UEX/AREVA Expands New Kianna East Basement Zone at Shea Creek. Drill Hole SHE-118-24 Intercepts 19.9 Metres Grading 1.55% eU(3)O

UEX/AREVA Expands New Kianna East Basement Zone at Shea Creek. Drill Hole 
SHE-118-24 Intercepts 19.9 Metres Grading 1.55% eU(3)O(8), Including 4.1 
Metres Grading 3.09% eU(3)O(8) and 3.0 Metres Grading 5.73% eU(3)O(8) 
Trading Symbol: UEX-TSX 
VANCOUVER, Nov. 14, 2012 /CNW/ - UEX Corporation ("UEX") is pleased to 
announce the results from three additional holes in the new high-grade zone of 
basement-hosted mineralization, Kianna East, on the Shea Creek Project ("Shea 
Creek") as reported to it by AREVA Resources Canada Inc ("AREVA"), the project 
operator. This new zone is located to the east of the existing Kianna Deposit 
("Kianna"), and is spatially associated with a second parallel conductive 
trend (see Figure1 inset). 
The results reported are from three step-out directional drill holes in the 
SHE-118 and SHE-135 series drilled east of the main Kianna Deposit. 
Significant mineralization was intersected at the unconformity ("UC") and in 
the underlying basement rocks ("B") (see Figure 2). 
Highlights of the recent drill results include: 
SHE-118-23:      (UC) 0.36% eU(3)O(8) over 6.2 metres, including 
                    0.68% eU(3)O(8) over 1.5 metres, and 


                  (B) 2.64% eU(3)O(8) over 0.8 metres, and

Kianna East Zone  (B) 1.10% eU(3)O(8) over 1.0 metre;

SHE-118-24:      (UC) 0.13% eU(3)O(8) over 5.8 metres,

Kianna East Zone  (B) 1.55% eU(3)O(8) over 19.9 metres, including
                        3.09% eU(3)O(8) over 4.1 metres and
                        5.73% eU(3)O(8) over 3.0 metres, and
                  (B)   1.58% eU(3)O(8) over 0.8 metres;

SHE-135-14:      (UC) 0.11% eU(3)O(8) over 3.6 metres, and
                  (B) 0.17% eU(3)O(8) over 11.0 metres, and

Kianna East Zone  (B) 1.29% eU(3)O(8) over 8.8 metres, including
                        2.84% eU(3)O(8) over 2.7 metres and
                        0.99% eU(3)O(8) over 3.2 metres.
       (Complete results from the drilling are reported in Table 1.)


Previous results from Kianna East include 16.0 metres grading 3.59% eU(3)O(8 
)in drill hole SHE-135-11 and 18.1 metres grading 3.70% eU(3)O(8) in drill 
hole SHE-135-13 (see UEX's news release dated October 15, 2012). Drill hole 
SHE-118-24 intersected basement-hosted mineralization approximately 40 metres 
up dip to the northeast of mineralization in drill hole SHE-135-13. Drill 
hole SHE-135-14 stepped out approximately 30 metres to the west of drill hole 
SHE-135-13. These results continue to expand this significant new zone of 
high-grade basement-hosted mineralization. 
Correction to Geochemical Grades in Hole SHE-135-12 
As previously reported, technical difficulties were encountered in drill hole 
SHE-135-12 when the rods broke off at 990 metres. An attempt to tap into the 
rods was unsuccessful and therefore the hole was only probed to a depth of 
939.7 metres. However, geological observations and handheld scintillometer 
readings of drill core showed uranium mineralization in the new zone was 
intersected over 7.0 metres from 990.5 to 997.5 metres. Geochemical analyses 
from the core obtained in this interval were originally reported in the UEX 
News Release of October 22, 2012 to be 7.0 metres grading 4.72% U(3)O(8), 
including 3.5 metres grading 8.12% U(3)O(8). An error has been observed in the 
calculation of these grades. The revised calculation shows the grades to be 
7.0 metres grading 2.36% U(3)O(8), including 3.5 metres grading 4.06% U(3)O(8). 
Kianna East Mineralization 
The Kianna East mineralization is a southwest-dipping zone of mineralization 
which lies approximately 80 to 110 metres below and east of the main Kianna 
basement resource and about 200 metres below the unconformity (see Figure2). 
This zone occurs parallel to and along the top of a southwest-dipping 
graphitic unit. Given the orientation of the drill holes, the Kianna East 
intercepts may lie at or close to true thickness. The new zone is open to the 
northwest, southeast and up dip to the northeast. Ongoing and future 
drilling will test for the potential of the new basement zone to extend upward 
along the graphitic unit to the unconformity and for new mineralized zones 
along this parallel conductive graphitic unit. 
Further information regarding UEX's projects, including maps, is available on 
UEX's website at www.uex-corporation.com. 
To view Figure 1 (Northern Shea Creek Area - 2012 Drilling Program) and Figure 
2 (2012 Shea Creek (Kianna East) Drill Results: SHE-118-23, SHE-118-24 and 
SHE-135-14), please access this news release on UEX's website at 
www.uex-corporation.com. 
Qualified Persons and Data Acquisition 
Technical information in this news release has been reviewed and approved by 
R. Sierd Eriks, P.Geo., UEX's Vice-President of Exploration and Erwin Koning, 
P.Geo., AREVA's Technical Advisor, Exploration, who are each Qualified Persons 
as defined by National Instrument 43-101. 
Uranium grades (U(3)O(8)) reported for the 7.0-metre intersection in SHE 
135-12 were obtained from geochemical analysis. All other equivalent uranium 
grade (eU(3)O(8)) results referenced here were obtained using a DHT27-STD 
gamma probe which collects continuous readings along the length of the drill 
hole. Probe results are calibrated using an algorithm calculated from the 
comparison of probe results against geochemical analyses in previous drill 
holes in the Shea Creek area. True widths of mineralized intervals have not 
yet been determined. All intervals are also analyzed geochemically at the 
SRC Geoanalytical Laboratories in Saskatoon, SK to support the probe data. 
The primary geochemical analytical methods used for uranium analysis on the 
Shea Creek samples are ICP-MS (Inductively Coupled Plasma Mass Spectroscopy) 
for samples with grades lower than 1,000 ppm U, and U(3)O(8) uranium assay by 
ICP-OES (Inductively Coupled Plasma Optical Emission Spectroscopy) for samples 
determined by ICP-MS to contain uranium concentrations higher than 1,000 ppm U. 
About Shea Creek 
Effective December 31, 2009, UEX reported a combined mineral resource estimate 
for the Kianna, Anne and Colette deposits as tabulated below in "About UEX." 
This mineral resource estimate is based on drilling information up to December 
31, 2009. Subsequent results, which include the identification of the 58B 
Deposit and the expansion of the Kianna and Colette deposits, are not 
incorporated in this mineral resource estimate. 
This estimate confirmed Shea Creek as the largest undeveloped uranium resource 
in the Athabasca Basin. Shea Creek also ranks as the third largest uranium 
resource in the Basin, exceeded in size only by McArthur River and Cigar Lake. 
Resources at Shea Creek are largely open and have excellent potential for both 
expansion of known areas of mineralization and discovery of new zones. 
At the conclusion of the 2012 exploration program, UEX intends to update its 
mineral resource estimate for Shea Creek to include the results from the 2010, 
2011 and 2012 drilling campaigns. 
About UEX 
UEX is a Canadian uranium exploration and development company actively 
involved in 18 uranium projects, including six that are 100% owned and 
operated by UEX, one joint venture with AREVA that is operated by UEX, as well 
as ten joint-ventured with AREVA and one under option from JCU (Canada) 
Exploration Company, Limited, which are operated by AREVA. The 18 projects, 
totaling 308,320 hectares (761,875 acres), are located in the eastern, western 
and northern perimeters of the Athabasca Basin, the world's richest uranium 
belt, which accounts for approximately 17% of the global primary uranium 
production. UEX is currently advancing several uranium deposits at its two 
major projects which include the Kianna, Anne, Colette and 58B deposits at its 
49%-owned Shea Creek Project, and the Horseshoe, Raven and West Bear deposits 
located at its 100%-owned Hidden Bay Project. UEX currently has a cash 
position of approximately $12.5 million. 
UEX's two major projects have mineral resource estimates as follows: 


         UEX Corporation - Indicated Mineral Resources ((1) (2) (3))
                                              Total


                           Grade        U(3)O(8)      UEX's share 
Project        Tonnes    U(3)O(8) (%)      (lbs)      U(3)O(8) (lbs) 
Shea Creek (                                             


    (4))        1,872,600        1.540      63,572,000       31,150,280

Hidden Bay (                                            
    (5))       10,372,500        0.160      36,623,000       36,623,000


TOTAL                                               
  INDICATED    12,245,100        0.371     100,195,000       67,773,280 


                                                                       
         UEX Corporation - Inferred Mineral Resources ((1) (2) (3))
                                              Total


                           Grade        U(3)O(8)      UEX's share 
Project        Tonnes    U(3)O(8) (%)      (lbs)      U(3)O(8) (lbs) 
Shea Creek (                                             


    (4))        1,068,900        1.041      24,525,000       12,017,250

Hidden Bay (                                            
    (5))        1,109,200        0.111       2,715,000        2,715,000


TOTAL                                                
INFERRED     2,178,100        0.567      27,240,000       14,732,250 


    Notes:

(1)  The mineral resource estimates follow the requirements of National
     Instrument 43-101 - Standards of Disclosure for Mineral Projects
     and classifications follow CIM definition standards.

(2)  The Shea Creek mineral resources were estimated at a cut-off of
     0.30% U(3)O(8).

(3)  The Hidden Bay mineral resources were estimated at a cut-off of
     0.05% U(3)O(8).

(4)  The Shea Creek mineral resource estimates are included in the Shea
     Creek Technical Report with an effective date of May 26, 2010
     which was filed on SEDAR at
     www.sedar.com on July 9, 2010.

(5)  The Hidden Bay mineral resource estimates are included in the
     Hidden Bay Technical Report with an effective date of February 15,
     2011 which was filed on SEDAR at
     www.sedar.com on February 23,
     2011.
    About AREVA Resources Canada Inc.

AREVA, a uranium exploration, mining and milling company, is a subsidiary of 
AREVA group, the global nuclear industry leader with an expanding presence in 
the renewable energies field, and 48,000 employees worldwide to help supply 
safer, cleaner and more economical energy to the greatest number of people. 
AREVA group, through its Canadian subsidiary, has significant interests in 
several uranium deposits in the Athabasca Basin, including the McClean Lake, 
Midwest and Shea Creek deposits operated by AREVA, as well as the McArthur 
River and Cigar Lake deposits operated by Cameco Corporation. AREVA also holds 
a majority interest in the Kiggavik deposits in Nunavut.

Forward-Looking Information

This news release may contain statements that constitute "forward-looking 
information" for the purposes of Canadian securities laws. Such statements are 
based on UEX's current expectations, estimates, forecasts and projections. 
Such forward-looking information includes statements regarding UEX's mineral 
resource and mineral reserve estimates, outlook for our future operations, 
plans and timing for exploration activities, and other expectations, intention 
and plans that are not historical fact. The words "estimates", "projects", 
"expects", "intends", "believes", "plans", or their negatives or other 
comparable words and phrases are intended to identify forward-looking 
information. Such forward-looking information is based on certain factors and 
assumptions and is subject to risks, uncertainties and other factors that 
could cause actual results to differ materially from future results expressed 
or implied by such forward-looking information. Important factors that could 
cause actual results to differ materially from UEX's expectations include 
uncertainties relating to interpretation of drill results and geology, 
additional drilling results, continuity and grade of deposits, participation 
in joint ventures, reliance on other companies as operators, public acceptance 
of uranium as an energy source, fluctuations in uranium prices and currency 
exchange rates, changes in environmental and other laws affecting uranium 
exploration and mining, and other risks and uncertainties disclosed in UEX's 
Annual Information Form and other filings with the applicable Canadian 
securities commissions on SEDAR. Many of these factors are beyond the control 
of UEX. Consequently, all forward-looking information contained in this news 
release is qualified by this cautionary statement and there can be no 
assurance that actual results or developments anticipated by UEX will be 
realized. For the reasons set forth above, investors should not place undue 
reliance on such forward-looking information. Except as required by applicable 
law, UEX disclaims any intention or obligation to update or revise 
forward-looking information, whether as a result of new information, future 
events or otherwise.

TABLE 1
2012 Shea Creek (Kianna East) Drill Results
Results are reported with a grade of greater than 0.1% eU(3)O(8) and a 
grade-thickness product of greater than 0.2

 _______________________________________________________________________________________
|     Hole  | Total  |  Depth to  |   From   |   To   | Length | Avg. Grade |Type†|
|           |Depth of|Unconformity| (metres) |(metres)|(metres)| Within the |           |
|           |  Hole  |  (metres)  |          |        |        |Intersection|           |
|           |(metres)|            |          |        |        | (% eU(3)O  |           |
|           |        |            |          |        |        |    (8))    |           |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-118-22*| 1003.5 |     745.0  |     737.5|   755.2|    17.7|      0.22  |       UC  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   746.2|     6.4|            |           |
|           |        |            |     739.8|        |        |      0.49  |       UC  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     946.4|   978.7|    32.3|      0.24  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   975.6|     7.5|            |           |
|           |        |            |     968.1|        |        |      0.52  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-118-23 | 1013.0 |     749.4  |     743.5|   749.7|     6.2|      0.36  |       UC  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   745.2|     1.7|            |           |
|           |        |            |     743.5|        |        |      0.43  |       UC  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   749.7|     1.5|            |           |
|           |        |            |     748.2|        |        |      0.68  |       UC  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     941.6|   942.4|     0.8|      2.64  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     953.6|   956.2|     2.6|      0.19  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     962.1|   962.9|     0.8|      0.26  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     969.7|   972.4|     2.7|      0.23  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     982.5|   983.5|     1.0|      1.10  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-118-24 | 1041.0 |     755.1  |     750.6|   756.4|     5.8|      0.13  |       UC  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     943.7|   963.6|    19.9|      1.55  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   947.8|     4.1|            |           |
|           |        |            |     943.7|        |        |      3.09  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   950.1|     1.2|            |           |
|           |        |            |     948.9|        |        |      0.57  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   963.6|     3.0|            |           |
|           |        |            |     960.6|        |        |      5.73  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     987.5|   988.3|     0.8|      1.58  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-135-10*|  765.0 |     749.2  |     746.8|   749.7|     2.9|      0.13  |       UC  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   749.7|     1.6|            |           |
|           |        |            |     748.1|        |        |      0.20  |       UC  |
|___________|________|____________|__________|________|________|____________|___________|
|           |NOTE:  Before reaching the depth of the new mineralized zone, hole         |
|           |SHE-135-10 was terminated at                                               |
|           |             765.0 m due to excessive deviation and was re-drilled as hole |
|           |SHE-135-11.                                                                |
|___________|___________________________________________________________________________|
|SHE-135-11*| 1074.6 |     756.6  |     807.7|   808.9|     1.2|      0.22  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     979.2|   995.2|    16.0|      3.59  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   987.4|     8.2|            |           |
|           |        |            |     979.2|        |        |      6.39  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   995.0|     4.0|            |           |
|           |        |            |     991.0|        |        |      1.25  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-135-12*| 1029.0 |     755.0  |     888.7|   899.9|    11.2|      0.22  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   889.8|     1.1|            |           |
|           |        |            |     888.7|        |        |      0.33  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   899.9|     3.9|            |           |
|           |        |            |     896.0|        |        |      0.35  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     990.5|   997.5|     7.0|    2.36**  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   997.5|     3.5|            |           |
|           |        |            |     994.0|        |        |    4.06**  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-135-13*| 1065.0 |     758.7  |     948.6|   954.8|     6.2|      0.26  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   952.0|     2.4|            |           |
|           |        |            |     949.6|        |        |      0.60  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     985.5|  1003.6|    18.1|      3.70  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   989.1|     3.6|            |           |
|           |        |            |     985.5|        |        |      2.62  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   996.5|     4.8|            |           |
|           |        |            |     991.7|        |        |     11.28  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |  1003.6|     4.8|            |           |
|           |        |            |     998.8|        |        |      0.66  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-135-14 | 1042.0 |     748.1  |     745.4|   749.0|     3.6|      0.11  |       UC  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     938.6|   949.6|    11.0|      0.17  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |     984.7|   993.5|     8.8|      1.29  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   987.4|     2.7|            |           |
|           |        |            |     984.7|        |        |      2.84  |        B  |
|___________|________|____________|__________|________|________|____________|___________|
|           |        |            |including |   992.3|     3.2|            |           |
|           |        |            |     989.1|        |        |      0.99  |        B  |
|___________|________|____________|__________|________|________|____________|___________|

*Previously reported hole - (see UEX news release dated October 15, 2012)
** Corrected geochemical results in %U(3)O(8)
†UC - Unconformity mineralization
B - Basement mineralization

Note: Uranium grades are calculated from gamma probe logging. True widths of 
mineralized intervals have not yet been determined.



Graham C. Thody President & CEO (604) 669-2349

SOURCE: UEX Corporation

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/November2012/14/c8189.html

CO: UEX Corporation
ST: British Columbia
NI: MNG FIELD 

-0- Nov/14/2012 23:14 GMT


 
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