UEX Announces Additional $2.0 Million Drilling Budget for Shea Creek 2013 Exploration Program

UEX Announces Additional $2.0 Million Drilling Budget for Shea Creek 2013 
Exploration Program 
Trading Symbol: UEX-TSX 
VANCOUVER, June 4, 2013 /CNW/ - UEX Corporation ("UEX") is pleased to announce 
an additional 2013 exploration budget for drilling on the Shea Creek Project 
("Shea Creek") of $2.0 million. This program will be funded by UEX under the 
recent agreement signed with AREVA Resources Canada Inc. ("AREVA"), which was 
announced in UEX's news release dated April 10, 2013. 
This 2013 supplemental drilling program of approximately 4,000 metres is 
designed to test open portions of the high-grade Kianna East mineralized zone 
as well as open portions of the northern part of the Kianna Deposit ("Kianna 
North") (see Figure 1 for drilling area). Considerable exploration success 
was achieved in both of these areas from 2010 through 2012. This program 
represents a commitment by UEX to further the expansion of mineral resources 
at the Kianna Deposit ("Kianna"). 
This supplemental program is in addition to the $3.1 million program announced 
in March 2013, of which UEX is responsible for funding $1.52 million, 
consisting of a $0.5 million geophysical program in the northern Colette and 
southern Anne Deposit areas and a $2.6 million 5,000-metre drilling program 
south of the Anne Deposit (see Figure 1 and UEX's news release dated March 20, 
2013). 
The drilling south of the Anne Deposit and in the Kianna area will be 
conducted concurrently utilizing two drill rigs and will commence in early 
June 2013. Drilling rigs will be mobilized shortly. The geophysical program 
commenced in May 2013. 
Kianna East 
Kianna East represents a shallow southwest-dipping zone of mineralization 
which lies approximately 80 to 110 metres below and east of the main Kianna 
basement zone and about 200 metres below the unconformity (see Figure2). 
Given the orientation of the drill holes, the Kianna East intercepts lie at or 
close to true thickness. Significant previous results from drilling at 
Kianna East, which were incorporated into the recently announced 2013 Mineral 
Resource Estimate (as defined below), include: 
SHE-135-11*   3.59% eU(3)O(8) over 16.0 metres; 
SHE-135-13*   3.70% eU(3)O(8) over 18.1 metres; 
SHE-118-24**  1.55% eU(3)O(8) over 19.9 metres; and 
SHE-135-12**  2.36% U(3)O(8) over 7.0 metres. 


               

*  see UEX's news release dated October 15, 2012
** see UEX's news release dated November 14, 2012

This high-grade zone occurs parallel to and along the top of a 
southwest-dipping graphitic unit which forms an electromagnetic (EM) anomaly 
to the east of, and parallel to, the Saskatoon Lake Conductor (see Figure1 
inset). The new zone is open to the northwest, southeast and up dip to the 
northeast. Drilling will test for the potential of the new basement zone to 
continue along strike and to extend upward along the graphitic unit toward the 
unconformity.

Kianna North

This area, also referred to as the GAMP Zone, includes a zone of 
mineralization which lies to the north of the main Kianna basement zone and 
was initially intersected in 2010. During that program, drill hole SHE-136-1 
intersected 1.84% eU(3)O(8) over 16.6 metres approximately 50 metres to the 
north of the main Kianna basement zone. Subsequent drilling intercepts in the 
area include 1.28% eU(3)O(8) over 25.1 metres in hole SHE-130-4 drilled in 
2011. This zone of mineralization, which was incorporated into the 2013 
Mineral Resource Estimate, is still open to the east. Additional mineralized 
intercepts, which lie outside of this resource, define further prospective 
targets for similar mineralization styles.

Recent Developments at Shea Creek

Results of drilling at Kianna East and Kianna North were incorporated into the 
recent updated National Instrument 43-101 independent mineral resource 
estimate for Shea Creek ("2013 Mineral Resource Estimate") (see UEX's news 
release dated April 17, 2013) which, 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); and
    --  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).

The updated mineral resource estimate reflects the success of UEX and AREVA in 
expanding Kianna which, together with the contiguous Anne Deposit ("Anne"), 
represents a substantial portion of the Shea Creek resource. The Anne and 
Kianna deposits at a cut-off grade of 0.30% U(3)O(8) contain:
    --  59.6 million pounds of U(3)O(8) in the Indicated mineral
        resource category comprising 1,598,500 tonnes grading 1.69% U
        (3)O(8); and
    --  19.5 million pounds of U(3)O(8) in the Inferred mineral
        resource category comprising 695,600 tonnes grading 1.27% U(3)O
        (8).

The April 4, 2013 agreement with AREVA provides UEX the option to spend up to 
$18.0million over the next six years on exploration in addition to the 
amount agreed to annually by the Western Athabasca Joint Venture ("WAJV"). 
During the term of this option, UEX will increase its interest in the WAJV 
projects on a pro-rata basis for exploration amounts expended. UEX can spend 
up to $4.0 million annually without prior approval of the WAJV, a limit 
designed to ensure AREVA, the operator, has sufficient personnel to conduct 
any exploration program put forth. Another feature of the agreement is that 
the floor level of minimum budgets for the WAJV has been increased during the 
term of the agreement. UEX may gain not only a further interest of 0.9% in 
the existing resource, but also up to 49.9% of any further resources 
discovered. This agreement provides UEX with a multi-year opportunity to 
build upon past successes with AREVA by continuing exploration intended to 
expand known Shea Creek resources while concurrently seeking new uranium 
deposits along the many graphitic conductors identified on the WAJV projects.

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 Additional Drilling Program) and Figure 2 
(2012 Shea Creek (Kianna East) Drill Results: SHE-118-22 to SHE-118-25 and 
SHE-135-10 to SHE-135-15), 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.

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 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 $10.4 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 ( | 2,067,900|     1.484  |   67,663,000 |   33,154,870 |
|      (4))     |          |            |              |              |
|_______________|__________|____________|______________|______________|
|  Hidden Bay ( |10,372,500|     0.160  |   36,623,000 |   36,623,000 |
|      (5))     |          |            |              |              |
|_______________|__________|____________|______________|______________|
|TOTAL INDICATED|12,440,400|     0.380  |  104,286,000 |   69,777,870 |
|_______________|__________|____________|______________|______________|

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))|1,272,200|       1.005|    28,192,000|    13,814,080|
|________________|_________|____________|______________|______________|
|Hidden Bay ((5))|1,109,200|       0.111|     2,715,000|     2,715,000|
|________________|_________|____________|______________|______________|
| TOTAL INFERRED |2,381,400|       0.589|    30,907,000|    16,529,080|
|________________|_________|____________|______________|______________|

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 31, 2013
     which was filed on SEDAR at
     www.sedar.com on May 31, 2013.

(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 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, 
intentions and plans that are not historical fact. The words "estimates", 
"projects", "expects", "intends", "believes", "plans", "will", "may", 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.

Cautionary Note to United States Investors

This press release has been prepared in accordance with the requirements of 
the securities laws in effect in Canada, which differ from the requirements of 
U.S. securities laws. Unless otherwise indicated, all resource estimates 
included in this press release have been prepared in accordance with National 
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") 
and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition 
Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule 
developed by the Canadian Securities Administrators which establishes 
standards for all public disclosure an issuer makes of scientific and 
technical information concerning mineral projects. Canadian standards, 
including NI 43-101, differ significantly from the requirements of the United 
States Securities and Exchange Commission ("SEC"), and resource information 
contained herein may not be comparable to similar information disclosed by 
U.S. companies. In particular, and without limiting the generality of the 
foregoing, the term "resource" does not equate to the term "reserves". Under 
U.S. standards, mineralization may not be classified as a "reserve" unless the 
determination has been made that the mineralization could be economically and 
legally produced or extracted at the time the reserve determination is made. 
The SEC's disclosure standards normally do not permit the inclusion of 
information concerning "measured mineral resources", "indicated mineral 
resources" or "inferred mineral resources" or other descriptions of the amount 
of mineralization in mineral deposits that do not constitute "reserves" by 
U.S. standards in documents filed with the SEC. Investors are cautioned not to 
assume that any part or all of mineral deposits in these categories will ever 
be converted into reserves. U.S. investors should also understand that 
"inferred mineral resources" have a great amount of uncertainty as to their 
existence and great uncertainty as to their economic and legal feasibility. It 
cannot be assumed that all or any part of an "inferred mineral resource" will 
ever be upgraded to a higher category. Under Canadian rules, estimated 
"inferred mineral resources" may not form the basis of feasibility or 
pre-feasibility studies except in rare cases. Investors are cautioned not to 
assume that all or any part of an "inferred mineral resource" exists or is 
economically or legally mineable. Disclosure of "contained ounces" in a 
resource is permitted disclosure under Canadian regulations; however, the SEC 
normally only permits issuers to report mineralization that does not 
constitute "reserves" by SEC standards as in-place tonnage and grade without 
reference to unit measures. Accordingly, information concerning mineral 
deposits set forth herein may not be comparable with information made public 
by companies that report in accordance with U.S. standards.





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

SOURCE: UEX Corporation

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

-0- Jun/04/2013 21:00 GMT