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News from CNW Group

UEX and AREVA Announce Geochemical Results and Identify Gold Potential at the Shea Creek Project

09:20 EDT Tuesday, March 24, 2009

Trading Symbol: UEX-TSX

VANCOUVER, March 24 /CNW/ - UEX Corporation ("UEX") reports that through its current review of analytical data from drill holes at the Shea Creek Project ("Shea Creek"), geochemical composites have been generated for mineralized drill hole intercepts which were previously released as downhole probe equivalent grades (eU(3)O(8)). Shea Creek, which is located in the western Athabasca Basin of northern Saskatchewan, hosts the Kianna, Anne, and Colette Deposits and is one of the ten 49%-owned Western Athabasca Uranium Projects joint-ventured with AREVA Resources Canada Inc. ("AREVA"), the operator.

Principal composites reported here are mainly geochemical, and are based on analysis of split half cores typically collected at approximately 0.5-metre sample intervals. The analysis was performed by the Saskatchewan Research Council Geoanalytical Laboratories ("SRC") using ICP-MS and ICP-OES analysis for uranium. Since geochemical results form the basis to estimate probe equivalent uranium grades, the geochemical data will form the basis of future National Instrument 43-101 ("N.I. 43-101") compliant resource estimates for the Shea Creek deposits.

UEX also announces that it is filing shortly on SEDAR, a N.I. 43-101 compliant Technical Report on the Shea Creek Project (the "Shea Creek Report") which also incorporates significant results from previous exploration. The reader is referred to this report for further information and a more complete documentation of composited analytical results from previous drilling.

Table 1 illustrates the effects of the use of geochemical data in place of the previously released probe estimated results from mineralized intervals which have returned a grade (%U(3)O(8)) - thickness (length in metres) product ("GT") of greater than 50 in intercepts which have greater than 80% core recovery. Note that the GT of individual geochemical composites varies from lower to locally higher than the previously released probe results, with an average decrease in GT from probe to geochemical results in this subset by about 8%. True thickness of unconformity-hosted mineralization is close to the reported lengths listed below, while true widths of basement intercepts are not yet determined.

Note in Table 1 that downhole depth intervals of mineralization will differ slightly due to the differences in calibration of the position of probe location in the drill hole, compositing techniques, and differences in defining boundaries of mineralization in the sampled material of the two techniques. The probe data are from news releases between 2004 and 2007. Probe data from drill holes which were completed prior to UEX's involvement in the property (up to SHE-100-01) were reported in UEX's news release of March 18, 2004. All of these previous probe results were estimated using one coefficient coming from a Cluff Lake deposit.

    <<
                                  Table 1:
       Comparison of Geochemical and Previously Released Probe Estimated
    Composites (significant mineralized intercepts on the Shea Creek Project
    which have a GT (U(3)O(8) grade-thickness product) of  greater than
      50 that have greater than 80% core recovery or assays available.)

    -------------------------------------------------------------------------
    Drill hole, with
    location and
    type of                               From    To   Length
    mineralization   Data source           (m)    (m)    (m)  U(3)O(8)%   GT
    -------------------------------------------------------------------------
    SHE-087          Geochemical data    705.50 711.50   6.00  11.607  69.64
    Anne,
     unconformity    Previous probe data 708.10 712.00   3.90 e15.180  59.20
    -------------------------------------------------------------------------
    SHE-095-03       Geochemical data    717.70 732.60  14.90   4.411  65.73
    Anne,
     unconformity +
     basement        Previous probe data 716.40 726.90  10.50  e6.100  64.05
    -------------------------------------------------------------------------
    SHE-096-03       Geochemical data    706.00 725.00  19.00   5.419 102.97
    Anne,
     unconformity +
     basement        Previous probe data 708.90 725.20  16.30  e8.470 138.06
    -------------------------------------------------------------------------
    SHE-099          Geochemical data    704.00 712.40   8.40  10.027  84.22
    Anne,
     unconformity    Previous probe data 701.80 710.50   8.70  e9.050  78.74
    -------------------------------------------------------------------------
    SHE-099-02       Geochemical data    694.10 712.00  17.90   5.649 101.12
    Anne,
     unconformity +
     basement        Previous probe data 693.60 709.30  15.70  e7.770 121.99
    -------------------------------------------------------------------------
    SHE-100-01       Geochemical data    710.70 735.80  25.10   3.315  83.21
    Anne,
     unconformity +
     basement        Previous probe data 715.05 721.25   6.20 e10.950  67.89
    -------------------------------------------------------------------------
    SHE-114-11       Geochemical data    818.50 863.50  45.00   4.093 184.19
    Kianna,
     basement        Previous probe data 816.10 853.80  37.70  e5.400 203.58
    -------------------------------------------------------------------------
    SHE-115-03       Geochemical data    735.60 747.80  12.20   9.335 113.89
    Kianna,
     unconformity    Previous probe data 735.00 746.90  11.90 e12.570 149.58
    -------------------------------------------------------------------------
    SHE-115-05       Geochemical data    730.50 737.70   7.20   7.827  56.35
    Kianna,
     unconformity    Previous probe data 731.50 736.40   4.90 e12.740  62.43
    -------------------------------------------------------------------------
    SHE-115-10       Geochemical data    825.50 840.50  15.00   8.581 128.72
    Kianna,
     basement        Previous probe data 829.90 840.00  10.10 e13.870 140.09
    -------------------------------------------------------------------------
    SHE-115-11       Geochemical data    854.50 871.00  16.50   5.358  88.40
    Kianna,
     basement        Previous probe data 854.20 869.30  15.10  e6.720 101.47
    -------------------------------------------------------------------------
    SHE-122-01       Geochemical data    710.50 746.50  36.00   4.206 151.40
    Anne,
     unconformity +
     basement        Previous probe data 713.80 747.50  33.70  e4.730 159.40
    -------------------------------------------------------------------------
    SHE-122-05       Geochemical data    727.00 747.50  20.50   3.642  74.65
    Anne,
     unconformity +
     basement        Previous probe data 727.00 742.50  15.50  e4.580  70.99
    -------------------------------------------------------------------------
    >>

Perched mineralization in the Kianna Deposit area locally has intervals of poor drill recovery where less than 80% of core is recovered. This small, shallow dipping pod (50 by 30 metres in plan view) contains very high grades, but due to the core loss issues many intervals are reported here and in the Shea Creek Report utilizing new calibrated probe results to geochemical results (see below).

Comparison of the previous and currently estimated probe equivalent grades based on the new calibrations are included as Table 2. The new probe calibration is at approximately 87% of the older coefficient, so the grade decrease of the new calibration is approximately 13% in comparison to the previously reported probe results. A Kianna perched mineralization intercept in drill hole SHE-115-18 of 8.42% eU(3)O(8) over 12.6 metres, which also meets the GT threshold of greater than 50 but has less than 80% core recovery, was reported in January 2009 utilizing the new Kianna calibration, so is considered a currently valid estimate of grade.

Probe equivalent data in Table 2 are based on a conversion factor now normalized to Kianna drill hole data from 2004 to 2007, and replaces the older data which utilized the Cluff Lake deposit conversion. Since these intervals have less than 80% core recovery, they are reported here as probe equivalent grades. Note that the intervals vary slightly since a lower cutoff grade (0.05% eU(3)O(8)) was used during compositing than in the previous news releases (0.1% eU(3)O(8)).

    <<
                                  Table 2:
      Comparison of Current Calibrated Probe and Geochemical Results to
    Previously Released 2004 to 2007 Probe Results from the Kianna Perched
           Zone of Mineralization which have a GT of greater than 50.

    -------------------------------------------------------------------------
    Drill hole, with
    location and
    type of                               From    To   Length
    mineralization   Data source           (m)    (m)    (m)  U(3)O(8)%   GT
    -------------------------------------------------------------------------
    SHE-114-11       New calibrated
                      probe              679.30 694.60  15.30  e4.580  70.08
    Kianna perched   Previous probe
                      data               678.50 692.20  13.70  e5.830  79.87
    -------------------------------------------------------------------------
    SHE-114-09       New calibrated
                      probe              677.00 699.20  22.20  e4.637 102.94
    Kianna perched   Previous probe
                      data               677.00 697.00  20.00  e5.880 117.60
    -------------------------------------------------------------------------
    SHE-114-05       New calibrated
                      probe              678.70 688.90  10.20 e20.721 211.35
    Kianna perched   Previous probe
                      data               677.80 686.60   8.80 e27.400 241.12
    -------------------------------------------------------------------------
    SHE-114-07       Geochemical data    673.60 683.10   9.50   7.367  69.99
    Kianna perched   Previous probe
                      data               665.60 679.70  14.10  e7.730 108.99
    -------------------------------------------------------------------------
    >>

Note that the intercept in hole SHE-114-07 utilizes geochemical data, but poor recovery occurs on its margins explaining the difference in sampled length. This intercept will be reviewed and sampling conducted of low recovery intervals, if necessary.

Background: Probe Data Acquisition

As a standard practice in uranium exploration in the Athabasca Basin, diamond drill holes are radiometrically logged immediately after completion of drilling utilizing a down-hole radiometric probe. Mineralized intervals are logged down-hole by AREVA using either an ST-22 2T or an STD-27 low flux probe, as well as with an STD27-HF (high flux) probe when very high grade mineralization is encountered. The probe intervals are collected at 0.1-metre intervals and stored in the drill hole database as raw counts per second. Down-hole radiometric probe data are often used in mining and advanced exploration settings to estimate uranium grade when sufficient comparative geochemical and probe data are available to calibrate the probe data specifically to individual deposits or mineralized areas.

The conversion formula from probe data to equivalent uranium grades (denoted as "eU" or "eU(3)O(8)") on an exploration or mining project is periodically modified for different mineralized areas as new geochemical data are received. Probe data reported in UEX disclosures prior to 2008 utilized a modified conversion coefficient which had been developed by AREVA in its operations at the Dominique-Peter Deposit at the nearby Cluff Lake mining operations in the 1980s. Cluff Lake is located 13 kilometres north of the Shea Creek Project and, prior to generation of sufficient geochemical data at Shea Creek, was considered to be a reasonable analogue for estimation of probe equivalent grades at Shea Creek. Due to mineralogical, grain size, and morphological differences of mineralized material between deposits and areas, formulas from different deposits generally need to be customized to the local mineralized material to produce estimates that are as accurate as possible.

UEX has recently determined and AREVA has confirmed that, in 2008, AREVA calculated specific probe conversion coefficients for the Kianna and Anne Deposits based on geochemical data received up to that time, which replaced the earlier Cluff Lake coefficient. The new coefficients and their basis are documented in the Shea Creek Report to be filed shortly on SEDAR. AREVA has also recently informed UEX that the results reported by AREVA to UEX and disclosed in UEX's news releases from June 2008 onward incorporate AREVA's new probe conversion coefficients, and therefore currently still form a statistically valid estimate of uranium concentrations, although they too are superceded by geochemical results reported here.

Since the geochemical data are based upon a direct analysis of mineralized material, they form a more accurate representation of the uranium grade than the probe estimated grades. Even where well-calibrated probe conversions are available since 2008, geochemical results will show local differences between probe estimated and geochemical results, due to local variations in mineralization style, and that the fact that when the probe is run down the drill hole, the mineralized material in the core has already been extracted from the drill hole, so the probe is sampling the wallrocks to the drill hole. Consequently, the geochemical composite intervals reported here and in the Shea Creek Report, supercede all previously composited probe estimated intervals reported by AREVA to UEX and disclosed by UEX in 2004 to 2009 news releases.

Shea Creek Geochemical Composites and Revised Probe Estimated Grades

Geochemical and, where recoveries are low, new probe equivalent composited intervals for all drill holes completed on the Shea Creek property since 1992 that have a GT of greater than 5 and minimum grade of 0.20% U(3)O(8) are reported in Table 4. A more complete tabulation of results at a cutoff grade of 0.05% and GT of greater than 0.1 is provided as Appendix 2 in the Shea Creek Report, and the reader is referred to that for further information.

Since the orientations of drill holes in the deposits vary, and the morphology of mineralized zones has variable orientation, the relationship of geochemical sample length and probe composited lengths in drill holes to the true thickness of mineralization is also variable. For mineralization developed at the unconformity in the Anne, Kianna and Colette Deposits, the steep orientation of most drill holes crosses the flat-lying mineralization in intercepts which are at or close to true thickness. For basement hosted mineralization, in many areas thickness has not yet been determined since the morphology and orientation of mineralization is still interpretive so thickness is apparent, although in some areas in the southern Anne Deposit where basement mineralization is parallel to the metamorphic stratigraphy and a higher confidence level of its morphology has been determined, intercepts are close to true thickness. Perched mineralization at Kianna has been intersected by multiple closely spaced drill holes which indicate it has a lens-shaped shallow southwesterly dip, resulting in drill hole intercepts which are also generally close to true thickness.

Composites reported in Table 4 under the column "U(3)O(8)" are composited from geochemical analyses by the SRC and analyzed by ICP. The SRC has an ISO/IEC 17025:2005 accredited quality management system (Scope of Accreditation No. 537) from the Standards Council of Canada, and is accredited by the Canadian Association for Laboratory Accreditation Inc. Data reported initially from the lab as U ppm which were determined using the ICP-MS technique are converted to U(3)O(8) with the formula ((U ppm)*1.179/10,000).

Down-hole radiometric probe equivalent grades reported as eU(3)O(8) are substituted in Table 4 under the column "eU(3)O(8)" where 20% or more of a composited interval is not recovered during drilling (core loss), is unsampled, or where no geochemical sampling at all has occurred across a mineralized interval. These were estimated from the new probe coefficients that are based on the 2008 probe equivalent coefficients which have been calculated specifically for the Kianna and Anne Deposits.

Several levels of geochemical and probe data verification are currently utilized at Shea Creek by AREVA including (i) internal SRC laboratory quality assurance and quality control ("QA/QC"), (ii) comparison of the results of the different geochemical analytical techniques for uranium which are routinely received (uranium partial and total by ICP-MS, U(3)O(8) assay by ICP-OES), (iii) comparison to probe results, and (iv) external laboratory check analysis of selected samples. As part of AREVA's quality improvement programs, a more rigorous geochemical QA/QC program was implemented in 2006 which continues to be followed.

Effects on Other UEX Projects

UEX reports only geochemical results from its other projects in the Athabasca Basin, including the Hidden Bay Project, which is 100% owned and operated by UEX. The probe calibration issues reported here are consequently not present in any other UEX disclosure that does not pertain to Shea Creek.

Gold Mineralization

Gold was mined as a by-product from the D orebody at Cluff Lake. At Shea Creek, locally high gold grades are also present. Significant composited gold intercepts with a grade of greater than 3.0 g/T Au and grade-thickness product of greater than 5.0 are illustrated in Table 3; the morphology and true thickness of areas which are high in gold content are as yet undetermined. Analyses are by fire assay by the SRC laboratories. The high gold grades frequently, but not always, occur in areas of higher grade uranium mineralization, and can be present both in unconformity and basement mineralization in all three deposits at Shea Creek. Native gold grains both encapsulated in pitchblende, sometimes in association with Bi-tellurides, and free in the surrounding clay alteration have been identified in samples from basement and sandstone hosted mineralization.

Significant gold-bearing intercepts include 20.79 g/T Au over 2.40 metres in drill hole SHE-087, 14.02 g/T Au over 3.30 metres in hole SHE-115-03, 13.75 g/T Au over 2.50 metres in hole SHE-079, 9.70 g/T Au over 3.50 metres in hole SHE-102, and 5.95 g/T Au over 5.70 metres in hole SHE-115-04. Future work to establish patterns of gold distribution is planned, especially to identify if any consistent local gold-enriched domains can be identified which might enhance the potential value of parts of the Shea Creek Deposits.

    <<
                                  Table 3:
         Summary of Significant Gold Intercepts with a Grade of greater
        than 3 g/Tonne Au and a Grade-Thickness (Au g/Tonne x metres) of
                greater than 5 from Drill Holes at Shea Creek

          (Gold analyses are by fire assay at the SRC Laboratories.
       The true thickness and morphology of areas of higher grade gold
               mineralization are as yet undetermined.)


    -------------------------------------------------------------------------
    Hole             From     To  Length    Au   Area          Mineralization
                      (m)     (m)   (m)    ppm                  style
                                           (g/
                                          Tonne)
    -------------------------------------------------------------------------
    SHE-016         717.70  721.00  3.30   5.80  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-018         719.60  720.10  0.50  10.74  Kianna South   Unconformity
    -------------------------------------------------------------------------
    SHE-023         736.90  738.10  1.20   7.50  Colette        Unconformity
    -------------------------------------------------------------------------
    SHE-052         710.10  713.50  3.40   5.37  Colette        Unconformity
    -------------------------------------------------------------------------
    SHE-078         702.00  708.00  6.00   3.85  Colette        Unconformity
    -------------------------------------------------------------------------
    SHE-079         714.50  717.00  2.50  13.75  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-079         729.50  731.00  1.50   5.88  Anne           Basement
    -------------------------------------------------------------------------
    SHE-087         708.60  711.00  2.40  20.79  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-091         707.00  710.00  3.00   3.44  Colette        Unconformity
    -------------------------------------------------------------------------
    SHE-094-01      742.10  744.30  2.20   7.49  Anne           Basement
    -------------------------------------------------------------------------
    SHE-094-05      716.40  718.70  2.30   3.53  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-095-03      719.80  720.20  0.40  19.50  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-096-03      710.20  716.00  5.80   4.14  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-099         707.20  708.90  1.70   7.55  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-100-01      717.00  719.50  2.50   6.20  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-101-04      736.20  737.70  1.50   4.61  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-102         716.80  720.30  3.50   9.70  Kianna         Unconformity
    -------------------------------------------------------------------------
    SHE-102-02      715.20  715.80  0.60  23.00  Kianna         Unconformity
    -------------------------------------------------------------------------
    SHE-109-01      723.80  725.30  1.50   6.20  Anne           Unconformity
    -------------------------------------------------------------------------
    SHE-111-08      732.50  733.50  1.00  27.26  Colette South  Unconformity
    -------------------------------------------------------------------------
    SHE-114-11      837.00  839.90  2.90   6.03  Kianna         Basement
    -------------------------------------------------------------------------
    SHE-115         715.50  716.50  1.00   5.63  Kianna         Unconformity
    -------------------------------------------------------------------------
    SHE-115-03*   743.00  746.30  3.30  14.02  Kianna         Unconformity
    -------------------------------------------------------------------------
    SHE-115-05(xx)  732.00  737.70  5.70   5.95  Kianna         Unconformity
    -------------------------------------------------------------------------
    SHE-115-05      794.50  795.00  0.50  19.04  Kianna         Basement
    -------------------------------------------------------------------------
    SHE-115-06      743.50  745.00  1.50   4.21  Kianna         Unconformity
    -------------------------------------------------------------------------
    SHE-115-10      833.50  840.00  6.50   3.20  Kianna         Basement
    -------------------------------------------------------------------------
    SHE-118         706.00  711.40  5.40   5.43  Kianna         Unconformity
    -------------------------------------------------------------------------
    SHE-118-01      873.50  874.00  0.50  18.26  Kianna         Basement
    -------------------------------------------------------------------------
    *  includes 0.3 m unsampled, composited at 0 grade
    (xx) includes 0.1 m unsampled, composited at 0 grade
    >>

Qualified Persons

Technical information in this news release has been reviewed and approved by R. Sierd Eriks, P. Geo., UEX's Vice President of Exploration, David Rhys, P. Geo., consultant to UEX, and Erwin Koning, P. Geo., AREVA's District Geologist, West Athabasca Region, who are Qualified Persons as defined by N.I. 43-101.

About the Shea Creek Deposits

The Kianna, Anne and Colette Deposits within Shea Creek are distributed along a strike length of over three kilometres of the north-northwest trending Saskatoon Lake graphitic conductor. The Saskatoon Lake conductor is coincident with a southwest-dipping, reverse fault that displaces the flat lying unconformity with the overlying Athabasca Group sandstone by several tens of metres. Depth to unconformity typically ranges from 700 to 740 metres.

Mineralized areas along the Saskatoon Lake conductor at Shea Creek occur often in areas where northeast and east-northeast trending discordant faults offset the northwest trending conductive graphitic unit. Three styles and settings of mineralization are present:

    <<
    -  Basement-hosted mineralization ("B") found in zones up to 200 metres
       below the unconformity. Drilling at Kianna has outlined a zone of this
       type with a strike length of 200 metres and a down-dip extension of
       160 metres.

    -  Perched ("P") sandstone-hosted pervasive and fracture controlled
       pitchblende bearing mineralization found in discrete zones tens of
       metres above the unconformity. At Kianna the largest of these pods has
       a defined strike length of 80 metres and a width of 60 metres.
       Fracture/fault-controlled perched mineralization is also developed
       within the Anne area; however intersections cannot be correlated
       between drill holes with the current density of drill information.

    -  Unconformity-type ("UC") disseminated, nodular and massive
       mineralization in a flat lying zone in close proximity to the
       unconformity. This is the most widespread style of mineralization at
       Shea Creek. At Kianna, a high grade principal zone of this style has
       a defined strike length of 200 metres and a plan width of 200 metres.
       Much of the mineralization at Anne and Colette are of this style also.
       Higher grade portions of the unconformity mineralization at the Anne
       Deposit have been traced over a strike length of 250 metres, and a
       plan view width of 100 metres. Drilling suggests that lower grade
       mineralization at the unconformity may be continuously traceable from
       the Anne to the Kianna deposits, containing several higher grade
       lenses in between which are currently being defined by drilling.
    >>

The reader is referred to the Shea Creek Report, to be filed shortly, for detailed information about the property geology and mineralization styles.

About AREVA Resources Canada Inc.

AREVA, a uranium exploration, mining and milling company, is a subsidiary of AREVA Group, a worldwide expert in the energy field with manufacturing facilities in 43 countries and a sales network in more than 100 countries. AREVA Group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the producing McClean Lake Deposits operated by AREVA, the producing McArthur River Deposit operated by Cameco Corporation, the Midwest Deposit, the Millennium Deposit, and the Cigar Lake Deposit.

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 that is operated by UEX, ten joint-ventured with AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 356,088 hectares (879,913 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 23% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne and Colette Deposits at its Shea Creek 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 the winter of 2009 are estimated at approximately $16.5 million, of which UEX will be responsible for approximately $10.9 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 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 statements. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, continuity and grade of deposits, fluctuations in uranium prices and currency exchange rates, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the securities commission on SEDAR. 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. 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.

    <<
                                   Table 4

      1992 to 2008 Composited Drilling Results from the Shea Creek property
         with a grade-thickness product of greater than 5, and a minimum
                   grade of 0.200% U(3)O(8) or eU(3)O(8).

       See text for further details. Drill holes not reported do not meet
                      the minimum compositing thresholds.

    -------------------------------------------------------------------------
    Drill     From   To   Length U(3)O(8) eU(3)O(8)  GT Type          Area
    hole      (m)    (m)    (m)     %        %
    -------------------------------------------------------------------------
    SHE-016   714.70 723.80  9.10  4.324          39.34 Unconformity  Anne
    -------------------------------------------------------------------------
    including 717.70 719.10  1.40 24.115          33.76 Unconformity  Anne
    -------------------------------------------------------------------------
    including 754.60 755.00  0.40 15.091           6.04 Basement      Anne
    -------------------------------------------------------------------------
    SHE-023   735.10 742.70  7.60  0.726           5.52 Unconformity Collette
    -------------------------------------------------------------------------
    SHE-038A  707.40 710.00  2.60  8.664          22.53 Unconformity  Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-043   712.80 717.30  4.50  2.107           9.48 Unconformity  Anne
    -------------------------------------------------------------------------
    including 715.50 717.30  1.80  5.070           9.13 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-045   725.50 737.70 12.20  1.432          17.47 Unconformity Collette
    -------------------------------------------------------------------------
    including 729.90 735.50  5.60  2.916          16.33 Unconformity Collette
    -------------------------------------------------------------------------
    including 733.30 734.40  1.10  6.229           6.85 Unconformity Collette
    -------------------------------------------------------------------------
    SHE-052   698.00 714.80 16.80  2.342          39.35 Unconformity Collette
    -------------------------------------------------------------------------
    including 706.30 714.10  7.80  4.294          33.49 Unconformity Collette
    -------------------------------------------------------------------------
    including 710.80 713.50  2.70  7.547          20.38 Unconformity Collette
    -------------------------------------------------------------------------
    SHE-053   715.40 719.20  3.80  1.327           5.04 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-058B  753.60 756.20  2.60  2.213           5.75 Basement      58B
    -------------------------------------------------------------------------
    SHE-059   709.40 716.00  6.60  4.099          27.05 Unconformity Collette
    -------------------------------------------------------------------------
    including 709.80 713.70  3.90  6.493          25.32 Unconformity Collette
    -------------------------------------------------------------------------
    SHE-060   715.20 721.30  6.10  1.133           6.91 Unconformity Collette
    -------------------------------------------------------------------------
    SHE-063B  720.90 725.60  4.70  1.639           7.70 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 722.90 723.50  0.60 10.906           6.54 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-065   729.80 741.70 11.90  1.732          20.62 Unconformity Collette
    -------------------------------------------------------------------------
    including 735.20 739.80  4.60  3.476          15.99 Unconformity Collette
    -------------------------------------------------------------------------
    SHE-078   701.50 712.50 11.00  1.122          12.34 Unconformity Collette
    -------------------------------------------------------------------------
    SHE-079   714.50 717.50  3.00  5.446          16.34 Unconformity  Anne
    -------------------------------------------------------------------------
    including 715.50 717.00  1.50  9.577          14.37 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-082   724.50 735.00 10.50  0.726           7.62 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-087   705.50 711.50  6.00 11.607          69.64 Unconformity  Anne
    -------------------------------------------------------------------------
    including 708.60 711.50  2.90 23.964          69.50 Unconformity  Anne
    -------------------------------------------------------------------------
    including 708.60 710.50  1.90 34.694          65.92 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-088   752.00 761.00  9.00  3.244          29.20 Basement      Anne
    -------------------------------------------------------------------------
    including 758.50 760.50  2.00 10.159          20.32 Basement      Anne
    -------------------------------------------------------------------------
    SHE-091   703.50 712.40  8.90  1.517          13.50 Unconformity Collette
    -------------------------------------------------------------------------
    SHE-094   707.00 724.70 17.70          0.418   7.39 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-094   735.90 743.20  7.30          0.730   5.33 Basement      Anne
    -------------------------------------------------------------------------
    SHE-094
     -01      707.90 717.30  9.40  1.283          12.06 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-094
     -01      741.70 745.60  3.90  4.553          17.76 Basement      Anne
    -------------------------------------------------------------------------
    including 742.10 744.30  2.20  7.925          17.44 Basement      Anne
    -------------------------------------------------------------------------
    SHE-094
     -03      710.90 721.90 11.00  1.588          17.46 Unconformity  Anne
    -------------------------------------------------------------------------
    including 714.40 717.00  2.60  4.608          11.98 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-094
     -04      718.00 727.40  9.40  0.621           5.84 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-094
     -05      710.80 724.10 13.30          1.878  24.97 Unconformity  Anne
    -------------------------------------------------------------------------
    including 715.70 721.60  5.90          3.841  22.66 Unconformity  Anne
    -------------------------------------------------------------------------
    including 715.70 717.00  1.30          7.931  10.31 Unconformity  Anne
    -------------------------------------------------------------------------
    including 720.40 721.60  1.20          6.892   8.27 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-094
     -06      721.30 724.10  2.80  5.740          16.07 Basement      Anne
    -------------------------------------------------------------------------
    including 721.70 722.60  0.90 14.089          12.68 Basement      Anne
    -------------------------------------------------------------------------
    SHE-095   753.50 760.00  6.50  0.834           5.42 Basement      Anne
    -------------------------------------------------------------------------
    SHE-095
     -01      719.70 728.60  8.90  1.796          15.98 Unconformity  Anne
    -------------------------------------------------------------------------
    including 719.70 721.70  2.00  6.367          12.73 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-095
     -01      740.10 750.80 10.70  1.033          11.05 Basement      Anne
    -------------------------------------------------------------------------
    including 747.30 747.80  0.50 13.205           6.60 Basement      Anne
    -------------------------------------------------------------------------
    SHE-095
     -01      755.80 760.20  4.40  1.854           8.16 Basement      Anne
    -------------------------------------------------------------------------
    including 755.80 757.70  1.90  3.362           6.39 Basement      Anne
    -------------------------------------------------------------------------
    SHE-095
     -01      764.90 769.80  4.90  1.143           5.60 Basement      Anne
    -------------------------------------------------------------------------
    SHE-095
     -01      774.50 776.60  2.10  2.907           6.11 Basement      Anne
    -------------------------------------------------------------------------
    SHE-095
     -03      717.70 732.60 14.90  4.411          65.73 Unconformity  Anne
    -------------------------------------------------------------------------
    including 719.40 722.30  2.90 20.898          60.60 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-095
     -03      761.50 781.30 19.80  1.044          20.66 Basement      Anne
    -------------------------------------------------------------------------
    including 766.50 768.20  1.70  5.511           9.37 Basement      Anne
    -------------------------------------------------------------------------
    SHE-096
     -01      719.80 738.90 19.10  0.293           5.60 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-096
     -03      706.00 725.00 19.00  5.419         102.97 Unconformity  Anne
    -------------------------------------------------------------------------
    including 712.60 716.00  3.40 29.200          99.28 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-096
     -03      730.50 748.50 18.00  0.760          13.67 Basement      Anne
    -------------------------------------------------------------------------
    SHE-096
     -03      756.00 776.80 20.80  0.920          19.13 Basement      Anne
    -------------------------------------------------------------------------
    SHE-096
     -03      782.80 785.10  2.30  3.236           7.44 Basement      Anne
    -------------------------------------------------------------------------
    including 783.30 784.10  0.80  7.905           6.32 Basement      Anne
    -------------------------------------------------------------------------
    SHE-096
     -04      753.80 756.30  2.50  3.826           9.56 Basement      Anne
    -------------------------------------------------------------------------
    including 754.30 755.00  0.70 13.132           9.19 Basement      Anne
    -------------------------------------------------------------------------
    SHE-098   705.10 712.60  7.50  2.235          16.76 Unconformity  Anne
    -------------------------------------------------------------------------
    including 706.20 707.60  1.40  7.477          10.47 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-099   704.00 712.40  8.40 10.027          84.22 Unconformity  Anne
    -------------------------------------------------------------------------
    including 706.60 708.90  2.30 34.149          78.54 Unconformity  Anne
    -------------------------------------------------------------------------
    including 707.70 708.90  1.20 60.601          72.72 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-099
     -01      705.90 728.60 22.70          0.959  21.77 Unconformity  Anne
    -------------------------------------------------------------------------
    including 712.20 715.60  3.40          4.368  14.85 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-099
     -02      694.10 712.00 17.90  5.649         101.12 Unconformity  Anne
    -------------------------------------------------------------------------
    including 699.00 705.50  6.50 14.547          94.56 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-099
     -03      709.00 722.60 13.60  2.612          35.53 Unconformity  Anne
    -------------------------------------------------------------------------
    including 710.70 712.60  1.90 16.661          31.66 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-099
     -05      715.60 726.20 10.60  0.494           5.24 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-100
     -01      710.70 735.80 25.10  3.315          83.21 Unconformity  Anne
    -------------------------------------------------------------------------
    including 715.90 719.90  4.00 16.866          67.46 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-100
     -01      753.50 761.00  7.50  3.639          27.29 Basement      Anne
    -------------------------------------------------------------------------
    including 758.70 759.30  0.60 16.954          10.17 Basement      Anne
    -------------------------------------------------------------------------
    SHE-101
     -02      738.00 746.60  8.60  3.746          32.22 Unconformity  Anne
    -------------------------------------------------------------------------
    including 738.00 742.90  4.90  6.413          31.43 Unconformity  Anne
    -------------------------------------------------------------------------
    including 738.00 739.50  1.50 15.630          23.44 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-101
     -04      735.30 739.00  3.70  4.420          16.35 Unconformity  Anne
    -------------------------------------------------------------------------
    including 735.70 736.20  0.50 18.157           9.08 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-102   716.80 730.20 13.40  0.656           8.79 Unconformity  Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-102                                                           Kianna
     -01      710.60 722.50 11.90  0.901          10.72 Unconformity   South
    -------------------------------------------------------------------------
    SHE-102                                                           Kianna
     -02      711.50 716.80  5.30  3.662          19.41 Unconformity   South
    -------------------------------------------------------------------------
    including 714.60 716.30  1.70 11.065          18.81 Unconformity  Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-102                                                           Kianna
     -07      712.50 716.20  3.70  3.024          11.19 Unconformity   South
    -------------------------------------------------------------------------
    SHE-102                                                           Kianna
     -10      717.00 728.00 11.00  1.418          15.60 Unconformity   South
    -------------------------------------------------------------------------
    including 725.10 726.40  1.30  7.309           9.50 Unconformity  Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-103   751.60 779.80 28.20          0.242   6.81 Unconformity  58B
    -------------------------------------------------------------------------
    SHE-105
     -4       716.50 721.80  5.30          1.541   8.17 Basement      Anne
    -------------------------------------------------------------------------
    SHE-109
     -01      715.30 737.50 22.20  0.682          15.13 Unconformity  Anne
    -------------------------------------------------------------------------
    including 722.80 724.80  2.00  5.789          11.58 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-109
     -02      723.50 739.00 15.50  0.699          10.83 Basement      Anne
    -------------------------------------------------------------------------
    including 737.50 739.00  1.50  3.985           5.98 Basement      Anne
    -------------------------------------------------------------------------
    SHE-111                                                          Collette
     -01      727.40 735.90  8.50  0.884           7.51 Unconformity  South
    -------------------------------------------------------------------------
    SHE-111                                                          Collette
     -02      750.80 762.40 11.60          0.907  10.52 Basement      South
    -------------------------------------------------------------------------
    SHE-111                                                          Collette
     -05      753.70 769.90 16.20          0.582   9.43 Basement      South
    -------------------------------------------------------------------------
    SHE-111                                                          Collette
     -06      749.00 757.00  8.00  3.227          25.82 Basement      South
    -------------------------------------------------------------------------
    including 752.50 753.00  0.50 12.380           6.19 Basement     Collette
                                                                      South
    -------------------------------------------------------------------------
    including 754.50 755.00  0.50 23.934          11.97 Basement     Collette
                                                                      South
    -------------------------------------------------------------------------
    SHE-111                                                          Collette
     -08      730.50 735.00  4.50  1.210           5.44 Perched       South
    -------------------------------------------------------------------------
    SHE-111                                                          Collette
     -11      692.00 698.00  6.00  1.429           8.57 Perched       South
    -------------------------------------------------------------------------
    SHE-111                                                          Collette
     -12      762.00 773.50 11.50  0.879          10.11 Basement      South
    -------------------------------------------------------------------------
    SHE-114   684.50 686.50  2.00  2.871           5.74 Perched       Kianna
    -------------------------------------------------------------------------
    including 684.50 685.50  1.00  5.223           5.22 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-114
     -01      683.50 692.50  9.00  0.556           5.00 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-114
     -01      807.00 810.50  3.50  1.576           5.52 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -04      725.50 733.00  7.50  1.025           7.69 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 726.00 728.50  2.50  2.596           6.49 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-114
     -04      797.30 813.20 15.90          0.465   7.40 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -05      678.70 688.90 10.20         20.721 211.35 Perched       Kianna
    -------------------------------------------------------------------------
    including 680.10 687.70  7.60         27.729 210.74 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-114
     -05      809.60 825.30 15.70          0.816  12.80 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -07      673.60 683.10  9.50  7.367          69.99 Perched       Kianna
    -------------------------------------------------------------------------
    including 673.60 680.10  6.50 10.700          69.55 Perched       Kianna
    -------------------------------------------------------------------------
    including 676.10 678.10  2.00 21.163          42.33 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-114
     -08      838.70 850.50 11.80  3.578          42.22 Basement      Kianna
    -------------------------------------------------------------------------
    including 838.70 840.20  1.50 21.143          31.72 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -08      855.90 862.40  6.50  5.776          37.55 Basement      Kianna
    -------------------------------------------------------------------------
    including 859.40 860.90  1.50 16.793          25.19 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -09      677.00 699.20 22.20          4.637 102.94 Perched       Kianna
    -------------------------------------------------------------------------
    including 684.10 687.30  3.20          8.001  25.60 Perched       Kianna
    -------------------------------------------------------------------------
    including 689.90 698.70  8.80          7.851  69.09 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-114
     -09      710.50 722.60 12.10  1.018          12.32 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-114
     -09      805.80 815.00  9.20          0.674   6.21 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -09      826.00 834.50  8.50  1.100           9.35 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -09      825.50 837.20 11.70          0.575   6.73 Basement      Kianna
    -------------------------------------------------------------------------
    including 833.50 834.00  0.50 16.270           8.14 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -09      841.20 870.40 29.20          0.225   6.58 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -10A     721.00 732.40 11.40  0.552           6.29 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-114
     -11      679.30 694.60 15.30          4.580  70.08 Perched       Kianna
    -------------------------------------------------------------------------
    including 686.10 692.50  6.40          9.967  63.79 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-114
     -11      818.50 863.50 45.00  4.093         184.19 Basement      Kianna
    -------------------------------------------------------------------------
    including 818.50 819.00  0.50 11.083           5.54 Basement      Kianna
    -------------------------------------------------------------------------
    including 829.50 833.00  3.50 10.300          36.05 Basement      Kianna
    -------------------------------------------------------------------------
    including 837.00 843.00  6.00 18.073         108.44 Basement      Kianna
    -------------------------------------------------------------------------
    including 846.00 847.00  1.00 15.109          15.11 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -12      682.10 688.60  6.50          1.370   8.90 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-114
     -12      712.90 718.70  5.80          1.191   6.91 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-114
     -12      830.20 842.30 12.10          0.733   8.87 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -13      809.50 811.00  1.50  7.719          11.58 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -13      817.00 823.00  6.00  0.951           5.71 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-114
     -17      883.00 890.80  7.80  4.382          34.18 Basement      Kianna
    -------------------------------------------------------------------------
    including 883.00 884.50  1.50 20.023          30.04 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -01      911.50 915.00  3.50  6.268          21.94 Basement      Kianna
    -------------------------------------------------------------------------
    including 912.00 912.50  0.50 40.086          20.04 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -02      734.10 751.50 17.40  0.514           8.95 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-115
     -02      851.50 856.00  4.50  1.892           8.51 Basement      Kianna
    -------------------------------------------------------------------------
    including 851.50 852.00  0.50 14.800           7.40 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -03      735.60 747.80 12.20  9.335         113.89 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 739.60 740.50  0.90 20.285          18.26 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 742.00 746.30  4.30 21.154          90.96 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-115
     -04      749.00 768.00 19.00  2.547          48.39 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 752.00 759.00  7.00  5.847          40.93 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 752.50 754.50  2.00 11.080          22.16 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-115
     -05      730.50 737.70  7.20  7.827          56.35 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 732.50 735.20  2.70 20.360          54.97 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-115
     -05      792.00 796.50  4.50  3.643          16.39 Basement      Kianna
    -------------------------------------------------------------------------
    including 794.50 795.00  0.50 30.418          15.21 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -06      704.50 714.50 10.00  1.815          18.15 Perched       Kianna
    -------------------------------------------------------------------------
    including 707.50 711.50  4.00  3.490          13.96 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-115
     -06      735.00 745.60 10.60  2.227          23.60 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 737.50 739.00  1.50  5.738           8.61 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 743.50 745.00  1.50  7.263          10.89 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-115
     -06      822.50 838.50 16.00  0.811          12.98 Basement      Kianna
    -------------------------------------------------------------------------
    including 825.50 827.50  2.00  5.600          11.20 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -06      864.00 878.50 14.50  0.382           5.53 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -07      814.20 823.50  9.30  0.560           5.21 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -07      832.90 835.20  2.30  3.694           8.50 Basement      Kianna
    -------------------------------------------------------------------------
    including 834.40 834.90  0.50 16.034           8.02 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -08      663.70 670.40  6.70  6.165          41.31 Perched       Kianna
    -------------------------------------------------------------------------
    including 664.20 666.20  2.00 20.134          40.27 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-115
     -08      718.70 729.70 11.00          0.790   8.69 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-115
     -08      724.50 730.10  5.60  1.535           8.60 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 725.00 726.50  1.50  4.850           7.27 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-115
     -08      847.60 862.60 15.00  1.059          15.88 Basement      Kianna
    -------------------------------------------------------------------------
    including 857.10 859.10  2.00  3.911           7.82 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -08      898.50 906.00  7.50  2.206          16.54 Basement      Kianna
    -------------------------------------------------------------------------
    including 899.00 901.00  2.00  7.911          15.82 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -09      822.50 844.50 22.00  1.840          40.48 Basement      Kianna
    -------------------------------------------------------------------------
    including 828.50 830.00  1.50 15.193          22.79 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -10      718.00 724.00  6.00  0.907           5.44 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-115
     -10      825.50 840.50 15.00  8.581         128.72 Basement      Kianna
    -------------------------------------------------------------------------
    including 830.00 840.00 10.00 12.768         127.68 Basement      Kianna
    -------------------------------------------------------------------------
    including 830.00 831.00  1.00 25.938          25.94 Basement      Kianna
    -------------------------------------------------------------------------
    including 837.50 840.00  2.50 24.346          60.87 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -10      856.50 876.00 19.50  0.477           9.30 Basement      Kianna
    -------------------------------------------------------------------------
    including 863.00 864.00  1.00  5.500           5.50 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -11      854.50 871.00 16.50  5.358          88.40 Basement      Kianna
    -------------------------------------------------------------------------
    including 854.50 857.50  3.00  8.613          25.84 Basement      Kianna
    -------------------------------------------------------------------------
    including 863.00 867.50  4.50 13.179          59.30 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -13      857.00 864.00  7.00  0.726           5.09 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -14      864.00 866.00  2.00  4.818           9.64 Basement      Kianna
    -------------------------------------------------------------------------
    including 864.50 865.00  0.50 12.969           6.48 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115-
     15A      832.00 842.00 10.00  3.731          37.31 Basement      Kianna
    -------------------------------------------------------------------------
    including 832.00 833.50  1.50 22.322          33.48 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-115
     -18      686.90 699.50 12.60          8.420 106.09 Perched       Kianna
    -------------------------------------------------------------------------
    SHE-115
     -18      895.00 906.00 11.00  0.837           9.21 Basement      Kianna
    -------------------------------------------------------------------------
    including 901.50 903.00  1.50  3.337           5.00 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-118   703.50 711.40  7.90  6.297          49.75 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 706.50 711.40  4.90  9.394          46.03 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 709.50 710.50  1.00 18.098          18.10 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -01      714.70 731.60 16.90  1.271          21.48 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 720.50 724.50  4.00  4.763          19.05 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -01      853.40 879.90 26.50          0.354   9.37 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-118
     -03      734.00 740.50  6.50  1.020           6.63 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 735.50 737.70  2.20  2.377           5.23 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -04      715.55 732.85 17.30          0.981  16.97 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 725.75 731.95  6.20          1.841  11.42 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -05      704.30 717.50 13.20  1.577          20.82 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 708.50 712.00  3.50  5.510          19.29 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 710.50 712.00  1.50 10.149          15.22 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -05A     706.00 721.00 15.00  1.475          22.12 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 708.00 711.50  3.50  5.791          20.27 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 710.50 711.50  1.00 12.556          12.56 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -06A     701.00 707.00  6.00  2.609          15.65 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 704.50 706.30  1.80  8.180          14.72 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -06B     702.50 708.50  6.00  4.028          24.17 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 706.00 708.00  2.00 11.831          23.66 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -07      704.50 710.50  6.00  0.909           5.46 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -08      705.50 715.50 10.00  2.030          20.30 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 711.50 713.80  2.30  8.468          19.48 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -08      797.50 807.00  9.50  2.188          20.79 Basement      Kianna
    -------------------------------------------------------------------------
    including 801.50 804.00  2.50  7.951          19.88 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-118
     -08      817.00 820.00  3.00  2.343           7.03 Basement      Kianna
    -------------------------------------------------------------------------
    including 818.00 819.00  1.00  6.278           6.28 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-118
     -09      706.00 717.50 11.50  2.275          26.16 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 711.50 715.80  4.30  5.011          21.55 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 711.50 713.00  1.50  8.037          12.06 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -09      764.00 769.00  5.00  1.802           9.01 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-118
     -11      737.30 740.50  3.20  5.863          18.76 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 738.90 739.50  0.60 24.300          14.58 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -13      734.30 741.10  6.80  1.542          10.48 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 737.70 739.60  1.90  4.690           8.91 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -13A     737.00 743.70  6.70  1.229           8.23 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -14      728.00 741.00 13.00  1.254          16.30 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 729.00 730.00  1.00  5.777           5.78 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -15      738.00 755.50 17.50  1.114          19.50 Unconformity  Kianna
    -------------------------------------------------------------------------
    including 741.00 743.50  2.50  5.124          12.81 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-118
     -15      765.50 766.50  1.00 19.244          19.24 Basement      Kianna
    -------------------------------------------------------------------------
    SHE-118
     -16      729.40 743.20 13.80          0.500   6.90 Unconformity  Kianna
    -------------------------------------------------------------------------
    SHE-122
     -01      710.50 746.50 36.00  4.206         151.40 Unconformity  Anne
    -------------------------------------------------------------------------
    including 713.50 720.00  6.50 13.703          89.07 Unconformity  Anne
    -------------------------------------------------------------------------
    and       715.00 718.50  3.50 23.171          81.10 Basement      Anne
    -------------------------------------------------------------------------
    including 725.50 729.00  3.50  4.025          14.09 Basement      Anne
    -------------------------------------------------------------------------
    and       726.50 727.50  1.00  9.160           9.16 Basement      Anne
    -------------------------------------------------------------------------
    including 731.00 739.50  8.50  3.512          29.85 Basement      Anne
    -------------------------------------------------------------------------
    SHE-122
     -01      772.50 783.00 10.50  1.096          11.51 Basement      Anne
    -------------------------------------------------------------------------
    including 780.10 783.00  2.90  4.025          11.67 Basement      Anne
    -------------------------------------------------------------------------
    SHE-122
     -02      733.80 744.40 10.60          0.643   6.82 Basement      Anne
    -------------------------------------------------------------------------
    including 773.50 774.00  0.50 15.800           7.90 Basement      Anne
    -------------------------------------------------------------------------
    SHE-122
     -04      716.50 724.50  8.00  2.631          21.05 Unconformity  Anne
    -------------------------------------------------------------------------
    including 717.50 719.00  1.50 13.000          19.50 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-122
     -04      756.50 760.50  4.00  3.569          14.28 Basement      Anne
    -------------------------------------------------------------------------
    including 759.00 760.50  1.50  6.661           9.99 Basement      Anne
    -------------------------------------------------------------------------
    SHE-122
     -05      727.00 747.50 20.50  3.642          74.65 Unconformity  Anne
    -------------------------------------------------------------------------
    including 727.50 733.50  6.00 11.407          68.44 Unconformity  Anne
    -------------------------------------------------------------------------
    and       728.50 732.50  4.00 15.635          62.54 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-122
     -06      713.00 737.00 24.00  0.334           8.02 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-123                                                           Kianna
     -02      800.50 804.00  3.50  4.841          16.95 Basement       South
    -------------------------------------------------------------------------
    including 800.50 802.50  2.00  7.850          15.70 Basement      Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-123   744.40 751.50  7.10  0.886           6.29 Unconformity  Kianna
     -03                                                               South
    -------------------------------------------------------------------------
    SHE-123   733.00 736.60  3.60 11.114          40.01 Unconformity  Kianna
     -06                                                               South
    -------------------------------------------------------------------------
    including 734.50 735.60  1.10 32.262          35.49 Unconformity  Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-123   729.50 732.80  3.30  5.198          17.15 Unconformity  Kianna
     -07                                                               South
    -------------------------------------------------------------------------
    including 731.00 732.30  1.30 11.491          14.94 Unconformity  Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-123   732.50 737.40  4.90  8.411          41.22 Unconformity  Kianna
     -08                                                               South
    -------------------------------------------------------------------------
    including 732.50 734.50  2.00 19.757          39.51 Unconformity  Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-123   733.00 735.80  2.80  2.506           7.02 Unconformity  Kianna
     -09                                                               South
    -------------------------------------------------------------------------
    including 734.00 735.00  1.00  5.730           5.73 Unconformity  Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-123   809.50 817.00  7.50  1.668          12.51 Basement      Kianna
     -09                                                               South
    -------------------------------------------------------------------------
    including 810.00 810.50  0.50 18.392           9.20 Basement      Kianna
                                                                       South
    -------------------------------------------------------------------------
    SHE-123   812.10 819.50  7.40          1.220   9.03 Basement      Kianna
     -09                                                               South
    -------------------------------------------------------------------------
    SHE-123   809.50 811.50  2.00  4.231           8.46 Basement      Kianna
     -12                                                               South
    -------------------------------------------------------------------------
    SHE-125
     -03      709.00 727.40 18.40  0.347           6.38 Unconformity  Anne
    -------------------------------------------------------------------------
    SHE-126   749.90 763.70 13.80  0.402           5.55 Basement     Collette
                                                                      South
    -------------------------------------------------------------------------
    SHE-126                                                          Collette
     -01A     756.00 766.20 10.20  0.700           7.14 Basement      South
    -------------------------------------------------------------------------
    >>

%SEDAR: 00017609E

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, email: uex@intergate.ca

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