Beatty River Project

The Beatty River Project is located in the western Athabasca Basin of northern Saskatchewan, approximately 40 kilometres south of the Shea Creek property and south of the Carswell structure, a probable meteorite impact structure.

UEX has been funding exploration at Beatty River since 2004 and anticipates earning a 25% interest in the project by reaching its target of $865,000 in exploration expenditures by December 31, 2011.

Exploration Results

A GEOTEM survey was conducted at Beatty River in 1990 and detected basement conductors in the area. This was followed by ground electromagnetic and magnetic surveys and 21 widely spaced drill holes from 1991 to 1998. Most notably, drill hole BR-21 displayed uraninite-coffinite mineralization in a fault gouge with values of 873 ppm uranium and associated anomalous nickel, copper, vanadium and molybdenum values. The latter elements are considered to be pathfinder elements for uranium deposits in the region.

Since 2004, additional drill holes and geological surveys have been completed to better define the location of the conductors, faulting and alteration at Beatty River.

Future Exploration

Several parallel conductive trends have been identified on the Beatty River property including the prospective Anne Lake trend with a strike length of approximately 10 kilometres. Drilling in the area has also identified alteration and structural disruption warranting further exploration. Future follow-up drilling will target the conductor in close proximity to interpreted faults.

Historical Timeline

The Shea Creek property has a long history of exploration which provides a wealth of knowledge and a solid base for exploration and drilling programs that have yielded impressive results to date.

• 2011: UEX continues to fund exploration activities and anticipates earning its 25% interest in Beatty River by December 31, 2011
• 2010: Three drill holes completed, two of which intersect a graphitic/pyritic conductor
• 2006-2007: Geophysical surveys conducted to better define the location of the conductor, faulting and alteration at Beatty River
• 2004: Diamond drilling program leads to revised geological and geophysical interpretations; four new claims are staked
• 2004: JCU (Canada) Exploration Co. Ltd. ("JCU") grants UEX an option to acquire a 25% interest in Beatty River by funding $865,000 in exploration expenditures
• 2002: JCU acquires its interest in Beatty River from PNC Exploration (Canada) Co. Ltd. ("PNC") pursuant to an assignment agreement
• 1990-1998: GEOTEM survey detects basement conductors; subsequent ground electromagnetic and magnetic surveys and 21 widely spaced drill holes lead to identification of pathfinder elements associated with uranium deposits
• 1990: Joint venture agreement signed between Amok Limited (now AREVA Resources Canada Inc.) and PNC
• 1988: Property staked by Amok Limited