Western Athabasca Projects

In addition to the projects at Shea Creek and Douglas River, the Western Athabasca Projects consist of eight other project sites. Several areas have been noted for testing and drilling has been carried out on the Alexandra, Erica, Laurie and Mirror River project sites. These projects are accessible by Provincial Highway 955 and an airstrip maintained by AREVA Resources Canada Inc. ("AREVA"). The Cluff Lake Mine camp has been used as a base to conduct exploration work.

Exploration Results

Exploration on the Western Athabasca Projects is at an early stage. To date, airborne and ground geophysical surveys and drilling in widely spaced diamond drill holes have been completed. Diamond drilling and directional drilling has been carried out at Alexandra, Laurie, Erica and Mirror River.

Numerous conductors have been identified and confirmed on the properties with signatures similar to the highly prospective Saskatoon Lake Conductor, which is associated with uranium mineralization on the Shea Creek property. The presence of conductors in the area indicates the potential for unconformity-type uranium mineralization within the Western Athabasca properties.

Future Exploration

UEX and AREVA continue to evaluate the uranium exploration potential of the Western Athabasca Projects.

Historical Timeline

• 2010-2011: Ground geophysical studies at the Mirror River Project
• 2007: UEX earned a 49% interest in the Western Athabasca Projects
• 2007: Drilling program at the Mirror River Project
• 2005: Drilling program at the Alexandra 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
• 2003-2006: Drilling programs at the Laurie Project in 2003, 2005 and 2006
• 2002-2004: First-pass airborne exploration programs on the Western Athabasca properties
• 2001: Drilling program at the Alexandra Project
• 1998-2005: Drilling programs at the Erica Project in 1998, 2001 and 2005
• 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