UEX Corp. to Amend By-Laws
May 16 13
UEX Corp. will amend by-laws of the corporation to enable notices, communications and documents to be distributed to shareholders in accordance with notice-and-access rules recently adopted by securities regulators and the by-laws of the Corporation to include an advance notice provision for the nomination of directors at its AGM to be held on June 18, 2013.
UEX Corp. Receives an Updated National Instrument 43-101 (N.I. 43-101) Independent Mineral Resource Estimate for the Shea Creek Project
Apr 17 13
UEX Corp. announced that it has received an updated National Instrument 43-101 (N.I. 43-101) independent mineral resource estimate for the Shea Creek Project. 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% U3O8 totals: 67.66 million pounds of U3O8 in the Indicated mineral resource category comprising 2,067,900 tonnes grading 1.48% U3O8 an increase of 6% from the mineral resource estimate prepared for UEX by Golder Associates Ltd. (Golder) in 2010 28.19 million pounds of U3O8 in the Inferred mineral resource category comprising 1,272,200 tonnes grading 1.01% U3O8 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. 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. 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% U3O8 total 59.6 million pounds of U3O8 in 1,598,500 tonnes grading 1.69% U3O8 in the Indicated category and an additional 19.5 million pounds of U3O8 in 695,600 tonnes grading 1.27% U3O8 in the Inferred category Combined mineral resources at the Kianna and Anne deposits at a cut-off grade of 1.0% U3O8 total 48.3 million pounds of U3O8 in 698,300 tonnes grading 3.18% U3O8 in the Indicated category and an additional 14.4 million pounds of U3O8 in 252,800 tonnes grading 2.59% U3O8 in the Inferred category. 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% U3O8 and 1.0% U3O8 are provided in Tables 2 and 3, respectively.
UEX Corp. Secures Additional Drilling at Shea Creek
Apr 10 13
UEX Corp. announced that AREVA Resources Canada Inc. has granted UEX an option to increase UEX's interest in the nine Western Athabasca Projects, which include the Shea Creek Project, to 49.9% through the expenditure by UEX of an aggregate of $18.0 million on exploration drilling intended to advance the four known Shea Creek deposits. This amendment to the Western Athabasca Joint Venture has the effect of providing UEX, for the next several years, a measure of budget control for new exploration programs on the important Shea Creek deposit trend. Under this amendment, UEX may propose a budget amount of up to $4.0 million in any single year without the prior approval of AREVA. The $18.0 million may be spent over the six-year period ending December 31, 2018. UEX's interest in the Western Athabasca Projects will increase at the end of each calendar year, pro-rata, based on the amount of Additional Expenditures incurred in such year. AREVA and UEX will jointly develop these drilling programs and intend to focus efforts at Shea Creek.