UEX Reports Increase in Shea Creek Uranium Resource to 67.7 Million Pounds U(3)O(8) in the Indicated Category and 28.2 Million

UEX Reports Increase in Shea Creek Uranium Resource to 67.7 Million Pounds 
U(3)O(8) in the Indicated Category and 28.2 Million Pounds U(3)O(8) in the 
Inferred Category 
Trading Symbol: UEX-TSX 
VANCOUVER, April 17, 2013 /CNW/ - UEX Corporation ("UEX") is pleased to 
announce it has received an updated National Instrument 43-101 
("N.I.43-101") independent mineral resource estimate for the Shea Creek 
Project ("Shea Creek"). Shea Creek is located in the western Athabasca Basin 
of northern Saskatchewan, Canada, and is owned 49% by UEX Corporation and 51% 
by AREVA Resources Canada Inc. ("AREVA"), the project operator. This estimate, 
commissioned by UEX, was completed by James N. Gray, P.Geo., of Advantage 
Geoservices Limited. 
The updated uranium mineral resource estimate for the four Shea Creek deposits 
at a cut-off grade of 0.30% U(3)O(8) totals: 

    --  67.66 million pounds of U(3)O(8) in the Indicated mineral
        resource category comprising 2,067,900 tonnes grading 1.48% U
        (3)O(8) - an increase of 6% from the mineral resource estimate
        prepared for UEX by Golder Associates Ltd. ("Golder") in 2010
    --  28.19 million pounds of U(3)O(8) in the Inferred mineral
        resource category comprising 1,272,200 tonnes grading 1.01% U
        (3)O(8) - an increase of 15% from the mineral resource estimate
        prepared for UEX by Golder in 2010

This mineral resource estimate for Shea Creek incorporates resources from the 
Kianna, Anne, Colette and 58B deposits ("Kianna", "Anne", "Colette" and "58B", 
respectively) based on drilling information up to December 31, 2012 (see 
Figure 1). This estimate represents an update of a previous resource 
estimate prepared by Golder and reported in May, 2010. A technical report 
supporting the new mineral resource estimate will be filed on SEDAR within 45 
days of this news release.

This mineral resource estimate confirms that Shea Creek remains the largest 
undeveloped uranium resource in the Athabasca Basin. It also ranks as the 
third largest uranium resource in the Basin, exceeded in size only by McArthur 
River and Cigar Lake. Mineralization at Shea Creek is still largely open and 
has excellent potential to expand as drilling continues.

The changes in the mineral resource since the 2010 estimate reflect 
substantial increases in the basement mineral resources of the Kianna Deposit 
and new mineral resources from the recently defined 58B Deposit. These 
resource increases are partially offset by mineral resource losses at Colette 
due to the restriction of mineralization in central and southern parts of that 
deposit based on new infill drilling. In addition, interpolation of 
anomalously high-grade samples was controlled not only by grade capping, as 
was done in 2010, but also through a process of restricted interpolation 
ranges applied to the very high end of the grade distribution. This change 
in approach was applied to all of the Shea Creek deposits. The small reduction 
in the Anne mineral resource estimate, where no drilling has occurred since 
the 2010 resource estimate, reflects the effect of this change in approach to 
the treatment of high-grade drill intervals throughout the deposits.

The 2013 mineral resource estimate identifies that much of the mineralization 
at Shea Creek is found over an approximately one kilometre strike length in 
southern parts of the Shea Creek deposit trend at the Kianna and Anne deposits 
(see Figure 2). Notably, at a 1.0% cut-off grade most of the resources are 
retained at much higher grades as shown below:
    --  Combined mineral resources at the Kianna and Anne deposits at a
        cut-off grade of 0.3% U(3)O(8) total 59.6 million pounds of U
        (3)O(8) in 1,598,500 tonnes grading 1.69% U(3)O(8) in the
        Indicated category and an additional 19.5 million pounds of U
        (3)O(8) in 695,600 tonnes grading 1.27% U(3)O(8) in the
        Inferred category
    --  Combined mineral resources at the Kianna and Anne deposits at a
        cut-off grade of 1.0% U(3)O(8) total 48.3 million pounds of U
        (3)O(8) in 698,300 tonnes grading 3.18% U(3)O(8) in the
        Indicated category and an additional 14.4 million pounds of U
        (3)O(8) in 252,800 tonnes grading 2.59% U(3)O(8) in the
        Inferred category

"The updated mineral resource estimate reflects the tremendous success of UEX 
and AREVA in expanding the Kianna Deposit. Kianna and Anne, which are 
contiguous at the unconformity, host over 80% of the current mineral resource 
at significant grades," said Graham Thody, President and CEO of UEX. "As 
these deposits are open in most directions, we are confident that future 
drilling programs will continue to grow these resources."

Mineral resource estimates at various cut-off grades are summarized in Table 
1. Significantly, at higher cut-off grades most of the contained uranium is 
retained at substantially higher grades.
                               TABLE 1

Shea Creek Mineral Resource Estimates, Tonnes and Grade at Various U

                  (3)O(8) % Cut-off Grades 
These mineral resource estimates were completed in April 2013 
             (incorporating drilling information
up to December 31, 2012) using CIM standards of estimation of mineral 
                   resources and reserves. 
|            |    Cut-off|   Tonnes  |     Grade      |     U(3)O(8)  |
|  Category  |  U(3)O(8) |           |  U(3)O(8) (%)  |     (lbs)     |
|            |      (%)  |           |                |               |
|            |      0.1  |  3,227,300|        1.018   |   72,458,000  |
|            |___________|___________|________________|_______________|
|            |      0.3  |  2,067,900|        1.484   |    67,663,000 |
|            |___________|___________|________________|_______________|
|  Indicated |      0.5  |  1,464,800|        1.935   |    62,492,000 |
|            |___________|___________|________________|_______________|
|            |      1.0  |    795,800|        2.966   |    52,047,000 |
|            |___________|___________|________________|_______________|
|            |      1.5  |    521,300|        3.883   |    44,625,000 |
|            |      0.1  |  2,601,600|        0.586   |    33,616,000 |
|            |___________|___________|________________|_______________|
|            |      0.3  |  1,272,200|        1.005   |    28,192,000 |
|            |___________|___________|________________|_______________|
|   Inferred |      0.5  |    784,500|        1.388   |    23,999,000 |
|            |___________|___________|________________|_______________|
|            |      1.0  |    340,100|        2.310   |    17,323,000 |
|            |___________|___________|________________|_______________|
|            |      1.5  |    215,600|        2.937   |    13,961,000 |
The majority of the estimated mineral resources are from the Kianna and Anne 
deposits, where a significant portion of the resources lie in impermeable 
basement rocks beneath the Athabasca unconformity. Breakdowns of the mineral 
resource estimates by deposit at cut-off grades of 0.3% U(3)O(8) and 1.0% 
U(3)O(8 )are( )provided in Tables 2 and 3, respectively. 

                                            TABLE 2

Breakdown of the Contribution of Each Deposit at Shea Creek to the
                      Total Mineral Resource
            Estimate at a 0.3% U(3)O(8) Cut-off Grade

|       |         |         |Grade|           |        |         |Grade|           |
|Deposit|         |  Tonnes |U(3)O|  U(3)O(8) |        |  Tonnes |U(3)O|  U(3)O(8) |
|       |         |         |(8)  |    (lbs)  |        |         |(8)  |    (lbs)  |
|       |         |         | (%) |           |        |         | (%) |           |
|Kianna |         |1,034,500|1.526| 34,805,000|        |  560,700|1.364| 16,867,000|
|_______|         |_________|_____|___________|        |_________|_____|___________|
|  Anne |         |  564,000|1.992| 24,760,000|        |  134,900|0.880|  2,617,000|
|_______|         |_________|_____|___________|        |_________|_____|___________|
|Colette|Indicated|  327,800|0.786|  5,680,000|Inferred|  493,200|0.716|  7,780,000|
|_______|         |_________|_____|___________|        |_________|_____|___________|
|   58B |         |  141,600|0.774|  2,417,000|        |   83,400|0.505|    928,000|
|_______|         |_________|_____|___________|        |_________|_____|___________|
|TOTALS |         |2,067,900|1.484| 67,663,000|        |1,272,200|1.005| 28,192,000|
                                            TABLE 3

Breakdown of the Contribution of Each Deposit at Shea Creek to the
                      Total Mineral Resource
            Estimate at a 1.0% U(3)O(8) Cut-off Grade

|       |         |       |Grade|           |        |       |Grade|           |
|Deposit|         |Tonnes |U(3)O|  U(3)O(8) |        |Tonnes |U(3)O|  U(3)O(8) |
|       |         |       |(8)  |    (lbs)  |        |       |(8)  |    (lbs)  |
|       |         |       | (%) |           |        |       | (%) |           |
|Kianna |         |446,800|2.796| 27,544,000|        |233,700|2.530| 13,036,000|
|_______|         |_______|_____|___________|        |_______|_____|___________|
|  Anne |         |242,500|3.890| 20,795,000|        | 19,100|3.308|  1,392,000|
|_______|         |_______|_____|___________|        |_______|_____|___________|
|Colette|Indicated| 70,700|1.684|  2,624,000|Inferred| 85,800|1.508|  2,852,000|
|_______|         |_______|_____|___________|        |_______|_____|___________|
|   58B |         | 35,900|1.370|  1,084,000|        |  1,500|1.280|     43,000|
|_______|         |_______|_____|___________|        |_______|_____|___________|
|TOTALS |         |795,800|2.966| 52,047,000|        |340,100|2.310| 17,323,000|

Comparison with the Previous Mineral Resource Estimate

The new mineral resource estimate reflects the following changes at each 
deposit since the 2010 estimate prepared by Golder:

Kianna Deposit:   Discovery of new basement-hosted zones, including the
                  Kianna East Zone, and drilling expansion of other
                  zones has resulted in a very substantial increase of
                  54% in the Indicated mineral resource at a 0.3% U(3)O
                  (8) cut-off.  The majority of the current mineral
                  resource estimate at Kianna is now found in basement
                  rocks.  Areas of basement mineralization,
                  particularly on the north side of Kianna and in the
                  Kianna East Zone, are still open and will be targeted
                  by future drilling.

Anne Deposit:     No new drilling was conducted at Anne since the 2010
                  mineral resource estimate.  The small decline in the
                  Anne mineral resource estimate reflects a change in
                  approach to the treatment of high-grade drill
                  intervals.  In addition to capping high grades, a
                  restriction was placed on interpolation distances for
                  samples at the upper end of the grade distribution. 
                  Further geological interpretation and potential
                  infill drilling, particularly in the Anne basement
                  mineralization where the widely spaced drilling
                  restricts the ability to interpret the continuity of
                  higher grade mineralization, may be undertaken to
                  address this interpretation.  A review of this
                  basement mineralization has identified additional
                  areas for potential expansion.

Colette Deposit:  Since the previous mineral resource estimate, infill
                  and step-out drilling was conducted throughout the
                  Colette area.  While this drilling identified a thick
                  unconformity-hosted pod in the north part of the
                  Colette Deposit that now represents a significant
                  portion of the current Colette mineral resource
                  estimate, infill drilling in parts of the central and
                  southern parts of the deposit failed to establish
                  continuity of mineralization in some of the higher
                  grade parts of the central Colette unconformity
                  mineralization and also restricted distribution of
                  some of the previously interpreted basement zones. 
                  Basement mineralization in the southern parts of
                  Colette has potential for expansion, and
                  continuations of the Shea Creek trend to the north of
                  Colette are still open.

58B Deposit:      This new deposit adds to the total Shea Creek mineral
                  resource estimate.  Basement mineralization has been
                  tested only by widely spaced drill holes, and the
                  mineralization remains open in several directions.

Mineral Resource Estimation Details

The 2013 Shea Creek mineral resource estimate was prepared by James N. Gray, 
P.Geo., of Advantage Geoservices Limited, an independent Qualified Person as 
defined by N.I.43-101. This estimate utilized results of 477 diamond drill 
holes and directional cuts (totaling 402,800 metres) which were drilled since 
1992. Drill spacing across the deposits is variable, ranging between 5 metres 
to greater than 50 metres. On average, Indicated blocks are within 8 metres of 
a drill hole and Inferred blocks within 16 metres.

The mineralized wireframe models from the Kianna, Anne, Colette and 58B 
deposits bounding perched, unconformity and basement mineralization were 
prepared at a 0.05% U(3)O(8) cut-off and used to constrain the mineral 
resource estimate at each deposit area. Estimation was by ordinary kriging 
using Gemcom Software. The impact of anomalously high-grade samples was 
controlled though a process of grade capping as well as restriction placed on 
high-grade interpolation distances.

The mineral resource estimate primarily utilized uranium geochemical analyses 
from the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in 
Saskatoon, Saskatchewan. The principal 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. In addition to AREVA's internal 
quality controls, duplicate and independent check analyses were performed by 
UEX on sample suites representing approximately 5% of the mineralized assay 
database since mineralization was discovered in 1992.

In cases where geochemical analyses were not available due to incomplete 
sampling or core recovery issues, downhole gamma probe data were used to 
calculate equivalent uranium grades 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.

A total of 674 dry bulk density samples, representing all rock types and 
mineralization styles from the Shea Creek deposits, form a comprehensive basis 
for the density component of the mineral resource estimate.

About the Shea Creek Deposits

The Kianna, Anne, Colette and 58B 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. As a 
result of the sandstone thickness, drilling is normally completed by drilling 
a master pilot drill hole from which several directional cuts are drilled to 
enable close-spaced drilling.

Known deposits and mineralized areas along the Saskatoon Lake Conductor at 
Shea Creek occur often in areas where east-northeast trending discordant 
faults offset the north-northwest trending conductive graphitic unit. Three 
styles and settings of mineralization are present, all of which form 
components of the current resource estimate:
    --  Perched, sandstone-hosted mineralization is found in discrete
        zones tens of metres above the unconformity;
    --  Unconformity-type mineralization is found in close proximity to
        the unconformity; and
    --  Basement-hosted mineralization is found in zones up to 280
        metres below the unconformity.

Although each style of mineralization is comparable to individual uranium 
deposits in the Athabasca Basin, the common vertical stacking of these three 
styles is unique to the deposits at Shea Creek. Mineralization is 
mineralogically simple comprising dominantly pitchblende as the primary host 
to uranium, typical of other significant deposits in the Athabasca Basin, and 
lacking significant quantities of deleterious elements such as arsenic, nickel 
and cobalt found in some uranium deposits. Some portions of the Shea Creek 
deposits contain significant gold grades, which were not assessed in this 
current mineral resource estimate.

Further information regarding UEX's projects, including maps and cross 
sections, is available on UEX's website www.uex-corporation.com.

To view Figures 1 and 2 (Shea Creek Deposits), please access this news release 
on UEX's website at www.uex-corporation.com.

Qualified Persons

Technical information in this news release has been reviewed by R. Sierd 
Eriks, P.Geo., UEX's Vice-President of Exploration, David Rhys, P.Geo., UEX 
Advisory Board member and James N. Gray, P.Geo., of Advantage Geoservices 
Limited, each of whom is a Qualified Person as defined by N.I. 43-101.

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 joint venture with AREVA and 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 advancing 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 $10.9 million.

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 47,000 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

To view this news release in HTML formatting, please use the following URL: 

CO: UEX Corporation
ST: British Columbia

-0- Apr/17/2013 21:00 GMT

Press spacebar to pause and continue. Press esc to stop.