30 184.40 1.10 0.06 HU-048 253.90 256.50 2.60 0.39 ------------------------------------------------------------------------- HU-049 4593 267.0 180.90 197.30 16.40 0.21 ------------------------------------------------------------------------- HU-050 4724 431.0 274.70 276.40 1.70 0.06 HU-050 297.70 322.30 24.60 0.38 HU-050 including 306.60 321.10 14.50 0.56 ------------------------------------------------------------------------- HU-051 4593 289.8 175.00 198.00 23.00 0.31(**) HU-051 including 197.00 197.50 0.50 5.66 ------------------------------------------------------------------------- HU-052 4665 302.0 155.90 156.70 0.80 0.11 HU-052 197.20 198.30 1.10 0.05 HU-052 228.90 253.30 24.40 0.11(***) HU-052 258.50 259.50 1.00 0.15 ------------------------------------------------------------------------- HU-053 4638 476.0 131.20 132.50 1.30 0.09 HU-053 152.70 154.00 1.30 0.15 ------------------------------------------------------------------------- HU-054 4697 344.0 249.00 254.65 5.65 0.30 HU-054 265.90 267.40 1.50 0.09 HU-054 273.30 287.00 13.70 0.17 HU-054 300.30 308.80 8.50 0.18 HU-054 317.10 318.20 1.10 0.07 HU-054 325.70 326.20 0.50 0.10 ------------------------------------------------------------------------- HU-056 4665 293.0 137.50 139.50 2.00 0.06 HU-056 161.80 170.30 8.50 0.09 HU-056 221.80 228.30 6.50 0.40 HU-056 245.40 245.70 0.30 0.15 ------------------------------------------------------------------------- HU-057 4665 271.0 135.00 140.00 5.00 0.07 HU-057 163.00 165.00 2.00 0.09 ------------------------------------------------------------------------- HU-058 4697 350.0 254.90 260.10 5.20 0.13 HU-058 264.00 264.70 0.70 0.09 HU-058 267.60 269.20 1.60 0.18 HU-058 307.00 322.40 15.40 0.10 ------------------------------------------------------------------------- HU-060 4665 191.0 119.30 120.10 0.80 0.12 ------------------------------------------------------------------------- HU-061 4593 308.0 156.90 183.50 26.60 0.50 HU-061 including 162.50 173.90 11.4 0.99 ------------------------------------------------------------------------- HU-062 4697 379.0 250.80 252.60 1.80 0.45 HU-062 269.10 284.00 14.90 0.14 HU-062 299.20 304.10 4.90 0.07 HU-062 323.70 330.20 6.50 0.06 HU-062 338.20 340.70 2.50 0.13 ------------------------------------------------------------------------- HU-063 4755 422.0 288.50 289.00 0.50 0.10 HU-063 322.40 383.30 60.90 0.18 ------------------------------------------------------------------------- HU-065 4697 437.0 281.00 292.00 11.00 0.20 HU-065 312.40 314.00 1.60 0.11 HU-065 331.30 331.90 0.60 0.34 HU-065 402.60 420.25 17.65 0.61 HU-065 including 407.10 420.25 13.15 0.80 HU-065 and 408.40 413.60 5.20 1.58 ------------------------------------------------------------------------- HU-066 4593 307.0 151.00 171.00 20.00 0.12 ------------------------------------------------------------------------- HU-067 4755 419.0 264.50 275.00 10.50 0.06 HU-067 300.00 301.00 1.00 0.10 HU-067 325.00 328.00 3.00 0.07 HU-067 363.00 369.50 6.50 0.11 ------------------------------------------------------------------------- HU-068 4593 281.0 113.00 114.00 1.00 0.06 HU-068 181.20 184.30 3.10 0.08 HU-068 191.00 192.00 1.00 0.06 HU-068 239.00 240.60 1.60 0.35 ------------------------------------------------------------------------- HU-069 4697 458.0 421.00 421.30 0.30 0.19 ------------------------------------------------------------------------- HU-070 4593 275.0 111.20 111.60 0.40 0.23 HU-070 116.10 117.30 1.20 0.08 HU-070 120.40 123.80 3.40 0.05 HU-070 131.00 133.00 2.00 0.05 HU-070 143.60 144.10 0.50 0.07 HU-070 217.30 223.60 6.30 0.08 ------------------------------------------------------------------------- HU-071 4755 515.0 245.60 246.50 0.90 0.30 HU-071 278.30 280.50 2.20 0.23 ------------------------------------------------------------------------- HU-072 4724 485.0 285.00 288.00 3.00 0.06 HU-072 326.50 328.00 1.50 0.17 HU-072 333.10 344.00 10.90 0.43 HU-072 401.00 410.40 9.40 0.09 HU-072 415.00 416.00 1.00 0.05 ------------------------------------------------------------------------- HU-075 4755 483.0 257.50 259.00 1.50 0.47 HU-075 308.00 308.30 0.30 0.13 ------------------------------------------------------------------------- HU-076 4540 275.0 121.00 122.00 1.00 0.07 HU-076 137.00 138.00 1.00 0.07 ------------------------------------------------------------------------- HU-077 4724 533.0 415.30 415.70 0.40 0.14 ------------------------------------------------------------------------- HU-080 4540 242.0 153.30 154.00 0.70 0.16 ------------------------------------------------------------------------- HU-081 4724 449.0 265.10 267.00 1.90 0.51 HU-081 279.80 280.20 0.40 0.33 HU-081 315.00 324.80 9.80 0.50 HU-081 334.00 343.00 9.00 0.14 HU-081 401.00 407.00 6.00 0.17 HU-081 411.00 412.00 1.00 0.06 ------------------------------------------------------------------------- HU-083 4540 269.0 163.00 164.00 1.00 0.32 HU-083 170.50 173.20 2.70 0.20 HU-083 177.40 177.70 0.30 0.25 HU-083 182.50 186.60 4.10 0.80 HU-083 including 183.0 183.40 0.40 4.37 ------------------------------------------------------------------------- HU-084 4540 242.0 178.80 193.30 14.50 0.15 HU-084 197.00 198.00 1.00 0.06 ------------------------------------------------------------------------- HU-085 4724 449.0 264.00 266.00 2.00 0.08 HU-085 288.00 326.50 38.50 0.21 HU-085 333.50 335.00 1.50 0.09 HU-085 including 304.90 314.50 9.60 0.35 ------------------------------------------------------------------------- HU-087 4827 565.7 279.00 280.00 1.00 0.60 ------------------------------------------------------------------------- HU-088 4724 429.0 207.30 207.80 0.50 0.09 HU-088 209.30 210.00 0.70 0.07 HU-088 220.60 232.60 12.00 0.13 HU-088 264.40 269.80 5.40 0.26 HU-088 286.30 289.05 2.75 0.07 HU-088 291.40 294.70 3.30 0.08 HU-088 297.10 335.30 38.20 0.22 HU-088 including 323.50 330.80 7.30 0.55 ------------------------------------------------------------------------- HU-089 4755 335.0 201.30 213.40 12.10 0.17 HU-089 243.20 243.60 0.40 0.13 HU-089 251.00 256.00 5.00 0.05 HU-089 263.80 270.00 6.20 0.37 ------------------------------------------------------------------------- HU-090 4724 403.4 149.00 151.00 2.00 0.10 HU-090 310.50 314.00 3.50 0.12 HU-090 320.00 321.00 1.00 0.09 ------------------------------------------------------------------------- (*) includes 12.70 metres not analyzed, and here composited at zero grade (**) includes 9.0 metres sampled that analyzed less than 0.01% U3O8 (***) includes 5.1 metres not analyzed, and here composited at zero grade Table 2. Winter 2007 Raven Drilling Program Significant Intersections from Drill Holes RU-001 to RU-025 Only intervals with composite grades greater than 0.05% U3O8 and a grade-thickness product greater than 0.05 are listed below. Analyses performed by SRC by ICP. ------------------------------------------------------------------------- Avg. Grade Cross Total Depth Within the Section of Hole From To Length Intersection Hole (East) (metres) (metres) (metres) (metres) (% U3O8) ------------------------------------------------------------------------- RU-001 5475 218.8 84.00 88.80 4.80 0.13 RU-001 116.20 117.30 1.10 0.07 RU-001 128.80 169.50 40.70 0.09(*) ------------------------------------------------------------------------- RU-002 5475 313.0 89.30 91.50 2.20 0.80 RU-002 98.70 99.20 0.50 0.16 RU-002 106.40 106.80 0.40 2.13 RU-002 124.90 139.50 14.60 0.08 RU-002 143.50 144.30 0.80 0.18 RU-002 148.00 149.60 1.60 0.11 RU-002 158.70 159.40 0.70 0.12 RU-002 192.80 193.50 0.70 0.07 RU-002 198.00 199.0 1.00 0.06 RU-002 205.40 210.70 5.30 0.11 RU-002 222.70 231.70 9.00 0.12 ------------------------------------------------------------------------- RU-003 5475 239.0 107.70 108.60 0.90 0.10 RU-003 113.00 114.00 1.00 0.09 RU-003 116.00 117.00 1.00 0.07 RU-003 200.00 209.00 9.00 0.11(**) RU-003 215.90 218.00 2.10 0.42 ------------------------------------------------------------------------- RU-004 5475 212.0 107.00 134.00 27.00 0.16 RU-004 including 109.20 113.00 3.80 0.49 RU-004 including 130.00 133.50 3.50 0.39 RU-004 138.00 140.00 2.00 0.07 RU-004 142.00 143.00 1.00 0.06 ------------------------------------------------------------------------- RU-005 5535 299.0 23.00 23.70 0.70 0.07 RU-005 97.60 99.00 1.40 0.09 RU-005 224.90 238.20 13.30 0.25 ------------------------------------------------------------------------- RU-007 5535 263.0 94.40 95.40 1.00 0.10 RU-007 111.00 117.00 6.00 0.12 RU-007 220.40 224.20 3.80 0.08 RU-007 232.00 236.60 4.60 0.11 ------------------------------------------------------------------------- RU-009 5535 241.7 70.00 71.00 1.00 0.08 RU-009 72.00 72.60 0.60 0.09 RU-009 92.90 93.60 0.70 0.10 RU-009 121.20 122.00 0.80 0.08 RU-009 185.00 193.00 8.00 0.06 ------------------------------------------------------------------------- RU-010 5415 314.0 140.30 141.30 1.00 0.08 RU-010 151.30 158.30 7.00 0.11 ------------------------------------------------------------------------- RU-011 5535 194.0 51.20 52.20 1.00 0.06 RU-011 63.20 64.20 1.00 0.13 RU-011 70.20 72.20 2.00 0.15 RU-011 155.20 157.70 2.50 0.06 ------------------------------------------------------------------------- RU-012 5415 253.7 105.90 122.60 16.70 0.19(***) RU-012 including 117.20 117.80 0.60 1.80 RU-012 130.60 131.60 1.00 0.05 RU-012 148.00 149.50 1.50 0.10 RU-012 212.30 214.30 2.00 0.08 RU-012 224.30 227.50 3.20 0.08 ------------------------------------------------------------------------- RU-013 5535 314.0 191.20 193.20 2.00 0.06 RU-013 213.70 216.30 2.60 0.15 RU-013 287.10 287.70 0.60 0.18 ------------------------------------------------------------------------- RU-014 5415 225.0 129.00 134.60 5.60 0.45 RU-014 192.00 194.00 2.00 0.12 ------------------------------------------------------------------------- RU-015 5630 225.0 78.20 79.00 0.80 0.22 RU-015 90.80 91.30 0.50 0.14 RU-015 95.00 95.60 0.60 0.19 RU-015 100.60 136.80 36.20 0.09 RU-015 148.10 150.40 2.30 0.19 RU-015 161.00 164.00 3.00 0.07 RU-015 197.00 200.00 3.00 0.06 RU-015 228.00 236.30 8.30 0.15 RU-015 240.30 244.00 3.70 0.06 ------------------------------------------------------------------------- RU-016 5415 205.5 163.20 165.10 1.90 0.24 ------------------------------------------------------------------------- RU-017 5630 254.0 214.40 220.80 6.40 0.11 RU-017 231.00 235.50 4.50 0.36 ------------------------------------------------------------------------- RU-018 5630 290.5 79.70 81.40 1.70 0.13 RU-018 104.90 105.90 1.00 0.10 ------------------------------------------------------------------------- RU-020 5630 240.0 90.00 91.00 1.00 0.06 RU-020 121.20 129.60 8.40 0.10 RU-020 188.60 194.60 6.00 0.08 ------------------------------------------------------------------------- RU-021 5630 220.0 183.30 144.00 0.70 0.07 RU-021 193.00 194.00 1.00 0.56 RU-021 199.00 200.00 1.00 0.10 ------------------------------------------------------------------------- RU-022 5660 244.7 126.00 127.00 1.00 0.05 RU-022 150.40 156.00 5.60 0.11 RU-022 195.90 199.00 3.10 0.06 RU-022 203.50 205.00 1.50 0.11 RU-022 214.40 215.00 0.60 0.12 ------------------------------------------------------------------------- RU-023 5660 321.0 128.00 129.00 1.00 0.06 RU-023 209.60 210.00 0.40 0.23 RU-023 222.00 226.10 4.10 0.51 RU-023 including 225.30 226.10 0.80 1.73 ------------------------------------------------------------------------- RU-024 5660 287.0 95.70 97.20 1.50 0.06 RU-024 101.50 102.00 0.50 0.09 RU-024 109.00 129.00 20.00 0.07 RU-024 183.30 222.00 38.70 0.06 ------------------------------------------------------------------------- RU-025 5415 310.0 151.40 185.00 33.60 0.10 RU-025 including 152.10 152.90 0.80 0.99 RU-025 226.60 231.50 4.90 0.15 RU-025 254.00 255.00 1.00 0.07 ------------------------------------------------------------------------- (*) includes 3.90 metres not analyzed, and here composited at zero grade (**) includes 1.8 metres not analyzed, and here composited at zero grade (***) includes 0.5 metres not analyzed, and here composited at zero grade %SEDAR: 00017609E For further information: UEX CORPORATION, Suite 1007 - 808 Nelson Street, Vancouver, B.C., Canada, V6Z 2H2, PH: [phone], FAX [phone], Website: www.uex-corporation.com, email: [e-mail]