UEX Corporation ("UEX" or "Company") is pleased to announce the appointment of Nan Lee, B.Eng., M.Sc., P.Eng. as Vice-President of Project Development.
Ms. Lee is a graduate of McGill University having received her Bachelor of Engineering in Mining in 1984. She obtained her Master of Science in Geo-environmental Engineering from the University of Saskatchewan in 1999. Ms. Lee has worked as a Mining and Project Engineer on several projects located in Canada including both underground and open pit operations, and has also worked with Kilborn Engineering where she assisted with project feasibility studies.
As an independent consultant Ms. Lee has coordinated, or assisted with the preparation of Environmental Impact Statements for several uranium mine developments in Canada. During that time, she was involved in, or managed, various aspects of the environmental assessment process, including public consultation and regulatory liaison, policy development, and supporting technical studies and field programs.
Most recently Ms. Lee has been managing the preliminary feasibility studies for tailings management facilities for two uranium operations in northern Saskatchewan, and is responsible for a wide range of technical disciplines including environmental, geology, geophysics, geotechnical, geochemical, mining, hydrogeology, geo-environmental, ecological risk, and civil and process engineering.
Ms. Lee is a welcomed and valuable addition to the UEX executive team.
UEX recently announced the results of the positive preliminary assessment ("PA") prepared by SRK Consultants (Canada) Ltd. ("SRK") (see UEX News Release dated February 23, 2011) on the Horseshoe and Raven deposits located on its 100%-owned Hidden Bay property (the "Project"). The PA report recommended the Project be advanced to a Preliminary Feasibility Study ("PFS") stage. Ms. Lee will be managing the PFS, including the selection of the independent consulting firm who will conduct the study.
Based upon the recommendations in the PA the Company, in consultation with SRK, is currently planning a summer 2011 drilling program at the Horseshoe and Raven deposits, which is intended to upgrade its Inferred Mineral Resources to the Indicated Mineral Resource category as well as to expand overall mineral resources.
With a cash position of approximately $14 million, UEX is well-financed to carry out its 2011 exploration and development programs budgeted at approximately $9.6 million and to initiate the Hidden Bay Preliminary Feasibility Study.
About Hidden Bay
The Horseshoe and Raven deposits are located in the central portion of UEX's 100%-owned Hidden Bay Project, which also contains the West Bear Deposit. The combined National Instruments 43-101 compliant resource estimate at a 0.05% U3
cut-off for the Horseshoe, Raven and West Bear deposits is:
- 10.37 million tonnes containing 36.623 million pounds of U3O8 with an average grade of 0.160% U3O8 in the Indicated Mineral Resource category; and
- 1.11 million tonnes containing 2.715 million pounds of U3O8 with an average grade of 0.111% U3O8 in the Inferred Mineral Resource category.
Note: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
A PFS for the West Bear Deposit upgraded the West Bear resource estimate to a Probable Mineral Reserve estimate of 72,347 tonnes containing 1,492,261 pounds of U3
grading 0.94% U3
at a cut-off of 0.18% U3
, which represents 96% of the Mineral Resource. The high conversion rate reflects the near-surface nature of the West Bear mineralization which is amenable to open cast mining in a shallow pit. Metallurgical testing resulted in an estimated overall uranium recovery of 95%.
The technical information in this news release has been reviewed by R. Sierd Eriks, P.Geo., UEX's Vice President of Exploration, who is a Qualified Person as defined by N.I. 43-101.
UEX is a Canadian uranium exploration and development company actively involved in 18 uranium projects, including six that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, as well as ten joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 18 projects, totaling 338,972 hectares (837,618 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 22% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne, Colette and 58B deposits at its 49%-owned Shea Creek Project, a joint venture with AREVA in the western Athabasca Basin, and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project in the eastern Athabasca Basin.
FOR FURTHER INFORMATION PLEASE CONTACT
Graham C. Thody, President & CEO,
This news release may contain statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding UEX's resource estimates, outlook for our future operations, plans and timing for exploration activities, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking information. Such forward-looking information is based on certain factors and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, additional drilling results, continuity and grade of deposits, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other laws affecting uranium exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.