Douglas River Project

The Douglas River property is located in the western Athabasca Basin of northern Saskatchewan adjacent to the Shea Creek property and 9 kilometres southeast of the former Cluff Lake mine. The Cluff Lake mine camp is used as a base to conduct exploration work on the project. The property contains the northern continuation of the Saskatoon Lake Conductor and the Klark Lake Conductor from the Shea Creek site. Douglas River is accessible by Provincial Highway 955 and an airstrip maintained by AREVA Resources Canada Inc. ("AREVA")

Uranium Deposits

Drill holes on the Douglas River property have confirmed the presence of the highly prospective Saskatoon Lake Conductor and the parallel Klark Lake Conductor on the property. Fifteen holes have been drilled on the property and drilling near the Collette Deposit on the Shea Creek property has intersected uranium mineralization at the sub-Athabasca unconformity grading 0.53% eU3O8 over 3.7 metres at a vertical depth of approximately 690 metres. Other drill holes at the Douglas River property are showing positive indicators of nearby mineralization by displaying anomalous uranium, lead and nickel at the unconformity.

Future Exploration

The 2011 diamond drilling program consists of one pilot hole and three directional cuts totaling 2,500 metres. The objective of the program is to expand geological knowledge and mineral resources north of Colette on Shea Creek and south of a mineralized intercept on Douglas River.

Historical Timeline

• 2011: Diamond drilling programs resume on the property
• 2007: UEX earns a 49% interest in the Western Athabasca Projects
• 2004: UEX enters agreement to fund $30 million of drilling managed by AREVA to earn a 49% interest in the Western Athabasca Projects
• 1994: Drilling begins on the Douglas River property
• 1990: Airborne GEOTEM electromagnetic and magnetic survey identifies presence of conductive north-northwest trending zones
• 1980 - 2002: Production at nearby Cluff Lake Mine
• 1960s: Initial exploration of Western Athabasca region