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 has been 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

UEX and AREVA continue to evaluate the uranium exploration potential of the Douglas River Project.

Historical Timeline

• 2011: Drilling conducted at the Douglas River Project
• 2007: UEX earned a 49% interest in the Western Athabasca Projects, including the Douglas River Project
• 2004: UEX entered into an agreement to fund $30 million of drilling managed by AREVA to earn a 49% interest in the Western Athabasca Projects
• 1994: Drilling commenced at the Douglas River Project
• 1990: Airborne GEOTEM electromagnetic and magnetic surveys identified the presence of conductive north-northwest trending zones
• 1980-2002: AREVA's nearby Cluff Lake Mine produced over 64 million pounds of U₃O₈
• 1969: A predecessor company of AREVA discovered the Cluff Lake uranium deposits in the western Athabasca Basin, having been led to the area by airborne radiometric anomalies
• 1960s: Initial exploration of the western Athabasca region