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UEX Corporation is a Canadian uranium exploration company formed under an agreement between Pioneer Metals Corporation ("Pioneer") and Cameco Corporation ("Cameco"), the world's largest supplier of uranium. UEX was listed for trading on the Toronto Stock Exchange on July 17, 2002.
UEX 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 Resources Canada Inc. ("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.
The UEX properties represent a balance between advanced stage exploration projects with drill-defined resources and excellent infrastructure at the Hidden Bay Project, and early stage, greenfields properties with potential for the discovery of giant, world-class McArthur River and Cigar Lake-style deposits on the Black Lake, Riou Lake, and Northern Athabasca projects. UEX holds a 49% interest in the Shea Creek Project as defined in the Western Athabasca Option Agreement between UEX and AREVA. The agreement includes the Shea Creek Uranium Project , which hosts the Kianna, Anne, and Colette deposits.
With management that includes several highly experienced and respected mining executives, a skilled exploration team, and strong relationships with Cameco and the AREVA Group, the world's largest nuclear services provider, UEX has become a major player in uranium exploration in the Athabasca Basin. With the extensive infrastructure at Hidden Bay, the company could also rapidly bring into production any economic deposits identified, allowing UEX the potential to quickly join the elite ranks of Canada's uranium producers.
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