UEX Plans to Initiate Final Feasibility Study at Raven and Horseshoe Deposits Following Receipt of N.I. 43-101 Compliant Resource Estimate



    Trading Symbol: UEX-TSX

    VANCOUVER, June 13 /CNW/ - UEX Corporation ("UEX") is pleased to announce
the results from all drill holes completed during the winter 2007 definition
and exploration drilling program at the Raven and Horseshoe Deposits ("Raven",
and "Horseshoe") located within UEX's 100%-owned Hidden Bay Project in the
eastern Athabasca Basin area of northern Saskatchewan. The drilling program,
totaling 28,212 metres, was completed between January and April 2007, and
consisted of 6,408 metres in 25 holes at Raven (holes RU-001 to RU-025) and
21,804 metres in 63 holes at Horseshoe (holes HU-028 to HU-090).
    The purpose of UEX's drilling program was to further define the extent of
Horseshoe mineralization to provide the basis for a National Instrument 43-101
("N.I. 43-101") compliant resource estimate, test areas where Horseshoe
mineralization extends into previously unexplored areas, and test portions of
Raven to establish mineralization continuity for future resource definition.
    "The recent drilling has exceeded our expectations, and in particular the
results from Horseshoe are impressive, with strong continuity between drill
holes and significant grades and widths of mineralization," said Stephen
Sorensen, President and CEO of UEX. Sorensen went on to say: "In this economic
environment, UEX plans to move aggressively to final feasibility at Raven and
Horseshoe, in parallel with environmental, metallurgical and geotechnical
studies that are underway."
    Golder Associates ("Golder") has been engaged to oversee a resource
calculation for Horseshoe, and has initiated components of a final feasibility
study. Golder provides technical guidance on aspects of the final phases of
definition drilling for both Raven and Horseshoe, including geotechnical
analysis of drill core. Golder is also responsible for environmental
management planning and is in the latter stages of environmental baseline
collection.
    Melis Engineering Ltd. is currently overseeing a metallurgical testing
program using representative composites derived from Horseshoe assay rejects.
Head analyses of test composites revealed low levels of deleterious elements
and initial metallurgical test results show over 97% uranium extraction under
relatively mild acid leach conditions, thus greatly facilitating uranium
recovery from the Horseshoe mineralization.
    On June 11, 2007, the Ux Consulting Company LLC reported the uranium spot
price at US$135/lb U3O8. At that price, sample values per tonne for the
following uranium grades are listed below:

    
    -   1.0% U3O8 represents a value of US$2,970 per tonne;
    -   0.5% U3O8 represents a value of US$1,485 per tonne;
    -   0.1% U3O8 represents a value of US$297 per tonne;
    -   0.05% U3O8 represents a value of US$148.50 per tonne.
    

    Raven and Horseshoe are located less than 5 kilometres south of Cameco
Corporation's ("Cameco") Rabbit Lake, and 12 kilometres southeast of AREVA
Resources Canada Inc.'s ("AREVA") McClean Lake milling operations, and are
hosted by competent basement rocks that could be amenable to both open-pit and
conventional underground ramp access mining methods.
    "While the feasibility study for Raven and Horseshoe will evaluate
several mining methods, the probability of more favourable economics using an
open pit mine design has led UEX to quote these intercepts with an open pit
resource in mind and hence a 0.05% U3O8 cutoff," said Sorensen. "Should future
results dictate otherwise, these results and their corresponding resource
estimates would be re-stated with the appropriate cut-off as determined at
that time."

    Horseshoe Deposit Results

    Numerous mineralized intercepts were obtained at Horseshoe during the
2007 winter drilling program, and those composited to grades of at least 0.05%
U3O8 with a grade-thickness product of greater than 0.05 are listed in
Table 1. Some of the most significant intercepts include the following, listed
in chronological order as drilled:

    
    -   0.32% U3O8 over 16.00 metres in hole HU-28 (A zone, section 4640N)
    -   0.21% U3O8 over 10.50 metres in hole HU-30 (A zone, section 4640N)
    -   0.58% U3O8 over 6.80 metres in hole HU-32 (A zone, section 4611N)
    -   0.49% U3O8 over 17.00 metres in hole HU-33 (A zone, section 4611N)
    -   0.07% U3O8 over 16.50 metres in hole HU-34 (A zone, section 4650N)
    -   1.08% U3O8 over 2.60 metres in hole HU-36 (A zone, section 4665N)
    -   0.16% U3O8 over 8.50 metres in hole HU-36 (A zone, section 4665N)
    -   0.74% U3O8 over 13.40 metres in hole HU-37 (A zone, section 4611N)
    -   0.37% U3O8 over 20.30 metres in hole HU-38 (A zone, section 4650N)
    -   0.63% U3O8 over 12.75 metres in hole HU-39 (A zone, section 4611N)
    -   0.15% U3O8 over 10.40 metres in hole HU-40 (A zone, section 4697N)
    -   0.12% U3O8 over 13.90 metres in hole HU-40 (A zone, section 4697N)
    -   0.31% U3O8 over 65.00 metres in hole HU-43 (A zone, section 4665N)
    -   0.21% U3O8 over 28.95 metres in hole HU-44 (A zone, section 4697N)
    -   0.09% U3O8 over 15.20 metres in hole HU-44 (A zone, section 4697N)
    -   0.58% U3O8 over 19.00 metres in hole HU-45 (A zone, section 4593N)
    -   0.14% U3O8 over 13.10 metres in hole HU-46 (B zone, section 4665N)
    -   0.23% U3O8 over 15.00 metres in hole HU-47 (A-B zone, section 4697N)
    -   0.39% U3O8 over 2.60 metres in hole HU-48 (B zone, section 4665N)
    -   0.21% U3O8 over 16.40 metres in hole HU-49 (A zone, section 4593N)
    -   0.38% U3O8 over 24.60 metres in hole HU-50 (A-B zone, section 4724N)
    -   0.31% U3O8 over 23.00 metres in hole HU-51 (A zone, section 4593N)
    -   0.11% U3O8 over 24.40 metres in hole HU-52 (B zone, section 4665N)
    -   0.30% U3O8 over 5.65 metres in hole HU-54 (A-B zone, section 4697N)
    -   0.17% U3O8 over 13.70 metres in hole HU-54 (A-B zone, section 4697N)
    -   0.18% U3O8 over 8.50 metres in hole HU-54 (A-B zone, section 4697N)
    -   0.40% U3O8 over 6.50 metres in hole HU-56 (B zone, section 4665N)
    -   0.10% U3O8 over 15.40 metres in hole HU-58 (A-B zone, section 4697N)
    -   0.50% U3O8 over 26.60 metres in hole HU-61 (A zone, section 4593N)
    -   0.14% U3O8 over 14.90 metres in hole HU-62 (A-B zone, section 4697N)
    -   0.18% U3O8 over 60.90 metres in hole HU-63 (A-B zone, section 4755N)
    -   0.20% U3O8 over 11.00 metres in hole HU-65 (A-B zone, section 4697N)
    -   0.61% U3O8 over 17.65 metres in hole HU-65 (A-B zone, section 4697N)
    -   0.12% U3O8 over 20.00 metres in hole HU-66 (A zone, section 4593N)
    -   0.43% U3O8 over 10.90 metres in hole HU-72 (A-B zone, section 4724N)
    -   0.50% U3O8 over 9.80 metres in hole HU-81 (A-B zone, section 4724N)
    -   0.80% U3O8 over 4.10 metres in hole HU-83 (A zone, section 4540N)
    -   0.15% U3O8 over 14.50 metres in hole HU-84 (A zone, section 4540N)
    -   0.21% U3O8 over 38.50 metres in hole HU-85 (A-B zone, section 4724N)
    -   0.13% U3O8 over 12.00 metres in hole HU-88 (A-B zone, section 4724N)
    -   0.26% U3O8 over 5.40 metres in hole HU-88 (A-B zone, section 4724N)
    -   0.22% U3O8 over 38.20 metres in hole HU-88 (A-B zone, section 4724N)
    -   0.17% U3O8 over 12.10 metres in hole HU-89 (A-B zone, section 4755N)
    -   0.37% U3O8 over 6.20 metres in hole HU-89 (A-B zone, section 4755N)
    

    Many of the intercepts listed above contain narrower, higher-grade zones.
For example, the intercept in hole HU-043 listed above contains a zone of
2.04% U3O8 over 7.50 metres, which includes 10.59% U3O8 over 0.50 metres.
Other significant higher-grade intercepts include 0.99% over 11.40 metres in
hole HU-61, 1.58% U3O8 over 5.20 metres in HU-065 and 1.97% U3O8 over 3.85
metres in HU-037, which includes 5.27% U3O8 over 0.55 metres (see Table 1 for
other significant higher-grade intercepts included in wider intervals of
mineralization).
    While true widths of mineralized intervals have not yet been determined,
drill core axis angles and continuity of mineralization between drill holes
suggest that the vertical to steep angle of drill holes crosses the
shallow-dipping mineralized zones at a high angle, which is close to true
thickness.
    Infill sampling will be required to fully assess the intercepts in HU-43
and HU-52 since they contain cumulative unsampled intervals of up to
12.70 metres where the core did not contain sufficiently anomalous
radioactivity to meet UEX's sampling criteria as determined by hand-held
scintillometer (greater than 200 counts per second, or "cps"). These unsampled
intervals are scheduled for sampling during the upcoming 2007 summer drilling
program, for if the intervals contain low-grade mineralization, they could be
mined with adjacent higher-grade material pending a positive feasibility
study.
    The results of the winter 2007 drilling program, when integrated with
previously-reported holes from 2006, have now outlined mineralization at
Horseshoe over a strike length of 500 metres. Within this mineralized area,
definition drilling at 15 to 30 metres spacing has defined a continuous pair
of stacked, shallow-dipping, mineralized zones over a 350 metre strike length.
The zones, termed the A and B zones, comprise competent zones of hematization
with disseminated and veinlet pitchblende-boltwoodite-uranophane
mineralization within competent quartzitic gneiss. The zones plunge shallowly
to the northeast and are linear in plan view.
    Mineralization depths increase as the mineralized zones plunge to the
northeast, ranging in vertical depth below surface from 130 to 220 metres in
the southwestern parts of the A zone between sections 4540-4650N, to depths of
240 to 390 metres below surface along sections 4690-4750N where the A and B
zones converge to the northeast. Where the zones, converge, they are
collectively referred to as the A-B zone in Table 1 and the intercepts above.
Mineralization is still open to the northeast and additional drilling is
planned during the summer of 2007.

    Raven Deposit Results

    The winter 2007 drilling program at Raven was designed to further test
the continuity of mineralization identified by Gulf Minerals Canada ("Gulf")
during its exploration of the deposit during the 1970's. Gulf's historical
drilling was generally too widely-spaced to calculate a current resource or to
fully interpret the continuity of mineralization. Previous drilling conducted
by UEX in 2005 in a western area of Raven encountered narrow, discontinuous
intercepts. The current target area was subsequently identified as an area
where greater grade and continuity potential could occur, based on the
interpretation of historical Gulf data. Uranium mineralization generally
occurs at depths between 80 and 240 metres. The winter 2007 drilling program
tested this area over a 300 metre strike length, with drill holes positioned
on 60 metre-spaced sections, approximately 30 metres apart on each section
line. Between three and six holes tested each cross section, following up
areas where mineralization was previously intersected by Gulf. All holes were
drilled grid north (north-northwest) with dips of 70 degrees to 88 degrees.
    Mineralized intervals intersected during the program and composited to
grades of 0.05% U3O8 with a grade-thickness product of greater than 0.05 are
listed in Table 2. Some of the most significant intercepts include:

    
    -   0.09% U3O8 over 40.70 metres in hole RU-001 (section 5475E)
    -   0.80% U3O8 over 2.20 metres in hole RU-002 (section 5475E)
    -   0.08% U3O8 over 14.60 metres in hole RU-002 (section 5475E)
    -   0.12% U3O8 over 9.00 metres in hole RU-002 (section 5475E)
    -   0.11% U3O8 over 9.00 metres in hole RU-003 (section 5475E)
    -   0.16% U3O8 over 27.00 metres in hole RU-004 (section 5475E)
    -   0.25% U3O8 over 13.30 metres in hole RU-005 (section 5535E)
    -   0.19% U3O8 over 16.70 metres in hole RU-012 (section 5415E)
    -   0.45% U3O8 over 5.60 metres in hole RU-014 (section 5415E)
    -   0.09% U3O8 over 36.20 metres in hole RU-015 (section 5630E)
    -   0.15% U3O8 over 8.30 metres in hole RU-015 (section 5630E)
    -   0.36% U3O8 over 4.50 metres in hole RU-017 (section 5630E)
    -   0.51% U3O8 over 4.10 metres in hole RU-023 (section 5660E)
    -   0.07% U3O8 over 20.00 metres in hole RU-024 (section 5660E)
    -   0.06% U3O8 over 38.70 metres in hole RU-024 (section 5660E)
    -   0.10% U3O8 over 33.60 metres in hole RU-025 (section 5415E)
    

    As with Horseshoe drilling, some infill sampling is planned during the
upcoming 2007 summer drilling program to fully assess the mineralized
intercepts in RU-001, RU-003, and RU-012 since they contain cumulative
unsampled intervals of up to 3.9 metres where the core did not contain
sufficiently anomalous radioactivity to meet UEX's sampling criteria of
greater than 200 cps, as determined by hand-held scintillometer.
    The mineralization intersected during the winter 2007 program at Raven is
more complex in morphology than that observed in the current areas of
definition drilling at Horseshoe. It comprises a combination of
pitchblende-boltwoodite-uranophane bearing narrow, higher- grade veinlets,
disseminations with red hematite, and irregular pods and blebs. Further
drilling will be required to assess its continuity and infill the current 60
metre-spaced sections. Mineralization intersected in several drill holes is
open, and extends into areas not previously tested by Gulf. The intercepts
reported here occur at vertical depths below surface of between 70 and 250
metres, and are shallower on average than the intercepts at Horseshoe to the
east.

    Summer 2007 Drilling Programs

    A diamond drilling program at Raven and Horseshoe is planned for the
summer of 2007 using up to 3 drill rigs and totaling approximately
21,000 metres. At Horseshoe, two drill rigs are planned to complete further
drilling of approximately 15,000 metres, leading to the calculation of a
N.I. 43-101 compliant resource in the fourth quarter of 2007, or in the first
quarter of 2008.
    At Raven, a drilling program of approximately 6,000 metres is planned to
test the continuity of mineralization at Raven with infill holes, and to test
potential mineralization beyond the areas of current UEX and historical Gulf
drilling. Infill drilling to establish a resource will be considered for the
2008 winter program if sufficient continuity of mineralization is identified.
A potentially economic resource identified at Raven could be mined either by
open pit or underground methods concurrently with resources developed at
Horseshoe, pending a positive feasibility study.

    About Raven and Horseshoe

    In 1980, Gulf estimated a total resource at Raven and Horseshoe of
6.7 million tonnes at an average grade of 0.16% U3O8, representing
approximately 23 million contained pounds of U3O8. This historical resource
estimate was based on widely-spaced drill holes and was not calculated using
current Canadian Institute of Mining, Metallurgy and Petroleum categories and
no current resource or reserve competence categories were applied. As a
result, such resource estimate is not compliant with N.I. 43-101 and should
not be relied upon.
    To view maps and cross sections of Raven and Horseshoe, please access
UEX's website at www.uex-corporation.com under "Projects - Eastern Athabasca -
Hidden Bay".

    Sample Handling and Quality Assurance

    Geochemical samples are selected with the aid of a hand-held
scintillometer to identify areas of above-background radioactivity. Samples
are split, with half remaining in the core box, and the remainder shipped to
Saskatchewan Research Council Geoanalytical Laboratories ("SRC") where they
are crushed and ground to minus 106 microns. The pulp is digested in aqua
regia leach and analyzed by ICP for uranium and other elements. In addition to
the geochemical analyses, down-hole probe radiometric results, obtained for
all drill holes on completion of drilling, provide an independent check of the
geochemical data. Probe results can be used for grade calculations where poor
ground conditions occur and drill core recoveries are low, although at Raven
and Horseshoe recoveries are generally at, or close to, 100%. UEX has
commenced systematic insertion of sample blanks into the sample stream. In
addition, repeat analyses are routinely analyzed, and laboratory standards are
inserted by SRC to assess sample repeatability and accuracy of results.
    The technical information in this news release regarding Raven and
Horseshoe has been compiled by David Rhys, P. Geo., a Qualified Person as
defined by N.I. 43-101. True widths of mineralized intervals have not yet been
determined.

    About UEX

    UEX is a Canadian uranium exploration company formed under an agreement
between Pioneer Metals Corporation and Cameco. Cameco, the world's largest
supplier of uranium, is UEX's largest shareholder. UEX began trading on the
Toronto Stock Exchange in July 2002 and is actively involved in the
exploration and development of 19 uranium projects, including seven that are
100% owned and operated by UEX, one joint venture with AREVA that is operated
by UEX, ten under option from AREVA and one under option from Japan-Canada
Uranium Company, Limited, which are operated by AREVA. The 19 projects,
totaling 386,650 hectares (955,400 acres), are located in the eastern, western
and northern perimeters of the Athabasca Basin, the world's richest uranium
belt, which accounts for approximately 30% of the global primary uranium
production. UEX's exploration budget for 2007 is $25.0 million, and the
Company has a cash position of approximately $65.0 million.

    
           ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION

                             Stephen H. Sorensen
                             President & C.E.O.
    

    Forward-Looking Statements

    This news release contains "forward-looking statements" that are based on
UEX's current expectations, estimates, forecasts and projections. These
forward-looking statements include statements regarding UEX's outlook for our
future operations, plans and timing for the commencement or advancement of
exploration activities on our properties, 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
statements. Such forward-looking statements are 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
statements. Many of these factors are beyond the control of UEX. Consequently,
all forward-looking statements made in this news release are 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
statements. 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.
                   Winter 2007 Horseshoe Drilling Program
         Significant Intersections from Drill Holes HU-028 to HU-090

     Only intervals with composite grades greater than 0.05% U3O8 and a
    grade-thickness product greater than 0.05 are listed below. All analyses
                        were performed by SRC by ICP.

    -------------------------------------------------------------------------
                      Total Depth
             Section    of Hole      From        To      Length   Avg. Grade
    Hole     (North)   (metres)    (metres)   (metres)  (metres)   (% U3O8)
    -------------------------------------------------------------------------
    HU-028     4638      600.0      185.60      201.6     16.00     0.32
    HU-028             including    191.80      193.40     1.60     2.55
    HU-028                and       192.70      193.10     0.40     5.31
    -------------------------------------------------------------------------
    HU-029     4650      251.0      188.00     194.00      6.00     0.06
    HU-029                          205.70     209.30      3.60     0.06
    -------------------------------------------------------------------------
    HU-030     4611      321.0      188.00     198.50     10.50     0.21
    HU-030                          246.85     247.90      1.05     1.02
    -------------------------------------------------------------------------
    HU-032     4638      295.0      193.80     200.60      6.80     0.58
    HU-032                          222.00     223.00      1.00     0.09
    -------------------------------------------------------------------------
    HU-033     4611      255.0      177.00     194.00     17.00     0.49
    HU-033             including    190.30     193.40      3.10     1.90
    HU-033                and       193.00     193.40      0.40     5.93
    -------------------------------------------------------------------------
    HU-034     4650      235.0      170.70     187.20     16.50     0.07
    -------------------------------------------------------------------------
    HU-036     4665      272.0      223.50     226.10      2.60     1.08
    HU-036                          238.00     246.50      8.50     0.16
    -------------------------------------------------------------------------
    HU-037     4611      258.4      181.00     194.40     13.40     0.74
    HU-037             including    181.00     184.85      3.85     1.97
    HU-037                and       184.30     184.85      0.55     5.27
    HU-037                          211.30     212.25      0.95     0.79
    -------------------------------------------------------------------------
    HU-038     4650      262.0      199.50     219.80     20.30     0.37
    HU-038             including    199.50     200.50      1.00     3.90
    -------------------------------------------------------------------------
    HU-039     4611      255.0      136.90     139.40      2.50     0.29
    HU-039                          150.60     163.35     12.75     0.63
    HU-039             including    162.75     163.35      0.60     7.55
    HU-039                          204.50     205.90      1.40     0.16
    -------------------------------------------------------------------------
    HU-040     4697      407.0      236.30     238.30      2.00     0.18
    HU-040                          262.00     272.40     10.40     0.15
    HU-040                          290.50     304.40     13.90     0.12
    -------------------------------------------------------------------------
    HU-041     4650      253.8      183.50     190.30      6.80     0.08
    HU-041                          212.80     214.00      1.20     0.22
    -------------------------------------------------------------------------
    HU-043     4665      329.6      127.40     127.80      0.40     0.12
    HU-043                          156.60     161.40      4.80     0.05
    HU-043                          179.40     244.40     65.00     0.31(*)
    HU-043             including    180.30     187.80      7.50     2.04
    HU-043                and       183.80     187.10      3.30     4.27
    HU-043                and       184.20     184.70      0.50    10.59
    HU-043                          260.80     262.40      1.60     0.09
    HU-043                          287.00     288.70      1.70     0.05
    HU-043                          297.90     298.40      0.50     0.19
    -------------------------------------------------------------------------
    HU-044     4697      362.0      158.30     159.00      0.70     0.43
    HU-044                          178.30     179.40      1.10     0.11
    HU-044                          206.95     235.90     28.95     0.21
    HU-044             including    220.10     226.00      5.90     0.67
    HU-044                          253.50     268.70     15.20     0.09
    -------------------------------------------------------------------------
    HU-045     4593      347.0      163.00     164.30      1.30     0.30
    HU-045                          172.00     191.00     19.00     0.58
    HU-045             including    172.00     172.80      0.80     1.94
    HU-045                and       175.40     179.70      4.30     0.90
    HU-045                and       190.00     191.00      1.00     2.72
    -------------------------------------------------------------------------
    HU-046     4665      296.0       96.80      98.00      1.20     0.07
    HU-046                          100.50     101.00      0.50     0.12
    HU-046                          117.90     119.00      1.10     0.14
    HU-046                          151.40     153.40      2.00     0.07
    HU-046                          207.70     208.60      0.90     0.20
    HU-046                          234.10     234.40      0.30     0.21
    HU-046                          237.90     239.30      1.40     0.10
    HU-046                          242.10     243.50      1.40     0.07
    HU-046                          254.30     267.40     13.10     0.14
    HU-046                          272.20     273.10      0.90     0.12
    -------------------------------------------------------------------------
    HU-047     4697      363.9      247.00     249.00      2.00     0.14
    HU-047                          279.00     294.00     15.00     0.23
    -------------------------------------------------------------------------
    HU-048     4665      361.0      110.60     111.80      1.20     0.12
    HU-048                          127.50     129.30      1.80     0.09
    HU-048                          135.20     139.70      4.50     0.06
    HU-048                          145.30     146.40      1.10     0.08
    HU-048                          154.50     157.60      3.10     0.07
    HU-048                          163.50     163.90      0.40     0.12
    HU-048                          183.30     184.40      1.10     0.06
    HU-048                          253.90     256.50      2.60     0.39
    -------------------------------------------------------------------------
    HU-049     4593      267.0      180.90     197.30     16.40     0.21
    -------------------------------------------------------------------------
    HU-050     4724      431.0      274.70     276.40      1.70     0.06
    HU-050                          297.70     322.30     24.60     0.38
    HU-050             including    306.60     321.10     14.50     0.56
    -------------------------------------------------------------------------
    HU-051     4593      289.8      175.00     198.00     23.00     0.31(xx)
    HU-051             including    197.00     197.50      0.50     5.66
    -------------------------------------------------------------------------
    HU-052     4665      302.0      155.90     156.70      0.80     0.11
    HU-052                          197.20     198.30      1.10     0.05
    HU-052                          228.90     253.30     24.40     0.11(xxx)
    HU-052                          258.50     259.50      1.00     0.15
    -------------------------------------------------------------------------
    HU-053     4638      476.0      131.20     132.50      1.30     0.09
    HU-053                          152.70     154.00      1.30     0.15
    -------------------------------------------------------------------------
    HU-054     4697      344.0      249.00     254.65      5.65     0.30
    HU-054                          265.90     267.40      1.50     0.09
    HU-054                          273.30     287.00     13.70     0.17
    HU-054                          300.30     308.80      8.50     0.18
    HU-054                          317.10     318.20      1.10     0.07
    HU-054                          325.70     326.20      0.50     0.10
    -------------------------------------------------------------------------
    HU-056     4665      293.0      137.50     139.50      2.00     0.06
    HU-056                          161.80     170.30      8.50     0.09
    HU-056                          221.80     228.30      6.50     0.40
    HU-056                          245.40     245.70      0.30     0.15
    -------------------------------------------------------------------------
    HU-057     4665      271.0      135.00     140.00      5.00     0.07
    HU-057                          163.00     165.00      2.00     0.09
    -------------------------------------------------------------------------
    HU-058     4697      350.0      254.90     260.10      5.20     0.13
    HU-058                          264.00     264.70      0.70     0.09
    HU-058                          267.60     269.20      1.60     0.18
    HU-058                          307.00     322.40     15.40     0.10
    -------------------------------------------------------------------------
    HU-060     4665      191.0      119.30     120.10      0.80     0.12
    -------------------------------------------------------------------------
    HU-061     4593      308.0      156.90     183.50     26.60     0.50
    HU-061             including    162.50     173.90      11.4     0.99
    -------------------------------------------------------------------------
    HU-062     4697      379.0      250.80     252.60      1.80     0.45
    HU-062                          269.10     284.00     14.90     0.14
    HU-062                          299.20     304.10      4.90     0.07
    HU-062                          323.70     330.20      6.50     0.06
    HU-062                          338.20     340.70      2.50     0.13
    -------------------------------------------------------------------------
    HU-063     4755      422.0      288.50     289.00      0.50     0.10
    HU-063                          322.40     383.30     60.90     0.18
    -------------------------------------------------------------------------
    HU-065     4697      437.0      281.00     292.00     11.00     0.20
    HU-065                          312.40     314.00      1.60     0.11
    HU-065                          331.30     331.90      0.60     0.34
    HU-065                          402.60     420.25     17.65     0.61
    HU-065             including    407.10     420.25     13.15     0.80
    HU-065                and       408.40     413.60      5.20     1.58
    -------------------------------------------------------------------------
    HU-066     4593      307.0      151.00     171.00     20.00     0.12
    -------------------------------------------------------------------------
    HU-067     4755      419.0      264.50     275.00     10.50     0.06
    HU-067                          300.00     301.00      1.00     0.10
    HU-067                          325.00     328.00      3.00     0.07
    HU-067                          363.00     369.50      6.50     0.11
    -------------------------------------------------------------------------
    HU-068     4593      281.0      113.00     114.00      1.00     0.06
    HU-068                          181.20     184.30      3.10     0.08
    HU-068                          191.00     192.00      1.00     0.06
    HU-068                          239.00     240.60      1.60     0.35
    -------------------------------------------------------------------------
    HU-069     4697      458.0      421.00     421.30      0.30     0.19
    -------------------------------------------------------------------------
    HU-070     4593      275.0      111.20     111.60      0.40     0.23
    HU-070                          116.10     117.30      1.20     0.08
    HU-070                          120.40     123.80      3.40     0.05
    HU-070                          131.00     133.00      2.00     0.05
    HU-070                          143.60     144.10      0.50     0.07
    HU-070                          217.30     223.60      6.30     0.08
    -------------------------------------------------------------------------
    HU-071     4755      515.0      245.60     246.50      0.90     0.30
    HU-071                          278.30     280.50      2.20     0.23
    -------------------------------------------------------------------------
    HU-072     4724      485.0      285.00     288.00      3.00     0.06
    HU-072                          326.50     328.00      1.50     0.17
    HU-072                          333.10     344.00     10.90     0.43
    HU-072                          401.00     410.40      9.40     0.09
    HU-072                          415.00     416.00      1.00     0.05
    -------------------------------------------------------------------------
    HU-075     4755      483.0      257.50     259.00      1.50     0.47
    HU-075                          308.00     308.30      0.30     0.13
    -------------------------------------------------------------------------
    HU-076     4540      275.0      121.00     122.00      1.00     0.07
    HU-076                          137.00     138.00      1.00     0.07
    -------------------------------------------------------------------------
    HU-077     4724      533.0      415.30     415.70      0.40     0.14
    -------------------------------------------------------------------------
    HU-080     4540      242.0      153.30     154.00      0.70     0.16
    -------------------------------------------------------------------------
    HU-081     4724      449.0      265.10     267.00      1.90     0.51
    HU-081                          279.80     280.20      0.40     0.33
    HU-081                          315.00     324.80      9.80     0.50
    HU-081                          334.00     343.00      9.00     0.14
    HU-081                          401.00     407.00      6.00     0.17
    HU-081                          411.00     412.00      1.00     0.06
    -------------------------------------------------------------------------
    HU-083     4540      269.0      163.00     164.00      1.00     0.32
    HU-083                          170.50     173.20      2.70     0.20
    HU-083                          177.40     177.70      0.30     0.25
    HU-083                          182.50     186.60      4.10     0.80
    HU-083             including     183.0     183.40      0.40     4.37
    -------------------------------------------------------------------------
    HU-084     4540      242.0      178.80     193.30     14.50     0.15
    HU-084                          197.00     198.00      1.00     0.06
    -------------------------------------------------------------------------
    HU-085     4724      449.0      264.00     266.00      2.00     0.08
    HU-085                          288.00     326.50     38.50     0.21
    HU-085                          333.50     335.00      1.50     0.09
    HU-085             including    304.90     314.50      9.60     0.35
    -------------------------------------------------------------------------
    HU-087     4827      565.7      279.00     280.00      1.00     0.60
    -------------------------------------------------------------------------
    HU-088     4724      429.0      207.30     207.80      0.50     0.09
    HU-088                          209.30     210.00      0.70     0.07
    HU-088                          220.60     232.60     12.00     0.13
    HU-088                          264.40     269.80      5.40     0.26
    HU-088                          286.30     289.05      2.75     0.07
    HU-088                          291.40     294.70      3.30     0.08
    HU-088                          297.10     335.30     38.20     0.22
    HU-088             including    323.50     330.80      7.30     0.55
    -------------------------------------------------------------------------
    HU-089     4755      335.0      201.30     213.40     12.10     0.17
    HU-089                          243.20     243.60      0.40     0.13
    HU-089                          251.00     256.00      5.00     0.05
    HU-089                          263.80     270.00      6.20     0.37
    -------------------------------------------------------------------------
    HU-090     4724      403.4      149.00     151.00      2.00     0.10
    HU-090                          310.50     314.00      3.50     0.12
    HU-090                          320.00     321.00      1.00     0.09
    -------------------------------------------------------------------------
    (*) includes 12.70 metres not analyzed, and here composited at zero grade
    (xx) includes 9.0 metres sampled that analyzed less than 0.01% U3O8
    (xxx) includes 5.1 metres not analyzed, and here composited at zero grade



                                   Table 2.
                     Winter 2007 Raven Drilling Program
         Significant Intersections from Drill Holes RU-001 to RU-025

     Only intervals with composite grades greater than 0.05% U3O8 and
        a grade-thickness product greater than 0.05 are listed below.
                      Analyses performed by SRC by ICP.

    -------------------------------------------------------------------------
                                                                  Avg. Grade
              Cross   Total Depth                                 Within the
             Section    of Hole      From        To      Length  Intersection
    Hole      (East)   (metres)    (metres)   (metres)  (metres)   (% U3O8)
    -------------------------------------------------------------------------
    RU-001     5475      218.8       84.00      88.80      4.80     0.13
    RU-001                          116.20     117.30      1.10     0.07
    RU-001                          128.80     169.50     40.70     0.09(*)
    -------------------------------------------------------------------------
    RU-002     5475      313.0       89.30      91.50      2.20     0.80
    RU-002                           98.70      99.20      0.50     0.16
    RU-002                          106.40     106.80      0.40     2.13
    RU-002                          124.90     139.50     14.60     0.08
    RU-002                          143.50     144.30      0.80     0.18
    RU-002                          148.00     149.60      1.60     0.11
    RU-002                          158.70     159.40      0.70     0.12
    RU-002                          192.80     193.50      0.70     0.07
    RU-002                          198.00      199.0      1.00     0.06
    RU-002                          205.40     210.70      5.30     0.11
    RU-002                          222.70     231.70      9.00     0.12
    -------------------------------------------------------------------------
    RU-003     5475      239.0      107.70     108.60      0.90     0.10
    RU-003                          113.00     114.00      1.00     0.09
    RU-003                          116.00     117.00      1.00     0.07
    RU-003                          200.00     209.00      9.00     0.11(xx)
    RU-003                          215.90     218.00      2.10     0.42
    -------------------------------------------------------------------------
    RU-004     5475      212.0      107.00     134.00     27.00     0.16
    RU-004             including    109.20     113.00      3.80     0.49
    RU-004             including    130.00     133.50      3.50     0.39
    RU-004                          138.00     140.00      2.00     0.07
    RU-004                          142.00     143.00      1.00     0.06
    -------------------------------------------------------------------------
    RU-005     5535      299.0       23.00      23.70      0.70     0.07
    RU-005                           97.60      99.00      1.40     0.09
    RU-005                          224.90     238.20     13.30     0.25
    -------------------------------------------------------------------------
    RU-007     5535      263.0       94.40      95.40      1.00     0.10
    RU-007                          111.00     117.00      6.00     0.12
    RU-007                          220.40     224.20      3.80     0.08
    RU-007                          232.00     236.60      4.60     0.11
    -------------------------------------------------------------------------
    RU-009     5535      241.7       70.00      71.00      1.00     0.08
    RU-009                           72.00      72.60      0.60     0.09
    RU-009                           92.90      93.60      0.70     0.10
    RU-009                          121.20     122.00      0.80     0.08
    RU-009                          185.00     193.00      8.00     0.06
    -------------------------------------------------------------------------
    RU-010     5415      314.0      140.30     141.30      1.00     0.08
    RU-010                          151.30     158.30      7.00     0.11
    -------------------------------------------------------------------------
    RU-011     5535      194.0       51.20      52.20      1.00     0.06
    RU-011                           63.20      64.20      1.00     0.13
    RU-011                           70.20      72.20      2.00     0.15
    RU-011                          155.20     157.70      2.50     0.06
    -------------------------------------------------------------------------
    RU-012     5415      253.7      105.90     122.60     16.70     0.19(xxx)
    RU-012             including    117.20     117.80      0.60     1.80
    RU-012                          130.60     131.60      1.00     0.05
    RU-012                          148.00     149.50      1.50     0.10
    RU-012                          212.30     214.30      2.00     0.08
    RU-012                          224.30     227.50      3.20     0.08
    -------------------------------------------------------------------------
    RU-013     5535      314.0      191.20     193.20      2.00     0.06
    RU-013                          213.70     216.30      2.60     0.15
    RU-013                          287.10     287.70      0.60     0.18
    -------------------------------------------------------------------------
    RU-014     5415      225.0      129.00     134.60      5.60     0.45
    RU-014                          192.00     194.00      2.00     0.12
    -------------------------------------------------------------------------
    RU-015     5630      225.0       78.20      79.00      0.80     0.22
    RU-015                           90.80      91.30      0.50     0.14
    RU-015                           95.00      95.60      0.60     0.19
    RU-015                          100.60     136.80     36.20     0.09
    RU-015                          148.10     150.40      2.30     0.19
    RU-015                          161.00     164.00      3.00     0.07
    RU-015                          197.00     200.00      3.00     0.06
    RU-015                          228.00     236.30      8.30     0.15
    RU-015                          240.30     244.00      3.70     0.06
    -------------------------------------------------------------------------
    RU-016     5415      205.5      163.20     165.10      1.90     0.24
    -------------------------------------------------------------------------
    RU-017     5630      254.0      214.40     220.80      6.40     0.11
    RU-017                          231.00     235.50      4.50     0.36
    -------------------------------------------------------------------------
    RU-018     5630      290.5       79.70      81.40      1.70     0.13
    RU-018                          104.90     105.90      1.00     0.10
    -------------------------------------------------------------------------
    RU-020     5630      240.0       90.00      91.00      1.00     0.06
    RU-020                          121.20     129.60      8.40     0.10
    RU-020                          188.60     194.60      6.00     0.08
    -------------------------------------------------------------------------
    RU-021     5630      220.0      183.30     144.00      0.70     0.07
    RU-021                          193.00     194.00      1.00     0.56
    RU-021                          199.00     200.00      1.00     0.10
    -------------------------------------------------------------------------
    RU-022     5660      244.7      126.00     127.00      1.00     0.05
    RU-022                          150.40     156.00      5.60     0.11
    RU-022                          195.90     199.00      3.10     0.06
    RU-022                          203.50     205.00      1.50     0.11
    RU-022                          214.40     215.00      0.60     0.12
    -------------------------------------------------------------------------
    RU-023     5660      321.0      128.00     129.00      1.00     0.06
    RU-023                          209.60     210.00      0.40     0.23
    RU-023                          222.00     226.10      4.10     0.51
    RU-023             including    225.30     226.10      0.80     1.73
    -------------------------------------------------------------------------
    RU-024     5660      287.0       95.70      97.20      1.50     0.06
    RU-024                          101.50     102.00      0.50     0.09
    RU-024                          109.00     129.00     20.00     0.07
    RU-024                          183.30     222.00     38.70     0.06
    -------------------------------------------------------------------------
    RU-025     5415      310.0      151.40     185.00     33.60     0.10
    RU-025             including    152.10     152.90      0.80     0.99
    RU-025                          226.60     231.50      4.90     0.15
    RU-025                          254.00     255.00      1.00     0.07
    -------------------------------------------------------------------------
    (*) includes 3.90 metres not analyzed, and here composited at zero grade
    (xx) includes 1.8 metres not analyzed, and here composited at zero grade
    (xxx) includes 0.5 metres not analyzed, and here composited at zero grade
    

    %SEDAR: 00017609E




For further information:

For further information: UEX CORPORATION, Suite 1007 - 808 Nelson
Street, Vancouver, B.C., Canada, V6Z 2H2, PH: (604) 669-2349, FAX (604)
669-1240, Website: www.uex-corporation.com, email: uex@intergate.ca

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