Post by Catdaddy on Aug 27, 2007 16:20:37 GMT -5
UEX Begins 2007 Drilling Program at Northern Athabasca Projects and Announces 2007 Winter Exploration Results from Riou Lake and Northern Athabasca Uranium Projects
Monday August 27, 3:09 pm ET
Trading Symbol: UEX-TSX
VANCOUVER, Aug. 27 /CNW/ - UEX Corporation ("UEX") announced today that a $1.8 million (CDN) summer/fall diamond drilling program is underway at the Northern Athabasca Projects (the "Northern Projects") just north of the Riou Lake Uranium Project ("Riou Lake"). UEX's 100%-owned Northern Projects and Riou Lake form a contiguous land position across the northern rim of the Athabasca Basin totaling 117,041 hectares (289,091 acres) in size, and are located near the town of Stony Rapids, Saskatchewan.
The 2007 drilling program, totaling approximately 6,000 metres and using one helicopter-supported drill rig, is designed to follow up results from the 2006 summer/fall drilling program (see UEX News Release, April 23, 2007) and test additional high-priority targets that are either not readily accessible by land or which must be drilled under summer conditions. The drilling program is expected to continue into October 2007
To view a map of the Northern Projects and Riou Lake, please access UEX's website at www.uex-corporation.com under "Latest Updates".
2007 Winter Exploration Program Results
Northern Projects 2007 Winter Geophysical Survey
A fixed-loop, time-domain electromagnetic ("TDEM") survey, totaling 100.0 kilometres, was carried out on two separate grids in the winter of 2007 on UEX's Monroe Lake Project ("Monroe Lake"), one of the five Northern Projects staked by UEX in late 2004. A number of conductive trends on Monroe Lake, first identified by the 2005 MEGATEM(R) survey, were successfully delineated by the 2007 ground TDEM survey and represent "ground-truthing" of airborne anomalies within UEX's Northern Projects. A DC resistivity survey is planned over these grids in September 2007 to follow up these conductive trends. The use of resistivity surveys in the Athabasca Basin has proved to be a useful exploration tool for mapping alteration in sandstone, especially when applied to a known graphitic conductor system. The Butler Lake, Fond du Lac, Otherside River, and Jacques Point projects are the other four projects making up UEX's Northern Projects.
Riou Lake 2007 Winter Geophysical Surveys
A ground geophysical survey consisting of 30.0 kilometres of DC resistivity was carried out in the spring of 2007 on Riou Lake to follow up geophysical conductors outlined by the 2005 MEGATEM(R) airborne electromagnetic survey. The survey was conducted using a pole-pole array on a grid with lines oriented northeast-southwest and spaced at 400 metre intervals. The DC resistivity survey shows a plume-type feature with lower resistivity which is defined on a number of survey lines on the eastern portion of the grid. This feature may represent alteration of the sandstone and will be targeted in future drilling.
Northern Projects 2007 Summer/Fall Diamond Drilling Program
UEX plans to drill approximately 6,000 metres in about eleven (11) holes using a helicopter-supported drill rig. At the Butler Lake Project ("Butler Lake"), previous drilling in the summer and fall of 2006 encountered anomalous uranium values up to 5 to 10 times background in the basal 30.0 metres of sandstone (see UEX News Release, April 23, 2007). Hole BTL-01 also encountered anomalous nickel values below the unconformity, which was reached at 403.1 metres. A subsequent borehole electromagnetic survey of hole BTL-01 indicated that a strong basement conductor lies about 50 metres below the end of hole at 540.0 metres. Hole BTL-01 will be deepened in an attempt to intersect this conductor. Further drilling at Butler Lake will follow up this conductor.
Two holes are planned at Monroe Lake to test two conductors delineated by the 2007 ground TDEM survey following completion of a DC resistivity survey over two separate grids. In addition, two holes are planned on the Jacques Point project to test ground TDEM conductors offset by faults interpreted from magnetics. The balance of the Northern Projects drilling program will test other high-priority targets selected by integration of airborne geophysics and historical geological data
The technical information in this document has been reviewed by Sierd Eriks, P. Geo., a qualified person as defined by National Instrument 43-101.
About UEX
UEX is a Canadian uranium exploration and development company actively involved in 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA Resources Canada Inc. ("AREVA") that is operated by UEX, ten under option from AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 386,650 hectares (955,400 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 26% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Anne and Kianna Deposits at its Shea Creek Uranium Project, a joint venture with AREVA in the western Athabasca Basin, and the West Bear, Raven and Horseshoe deposits located at its 100% owned Hidden Bay Project in the eastern Athabasca Basin. UEX's exploration and development budgets for 2007 total $28.0 million, and the Company has a cash position of approximately $64.0 million.
ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
Stephen H. Sorensen
President & C.E.O.
Forward-Looking Statements
This news release contains "forward-looking statements" that are based on UEX's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX's outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, 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 statements. Such forward-looking statements 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 statements. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made in this news release are 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 statements. UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
For further information
UEX CORPORATION, SUITE 1007 - 808 NELSON STREET, VANCOUVER, B.C., CANADA, V6Z 2H2, PH: (604) 669-2349, FAX (604) 669-1240, Website: www.uex-corporation.com, e-mail: uex@intergate.ca
Monday August 27, 3:09 pm ET
Trading Symbol: UEX-TSX
VANCOUVER, Aug. 27 /CNW/ - UEX Corporation ("UEX") announced today that a $1.8 million (CDN) summer/fall diamond drilling program is underway at the Northern Athabasca Projects (the "Northern Projects") just north of the Riou Lake Uranium Project ("Riou Lake"). UEX's 100%-owned Northern Projects and Riou Lake form a contiguous land position across the northern rim of the Athabasca Basin totaling 117,041 hectares (289,091 acres) in size, and are located near the town of Stony Rapids, Saskatchewan.
The 2007 drilling program, totaling approximately 6,000 metres and using one helicopter-supported drill rig, is designed to follow up results from the 2006 summer/fall drilling program (see UEX News Release, April 23, 2007) and test additional high-priority targets that are either not readily accessible by land or which must be drilled under summer conditions. The drilling program is expected to continue into October 2007
To view a map of the Northern Projects and Riou Lake, please access UEX's website at www.uex-corporation.com under "Latest Updates".
2007 Winter Exploration Program Results
Northern Projects 2007 Winter Geophysical Survey
A fixed-loop, time-domain electromagnetic ("TDEM") survey, totaling 100.0 kilometres, was carried out on two separate grids in the winter of 2007 on UEX's Monroe Lake Project ("Monroe Lake"), one of the five Northern Projects staked by UEX in late 2004. A number of conductive trends on Monroe Lake, first identified by the 2005 MEGATEM(R) survey, were successfully delineated by the 2007 ground TDEM survey and represent "ground-truthing" of airborne anomalies within UEX's Northern Projects. A DC resistivity survey is planned over these grids in September 2007 to follow up these conductive trends. The use of resistivity surveys in the Athabasca Basin has proved to be a useful exploration tool for mapping alteration in sandstone, especially when applied to a known graphitic conductor system. The Butler Lake, Fond du Lac, Otherside River, and Jacques Point projects are the other four projects making up UEX's Northern Projects.
Riou Lake 2007 Winter Geophysical Surveys
A ground geophysical survey consisting of 30.0 kilometres of DC resistivity was carried out in the spring of 2007 on Riou Lake to follow up geophysical conductors outlined by the 2005 MEGATEM(R) airborne electromagnetic survey. The survey was conducted using a pole-pole array on a grid with lines oriented northeast-southwest and spaced at 400 metre intervals. The DC resistivity survey shows a plume-type feature with lower resistivity which is defined on a number of survey lines on the eastern portion of the grid. This feature may represent alteration of the sandstone and will be targeted in future drilling.
Northern Projects 2007 Summer/Fall Diamond Drilling Program
UEX plans to drill approximately 6,000 metres in about eleven (11) holes using a helicopter-supported drill rig. At the Butler Lake Project ("Butler Lake"), previous drilling in the summer and fall of 2006 encountered anomalous uranium values up to 5 to 10 times background in the basal 30.0 metres of sandstone (see UEX News Release, April 23, 2007). Hole BTL-01 also encountered anomalous nickel values below the unconformity, which was reached at 403.1 metres. A subsequent borehole electromagnetic survey of hole BTL-01 indicated that a strong basement conductor lies about 50 metres below the end of hole at 540.0 metres. Hole BTL-01 will be deepened in an attempt to intersect this conductor. Further drilling at Butler Lake will follow up this conductor.
Two holes are planned at Monroe Lake to test two conductors delineated by the 2007 ground TDEM survey following completion of a DC resistivity survey over two separate grids. In addition, two holes are planned on the Jacques Point project to test ground TDEM conductors offset by faults interpreted from magnetics. The balance of the Northern Projects drilling program will test other high-priority targets selected by integration of airborne geophysics and historical geological data
The technical information in this document has been reviewed by Sierd Eriks, P. Geo., a qualified person as defined by National Instrument 43-101.
About UEX
UEX is a Canadian uranium exploration and development company actively involved in 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA Resources Canada Inc. ("AREVA") that is operated by UEX, ten under option from AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 386,650 hectares (955,400 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 26% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Anne and Kianna Deposits at its Shea Creek Uranium Project, a joint venture with AREVA in the western Athabasca Basin, and the West Bear, Raven and Horseshoe deposits located at its 100% owned Hidden Bay Project in the eastern Athabasca Basin. UEX's exploration and development budgets for 2007 total $28.0 million, and the Company has a cash position of approximately $64.0 million.
ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
Stephen H. Sorensen
President & C.E.O.
Forward-Looking Statements
This news release contains "forward-looking statements" that are based on UEX's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX's outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, 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 statements. Such forward-looking statements 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 statements. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made in this news release are 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 statements. UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
For further information
UEX CORPORATION, SUITE 1007 - 808 NELSON STREET, VANCOUVER, B.C., CANADA, V6Z 2H2, PH: (604) 669-2349, FAX (604) 669-1240, Website: www.uex-corporation.com, e-mail: uex@intergate.ca
