UEX/AREVA Announce $3.1 Million Budget for Shea Creek Spring/Summer 2013 Exploration Program

UEX/AREVA Announce $3.1 Million Budget for Shea Creek Spring/Summer 2013 
Exploration Program 
Trading Symbol: UEX-TSX 
VANCOUVER, March 20, 2013 /CNW/ - UEX Corporation ("UEX") and AREVA Resources 
Canada Inc. ("AREVA"), the operator, are pleased to announce an approved 
spring/summer 2013 exploration budget for the Shea Creek Project ("Shea 
Creek") of $3.1 million, of which UEX will be responsible for its 49% share, 
or $1.52 million. This exploration program will consist of a geophysical 
program in the northern Colette and southern Anne areas which will commence in 
April and a drilling program south of the Anne Deposit ("Anne") expected to 
begin in June. 
The 2013 program will be focused on the highly prospective Saskatoon Lake 
Conductor ("SLC") which continues to the south of the Anne Deposit, the latter 
which is the southernmost of the four Shea Creek deposits. The SLC 
represents a faulted graphitic unit beneath the overlying Athabasca sandstone 
and is spatially associated with the Colette, 58B, Kianna and Anne deposits 
all of which occur along and adjacent to this conductor over a three-kilometre 
strike length in the northern parts of Shea Creek. Outside of the immediate 
area of the deposits, the continuation of this conductor is sparsely tested by 
isolated, widely-spaced drill holes. The few drill holes in this area 
include several mineralized intersections which have not been followed up, 
including drill hole SHE-2 drilled in 1992. This drill hole intersected a 
shallow-dipping brecciated fault zone just beneath the unconformity in 
association with the SLC and returned 0.342% U(3)O(8) over 0.4 metres in an 
area located approximately two kilometres southeast of the Anne Deposit. 
Other drill holes in this area have also intersected narrow intervals of 
mineralization along with very favourable structures and hydrothermal 
alteration. 
Since geological information is limited in areas to the south of Anne, the 
2013 exploration program will commence with a geophysical Tensor 
Magnetotelluric ("MT") survey to further refine the position and potential 
areas of offset along northeast-trending faults crosscutting the SLC (see 
Figure 1). Steeply dipping faults of this orientation are associated with 
the significant mineralization at the Kianna and Anne deposits where they 
intersect the SLC. These structures can be inferred from the 2008 MT survey 
conducted on the northern parts of the property. A total of 50.4 
line-kilometres will be surveyed which will extend the previous MT coverage 
for approximately six kilometres southeast of Anne, and infill two additional 
lines to the north. In conjunction with previous geophysical data, the 
survey will allow refinement of the drill hole placements in this sparsely 
tested area. 
Drilling totaling approximately 5,000 metres is planned south of the Anne 
Deposit (see Figure 2) and is anticipated to commence in June. There are only 
four previous drill holes in this area, including drill hole SHE-24 which 
intersected mineralization grading 0.074% U(3)O(8) over 2.3 metres in the 
basement rocks approximately 20 metres below the unconformity. The drilling 
will assess untested gaps between existing drill holes, some of which are more 
than 800 metres apart, and also test areas where initial drill holes 
intersected only the margins of the prospective corridor. This area is 
geologically similar to that associated with the Shea Creek deposits and 
previous holes here have also intersected anomalous radioactivity and 
favourable clay alteration. 
Further information regarding UEX's projects, including maps and cross 
sections, is available on UEX's website www.uex-corporation.com. 
To view Figure 1 (2013 Shea Creek Geophysical Program) and Figure 2 (2013 Shea 
Creek Drilling Program), please access this news release on UEX's website at 
www.uex-corporation.com. 
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. 
Shea Creek Project 
Shea Creek hosts the Kianna, Anne, Colette and 58B deposits, and is the most 
advanced of the nine 49%-owned Western Athabasca uranium projects 
joint-ventured with the project operator, AREVA Resources Canada Inc. The Shea 
Creek deposits form part of a world-class uranium system in which 
mineralization has been defined over a strike length exceeding three 
kilometres along the Saskatoon Lake graphitic conductor in the northern part 
of the project. Most areas of mineralization continue to be open and have high 
potential for both expansion and discovery of new zones. 
Effective December 31, 2009, UEX reported a combined National Instrument 
43-101 ("N.I. 43-101") compliant mineral resource estimate for the Kianna, 
Anne and Colette deposits of 63.6 million pounds U(3)O(8) in the Indicated 
Mineral Resource category and an additional 24.5 million pounds U(3)O(8) in 
the Inferred Mineral Resource category at a cut-off of 0.3% U(3)O(8) (see UEX 
news release dated May 26, 2010). The Company has engaged an independent 
consultant who is updating the mineral resource estimates for the Colette and 
Kianna deposits at Shea Creek, incorporating the drilling results from the 
2010, 2011 and 2012 drilling campaigns. In addition, an initial mineral 
resource estimate is being prepared for the 58B Deposit. UEX anticipates that 
the updated mineral resource estimates will be completed by the end of the 
first quarter of 2013. 
About UEX 
UEX is a Canadian uranium exploration and development company actively 
involved in 17 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 nine joint-ventured with AREVA and one under option from JCU (Canada) 
Exploration Company, Limited, which are operated by AREVA. The 17 projects, 
totaling 264,363 hectares (653,255 acres), are located in the eastern, western 
and northern perimeters of the Athabasca Basin, the world's richest uranium 
belt, which accounts for approximately 15% of the global primary uranium 
production. UEX is currently developing several uranium deposits in the 
Athabasca Basin which include the Kianna, Anne, Colette and 58B deposits at 
its 49%-owned Shea Creek Project, and the Horseshoe, Raven and West Bear 
deposits located at its 100%-owned Hidden Bay Project. UEX currently has a 
cash position of approximately $11.1 million. 
UEX's two major projects have mineral resource estimates as follows: 
          


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

 _____________________________________________________________________
|      Project  |   Tonnes |   Grade    |    Total     |   UEX's share|
|               |          |U(3)O(8) (%)|U(3)O(8) (lbs)|U(3)O(8) (lbs)|
|_______________|__________|____________|______________|______________|
|  Shea Creek ( |1,872,600 |     1.540  |   63,572,000 |    31,150,280|
|      (4))     |          |            |              |              |
|_______________|__________|____________|______________|______________|
|  Hidden Bay ( |10,372,500|     0.160  |   36,623,000 |    36,623,000|
|      (5))     |          |            |              |              |
|_______________|__________|____________|______________|______________|
|TOTAL INDICATED|12,245,100|     0.371  |  100,195,000 |    67,773,280|
|_______________|__________|____________|______________|______________|
           
          UEX Corporation - Inferred Mineral Resources ((1) (2) (3) )

 _____________________________________________________________________
|      Project   |  Tonnes |   Grade    |    Total     | UEX's share  |
|                |         |U(3)O(8) (%)|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.

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

SOURCE: UEX Corporation

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CO: UEX Corporation
ST: British Columbia
NI: MNG 

-0- Mar/20/2013 20:23 GMT


 
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