The press release...The press release has an interesting statement in it:
"Proceeds of the flow-through common shares will be used to accelerate exploration and development of UEX's uranium deposits at its100- per-cent-owned Hidden Bay project...."
Now...why do you suppose there's a desire to not only "accelerate exploration" but also "development" of the Hidden Bay Project? Look how close they are to Cameco and Areva Operations.... Maybe Cameco wants to buy this chunk of real estate because it's so close to home.
Hidden Bay includes West Bear, Raven and Horseshoe Deposits.
Both the Raven and Horseshoe deposits are hosted by competent basement rocks that could beamenable to both open-pit and conventional underground ramp accessmining methods, pending a positive feasibility study. The deposits arelocated less than 5 kilometres south of Cameco Corporation's RabbitLake operations, and 12 kilometres southeast of AREVA Resources CanadaInc.'s ("AREVA") McClean Lake operations.
Press Release...
Mon Feb 9, 2009
UEX Corporation ("UEX") is pleased to announce finaldrilling results from the fall 2008 drilling program at the HorseshoeDeposit ("Horseshoe"), which is located within UEX's 100%-owned HiddenBay Project in the eastern Athabasca Basin of northern Saskatchewan,Canada. The program mainly comprised definition and stepout drilling inthe Horseshoe Northeast area, which lies outside and to the northeastof the existing resource for the Horseshoe Deposit. Results includeintercepts of 0.57% U3O8 over 23.0 metres in hole HU-289, and 0.26% U3O8 over 41.5 metresin hole HU-302, both of which lie in the Horseshoe Northeast area. Inaddition, several holes were drilled in portions of the Horseshoeresource area to upgrade areas previously classified as Inferredresources to Indicated status.
"These new zones of mineralization will further expand our largeresource base at Hidden Bay, and bolster our 2009 goal of establishingresources of 40 million pounds of U3O8 at this project," said Stephen Sorensen, President and CEO of UEX.
As previously reported in the January 5, 2009 news release, theHorseshoe, Raven, and West Bear deposits collectively contain, at acutoff grade of 0.05% U3O8, National Instrument 43-101 ("N.I. 43-101") compliant resources that include 7,624,414 tonnes grading 0.175% U3O8, which contain 29,425,500 pounds U3O8 in the Indicated category, and a further 805,200 tonnes grading 0.144 % U3O8 in the Inferred category containing 2,560,000 pounds of U3O8. Within these combined resources, the resources for the Horseshoe Deposit comprise 3.58 million tonnes grading 0.24% U3O8 in the Indicated category containing 18.69 million pounds of U3O8, and 0.31 million tonnes grading 0.21% U3O8 in the Inferred category containing 1.43 million pounds of U3O8.Resources for both deposits were estimated by K. Palmer of GolderAssociates Ltd. ("Golder"). The Horseshoe resources are documented in atechnical report dated November 13, 2008 which is filed on SEDAR. Anupdated report also containing the Raven Deposit ("Raven") resourcewill be filed shortly on SEDAR.