UEX/AREVA Drilling in the Prospective Corridor at Shea Creek Connects the Anne Deposit to Kianna Defining Over 900 Metres of Continuous Unconformity Mineralization



    
    Other Highlights Include 8.42% eU(3)O(8) Over 12.6 Metres Including
    26.63% eU(3)O(8) Over 1.5 Metres at the Kianna Deposit, and 4.58%
    eU(3)O(8) Over 15.5 Metres Including 7.85% eU(3)O(8) Over 8.4 Metres
    at Anne.

    Trading Symbol: UEX-TSX
    

    VANCOUVER, Jan. 12 /CNW/ - UEX Corporation ("UEX") announced today that
AREVA Resources Canada Inc. ("AREVA"), its joint venture partner, has reported
all results from the 2008 summer/fall drilling program at the Shea Creek
Uranium Project ("Shea Creek"). Shea Creek is located in the western Athabasca
Basin of northern Saskatchewan, Canada, and is 49% owned by UEX Corporation,
with AREVA as operator.
    Drilling results reported here are from 23 drill holes which were drilled
principally in three areas: a) infill drill holes in the Kianna Deposit
("Kianna"), b) infill drilling in the Anne Deposit ("Anne"), and c)
exploration holes between Anne and Kianna, to test continuity of
mineralization in this area of previously wider-spaced drilling. The drilling
results include intercepts of 8.42% eU(3)O(8) over 12.6 metres in hole
SHE-115-18 of perched mineralization at Kianna, and 4.58% eU(3)O(8) over 15.5
metres in hole SHE-122-5 of unconformity-hosted mineralization at Anne. A
significant outcome of this program is that drilling between the Kianna and
Anne Deposits has now established that mineralization at the unconformity is
continuous between the two deposits, indicating a strike length of at least
900 metres and is open to the northwest and to the southeast.
    "The new drilling results further demonstrate the world-class size of the
Shea Creek system," said Stephen Sorensen, President and CEO of UEX. Sorensen
went on to say: "Now that the continuity of unconformity mineralization
between Anne and Kianna has been established, work will focus on identifying
additional areas of high-grade perched, unconformity, and basement
mineralization along this extensive unconformity deposit that so far
encompasses Anne, Kianna, and the Prospective Corridor between them."
    Vincent Martin, AREVA Resources President and CEO, is quoted in a July
2008 newsletter that "Shea Creek has the potential to become one of the big
ore bodies in the Athabasca Basin, but we won't really know until we can sink
the exploration shaft." He added that "There is still a lot of work to do, but
I see Shea Creek as one of Saskatchewan's next generation of ore bodies." The
entire document from which these comments are extracted can be viewed at
http://www.arevaresources.com/publications/jul_08communique/shea_creek.html.

    Results from 2008 Summer/Fall Shea Creek Drilling Program

    The 2008 summer/fall drilling program at Shea Creek includes drill
results from June 13, 2008 up to the end of the program on December 5, 2008.
Twenty-three holes were completed utilizing three drills, including twenty-one
directional cuts and two piezometer test holes. Multiple directional cuts, or
"step-outs", can be made from one pilot hole, which reduces costs while
improving targeting precision when drilling deep targets. To view maps of the
2008 summer/fall drilling at Shea Creek, visit the "News Releases" section of
UEX's website at www.uex-corporation.com.
    Uranium grades reported below are calculated from gamma probe logging
(see Table 1), except in the case of several holes where technical
difficulties prevented gamma logging of the drill hole and geochemical results
are presented below instead (see Table 2). The probe results are reported as
uranium equivalent (eU(3)O(8)). Equivalent uranium probe results are obtained
using a STD-27 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.
    Mineralization at Shea Creek is spatially associated with the shallow
dipping unconformity between the Athabasca Sandstone and underlying pelitic
and granitic gneiss. Three distinct styles of high-grade uranium
mineralization occur at Shea Creek:

    
    - Perched ("P"), sandstone-hosted mineralization found in discrete zones
      tens of metres above the unconformity;
    - Unconformity-type mineralization ("UC"), in close proximity to the
      unconformity; and
    - Basement-hosted mineralization ("B"), found in zones up to 200 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.
    Technical difficulties encountered in several drill holes listed below
were related largely to inexperienced drill crews during the industry-wide
crew shortages encountered in 2008; previous drilling in many of these areas
encountered far fewer problems.

    South of Kianna Deposit

    As reported in the June 18, 2008 press release, high-grade
unconformity-hosted mineralization grading 8.9% eU(3)O(8) over 6.1 metres was
intersected in hole SHE-123-8 and 7.01% eU(3)O(8) over 4.5 metres was
intersected in hole SHE123-6 during the 2008 winter program, approximately 150
metres south of Kianna. This area was further tested during the summer/fall
program with the continuation of the SHE-123 series of holes, and the
restarting of the SHE-118 drill hole series that was initially drilled in
2006, for a total of 11 holes in this area. The drilling of the new 118-series
holes (seven holes, SHE 118-11 to SHE118-16, and SHE-118-13A) was designed to
test the continuity of mineralization between the area of the 123-8 intercept
and Kianna, while the new 123-series holes (four holes, SHE-123-10 to
SHE-123-14) tested southward continuity of the SHE-123-8 intercept towards
Anne.
    The new drill holes, along with previous drill holes in this area, have
now outlined a continuous zone of unconformity mineralization extending from
the northwestern end of Kianna to the high-grade mineralization in drill hole
SHE-123-8, and then southeast to the southeastern limit of Anne. This
indicates a continuous zone of unconformity mineralization including both the
Anne and Kianna Deposits, with a strike length of over 900 metres, which is
still open along strike.
    Results of principal intercepts south of Kianna are reported in Table 1,
and for several holes where probe data were not obtainable, geochemical data
are provided in Table 2. True widths of mineralized intervals have not yet
been determined. Some of the more significant intercepts in the area south of
Kianna with grade-thickness product greater than 5.0 include:

    
    - (UC) 1.19% eU(3)O(8) over 5.1 metres in hole SHE-118-11;
    - (UC) 0.99% eU(3)O(8) over 5.6 metres in hole SHE-118-13A;
    - (UC) 0.87% eU(3)O(8) over 9.3 metres, (B) 0.98% eU(3)O(8) over
       9.6 metres, and (B) 0.92% eU(3)O(8) over 6.1 metres in hole
       SHE-118-14;
    - (UC) 2.27% eU(3)O(8) over 8.0 metres, including 4.03% eU(3)O(8) over
       3.9 metres, in hole SHE-118-15;
    - (UC) 0.50% eU(3)O(8) over 13.8 metres in hole SHE-118-16; and
    - (B) 5.73% eU(3)O(8) over 1.6 metres in hole SHE-123-12.
    

    Drill hole SHE-118-13 was lost at 803.0 metres and could not be probed
due to rod breakage, but intersected unconformity mineralization between 738.1
to 740.9 metres; geochemical data is pending. Other mineralization which could
not be probed due to a broken drill string includes high-grade basement
mineralization from 765.6 to 766.1 metres in hole SHE-118-15. Drill hole
SHE-123-4, which was previously reported in the June 18, 2008 press release,
could not be probed at that time due to a breakage in the rod string. However,
all core was recovered and grades from geochemical analysis include 0.52%
U(3)O(8) over 6.6 metres at the unconformity, as well as narrower intercepts
of basement mineralization (see Table 2).
    In addition to the drill holes described above, two holes (P-08-1 and
P-08-2) were drilled approximately 150 metres to the west of Kianna for
geotechnical purposes. These holes were drilled to allow piezometer work for
engineering studies well to the west of any known mineralization in an area
that is otherwise untested by drilling. P-08-1 intersected 0.63% eU(3)O(8)
over 0.7 metres at the unconformity. Although this is a narrow intersection,
it is highly significant since it indicates the presence of unconformity
mineralization at least 150 metres outside the interpreted mineralized trend
between the Kianna and Anne Deposits. No mineralization was intersected in
nearby hole P-08-2.

    Kianna Deposit

    Since the last news release, only limited drilling has occurred at
Kianna. Three holes were drilled in the immediate area of known mineralization
to further trace its lateral and vertical extent, drill holes SHE-115-17,
SHE-115-17A and SHE-115-18, while two holes, SHE-130-1 and SHE-130-2, were
drilled to the north-northeast of Kianna in a previously untested area.
    Drill hole SHE-115-17 targeted basement mineralization in western parts
of the deposit where a previous drill hole (SHE-115-16, drilled in 2007) could
not be completed due to stuck rods. Hole SHE 115-17 also was not completed due
to rod breakage and could not be probed, but basement-hosted mineralization
was intersected between 841.1 and 844.4 metres; geochemical data has not yet
been received from the laboratory. Re-drilling of hole SHE-115-17 in hole
SHE-115-17A intersected unconformity (0.61% eU(3)O(8) over 1.7 metres) and two
intervals of basement mineralization, the latter including 0.24% eU(3)O(8)
over 4.1 metres.
    The most significant drilling intercept during the recent Kianna drilling
program is in hole SHE-115-18, where perched mineralization was intersected
24.7 metres above the unconformity, returning 8.42% eU(3)O(8) over 12.6 metres
between 686.9 and 699.5 metres. This represents a continuation of the known
perched mineralized zone in the Kianna Deposit. Unconformity mineralization
and multiple basement intercepts were also intersected in this drill hole,
including 3.67% eU(3)O(8) over 1.6 metres approximately 80 metres below the
unconformity. Complete results are reported in Tables 1 and 2.
    Drill holes SHE-130-1A and SHE-130-2 were completed approximately 50
metres north-northeast of Kianna. Both intersected narrow intervals of
mineralization, including 0.39% eU(3)O(8) over 1.5 metres in basement 118
metres below the unconformity in hole SHE-130-1A. Due to poor ground
conditions, hole SHE-130-2 was not probed, but the hole intersected several
narrow intervals of mineralization for which geochemical data are pending.
While no broad intercepts of mineralization were obtained in these holes, they
lie northeast of the main north-northwest trend of mineralization, and suggest
the potential for nearby basement-hosted mineralization in this area that
could link to Kianna.

    Anne Deposit

    Drilling at the Anne Deposit during the summer/fall program was
concentrated in the northwestern portions of Anne. Objectives were to better
delineate the unconformity mineralization and expand areas of open high grade
basement mineralization, such as previous hole SHE-122-1 (first reported on
October 18, 2007), which intersected 4.73% eU(3)O(8) over 33.7 metres. Four
directional drilling cuts in holes SHE-122-4 to SHE-122-7 were completed to
test this area.
    The best intercept obtained in this program includes unconformity
mineralization in hole SHE-122-5, which returned 4.58% eU(3)O(8) over 15.5
metres, including 7.85% eU(3)O(8) over 8.4 metres between 727.0 and 735.4
metres. Other intercepts include unconformity mineralization of 1.47%
eU(3)O(8) over 10.0 metres (including 10.44% eU(3)O(8) over 1.1 metres) and
basement mineralization of 1.88% eU(3)O(8) over 5.1 metres in hole SHE-122-4,
which demonstrate the commonly stacked nature of Shea Creek mineralization.
SHE-122-6 and SHE-122-7, both drilled along the southwestern margins of the
basement pod, intersected both unconformity mineralization and 0.8 to 1.5
metre wide intervals of basement mineralization, the latter including 2.15%
eU(3)O(8) over 1.2 metres and 1.04% eU(3)O(8) over 1.5 metres in drill hole
SHE-122-6, nine to 33 metres below the unconformity, and 0.66% eU(3)O(8) over
0.8 metres in hole SHE-122-7, 50 metres below the unconformity. Complete
results are presented in Table 1.

    2009 Drilling and Exploration Program

    The 2009 diamond drilling program at Shea Creek will utilize at least
three drills and is planned to begin by February 1st. Principal objectives of
the drilling program will be to 1) perform infill drilling on the Kianna and
Anne Deposits on approximately 20 metre centres, 2) extend known
mineralization of the two deposits through step-out drilling, and 3) further
test the prospective corridor between Anne and Kianna. This program could lead
to the discovery of additional zones of high-grade mineralization such as the
SHE-123 and SHE-118 series drill holes, which would require a further detailed
follow up.
    Areas outside of the current focus of drilling at Shea Creek also remain
highly prospective for additional mineralization, especially in the
three-kilometre long corridor which contains the Colette, Anne and Kianna
Deposits. The 900 metres of continuous unconformity mineralization from Anne
to Kianna and the 650 metres of previously established unconformity
mineralization at the Colette Deposit ("Colette") together have a combined
strike length of 1,550 metres of mineralization within the three kilometre
long corridor that contains the Anne, Kianna, and Colette Deposits at Shea
Creek. The more than one kilometre trend between the Kianna and Colette
Deposits is sparsely tested by only 18 drill holes of which 13 have
intersected mineralization. One hole along this trend is SHE-58B which
intersected 0.50% eU(3)O(8) over 8.2 metres at the unconformity and 1.64 %
eU(3)O(8) over 2.90 metres in the basement; this hole has not been fenced to
date. Previous drilling in the Colette South area intersected multiple broad
intercepts of basement mineralization that include 0.84% U(3)O(8) over 12.9
metres in hole SHE-111-12, 0.60% U(3)O(8) over 15.5 metres in hole SHE-111-3,
and 0.85% U(3)O(8) over 11.4 metres in hole SHE-111-2, outlining basement
mineralization over at least a 240 metre strike length which is largely open,
and has the potential for Kianna-style high grade basement mineralization. In
reality, much of the more than 20-kilometre long Saskatoon Lake conductor,
along which the Shea Creek deposits are developed, remains sparsely tested by
drilling to the southeast on the Shea Creek Project, and to the northwest on
the adjacent Douglas River Project, which is also 49% owned by UEX. Data from
all of these areas will be further evaluated in 2009 to aid in the planning of
future drilling programs.

    2009 Development Work at Shea Creek

    Studies, Engineering and Procurement

    In 2009, the Shea Creek Project will continue its transition from an
exclusive exploration program to include initial development work. A budget of
$2 million has been approved for 2009 studies supporting future development
work.
    The first proposed phase of development will be the completion of an
underground exploration program to increase the confidence and quantity of
mineralization. This program would involve the sinking of one or two
underground exploratory shafts, from which exploration drifts could be
excavated to allow delineation drilling. The first proposed shaft has been
strategically located between the Kianna and Anne Deposits to facilitate
underground access to both deposits as well as the highly-prospective corridor
between them. In February 2008, a scoping level study was initiated to
determine the costs of this process. SNC Lavalin, McIntosh Engineering and
AREVA personnel are continuing this work. Studies to optimize the facilities
based on field data will continue in 2009.
    Geotechnical and hydrogeological data collection commenced in 2007 with
the drilling and instrumenting of several drill holes in the area. This work
continued in 2008 with the drilling of a potential pilot shaft hole to a depth
of 1,000 metres which allowed complete detailing of geotechnical and
hydrogeological parameters. In addition, a large diameter (PQ) pumping hole
was drilled to ascertain additional hydrogeological data. SRK Consulting is
the lead consultant for this phase of work. This data will provide a basis for
groundwater inflows and ground stability assessments for underground
infrastructure.
    Metallurgical testing of the Shea Creek mineralization commenced in 2008.
Core samples were sent for bench scale testing to AREVA's McClean Lake Mill to
assess recoveries and processing alternatives.

    Environmental Impact Statement and Licensing

    Any construction or underground development must be preceded by the
required regulatory process, the first step of which is the gathering of
environmental baseline data. As previously announced (see UEX News Release,
April 10, 2007), AREVA has started the necessary studies for site
characterization and baseline studies. Baseline data collection and site
characterization will continue in 2009 in support of the future Environmental
Impact Statement.

    Qualified Persons

    Technical information in this news release has been reviewed and approved
by R. Sierd Eriks, P. Geo., UEX's Vice President of Exploration, Erwin Koning,
P. Geo., AREVA's District Geologist, West Athabasca Region, and UEX geological
consultant David Rhys, P. Geo., who are Qualified Persons as defined by
National Instrument 43-101.

    About the Shea Creek Deposits

    The Kianna, Anne and Colette 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. Depths to the unconformity typically range from 700 to 740 metres.
    Mineralized areas along the Saskatoon Lake conductor at Shea Creek occur
often in areas where northeast trending discordant faults offset the northwest
trending conductive graphitic unit. Three styles and settings of
mineralization are present:

    
    - Basement-hosted mineralization ("B") found in zones up to 200 metres
      below the unconformity. Drilling at Kianna has outlined a zone of this
      style of mineralization with a strike length of 200 metres and a
      down-dip extension of 160 metres which includes intercepts such as
      SHE-114-11, grading 5.40% eU(3)O(8) over 37.7 metres, including 25.46%
      eU(3)O(8) over 4.0 metres. This mineralization style at Anne and
      Colette includes intercepts such as SHE-122-1 at Anne, grading 4.73%
      eU(3)O(8) over 33.7 metres, including 23.21% eU(3)O(8) over 3.6 metres,
      and SHE-111-6 at Colette, grading 2.27% eU(3)O(8) over 8.1 metres. The
      basement mineralization at Colette has been traced over a strike length
      of 240 metres, and is largely open.

    - Perched ("P") sandstone-hosted pervasive and fracture controlled
      pitchblende bearing mineralization found in discrete zones tens of
      metres above the unconformity. At Kianna the largest of these pods has
      a defined strike length of 80 metres and a width of 60 metres, and
      includes intercepts such as SHE-114-5, grading 27.4% eU(3)O(8) over
      8.8 metres, including 58.3% eU(3)O(8) over 3.5 metres. This
      mineralization style at Colette includes intercepts such as SHE-111-11,
      grading 1.47% eU(3)O(8) over 6.1 metres. Fracture/fault-controlled
      perched mineralization is also developed within the Anne area, however
      intersections cannot be correlated between drill holes with the current
      density of drill information.

    - Unconformity-type ("UC") disseminated, nodular and massive
      mineralization in close proximity to the unconformity. At Kianna, the
      principal zone of this style has a defined strike length of 200 metres
      and a plan width of 200 metres with intercepts such as SHE-115-3,
      grading 12.57% eU(3)O(8) over 11.9 metres, including 27.35% eU(3)O(8)
      over 4.2 metres. Much of the mineralization at Anne and Colette are of
      this style also with intercepts such as SHE-99-2 at Anne, grading 9.17%
      eU(3)O(8) over 15.7 metres, including 36.37% eU(3)O(8) over 2.5 metres,
      and SHE-52 at Colette, grading 2.52% eU(3)O(8) over 16.9 metres. The
      unconformity mineralization at Anne has been traced over a strike
      length of 250 metres, a plan view width of 100 metres, and is open in
      all directions. The unconformity mineralization at Colette has been
      traced over a strike length of 650 metres, and is open in all
      directions.
    

    Mineralization of these styles is open in many parts of the deposits. The
zones may be stacked with additional underlying zones successively beneath a
zone at or above the unconformity. For example, at Kianna, high-grade uranium
mineralization has been intersected in multiple zones at depths from 662
metres to 922 metres, a vertical distance of approximately 260 metres. Areas
of low-grade mineralization intersected near the unconformity in widely spaced
holes between the deposits suggest the potential for additional mineralized
zones in areas which are largely untested, or where historical drill holes did
not penetrate sufficiently deeply to test for all mineralization settings. In
addition, excellent exploration potential occurs along the extensions of the
Saskatoon Lake conductor in southern and central parts of the property, as
well as along parallel conductors to the west.

    About AREVA Resources Canada Inc.

    AREVA, a uranium exploration, mining and milling company, is a subsidiary
of AREVA Group, a worldwide expert in the energy field with manufacturing
facilities in 43 countries and a sales network in more than 100 countries.
AREVA Group, through its Canadian subsidiary, has significant interests in
several uranium deposits in the Athabasca Basin, including the producing
McClean Lake Deposits operated by AREVA, the producing McArthur River Deposit
operated by Cameco Corporation, the Midwest Deposit, the Millennium Deposit,
and the Cigar Lake Deposit.

    About UEX

    UEX is a Canadian uranium exploration and development company actively
involved in 19 uranium projects, including seven that are 100% owned and
operated by UEX, one joint venture with AREVA that is operated by UEX, ten
joint-ventured with AREVA and one under option from Japan-Canada Uranium
Company, Limited, which are operated by AREVA. The 19 projects, totaling
374,513 hectares (925,442 acres), are located in the eastern, western and
northern perimeters of the Athabasca Basin, the world's richest uranium belt,
which accounts for approximately 23% of the global primary uranium production.
UEX is currently developing several uranium deposits in the Athabasca Basin
which include the Kianna, Anne and Colette Deposits at its Shea Creek Project,
a joint venture with AREVA in the western Athabasca Basin, and the West Bear,
Raven and Horseshoe Deposits located at its 100% owned Hidden Bay Project in
the eastern Athabasca Basin. UEX's exploration and development budgets for the
winter of 2009 are estimated at approximately $16.5 million, of which UEX will
be responsible for approximately $10.9 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 based on certain factors and
assumptions and 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. Important factors that could
cause actual results to differ materially from UEX's expectations include
uncertainties relating to interpretation of drill results and geology,
continuity and grade of deposits, fluctuations in uranium prices and currency
exchange rates, and other risks and uncertainties disclosed in UEX's Annual
Information Form and other filings with the securities commission on SEDAR.
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. 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.


    
                                   TABLE 1
                  2008 Summer/Fall Shea Creek Drill Results
        All Uranium Intersections Calculated from Gamma Probe Logging

     Only intervals with composite grades greater than 0.10% eU(3)O(8) and
     a grade-thickness product greater than 0.05 are listed below. True
        widths of mineralized intervals have not yet been determined.

    -------------------------------------------------------------------------
        Hole         Total    Depth to     From     To    Length  Avg. Grade
                     Depth  Unconformity (metres)(metres)(metres)   Within
                    of Hole   (metres)                               the
                    (metres)                                     Intersection
                                                                (% eU(3)O(8))
    -------------------------------------------------------------------------
    SHE-115-17(*)     847.0        723.0   Mineralization intersected between
                                           841.1 and 844.4 metres
    -------------------------------------------------------------------------
    SHE-115-17A      1043.0        724.0   723.2   724.9     1.7        0.62
                                           832.7   833.9     1.2        0.39
                                           954.2   958.3     4.1        0.24
    -------------------------------------------------------------------------
    SHE-115-18(xxx)   911.0        724.2   686.9   699.5    12.6        8.42
                                           722.0   724.1     2.1        0.28
                                           805.0   806.6     1.6        3.67
                                           Mineralization intersected between
                                           842.0 and 910.9 metres is reported
                                           in Table 2 below
    -------------------------------------------------------------------------
    SHE-118-11        893.2        740.0   734.9   740.0     5.1        1.19
                                           786.8   791.0     4.2        0.23
                                           860.6   861.8     1.2        0.41
                                           865.4   866.1     0.7        0.33
    -------------------------------------------------------------------------
    SHE-118-12       1010.0        737.0   729.6   730.5     0.9        0.28
                                           735.5   738.1     2.6        1.53
                                           765.8   767.0     1.2        0.23
    -------------------------------------------------------------------------
    SHE-118-13(*)     785.0        738.1   Mineralization intersected between
                                           738.1 and 740.9 metres
    -------------------------------------------------------------------------
    SHE-118-13A       866.0        739.9   736.1   741.7     5.6        0.99
    -------------------------------------------------------------------------
    SHE-118-14        836.0        732.7   721.0   730.3     9.3        0.87
                                           731.5   741.1     9.6        0.98
                               including   731.5   733.8     2.3        1.57
                               including   738.5   741.1     2.6        1.69
                                           751.8   757.9     6.1        0.92
                               including   751.8   754.0     2.2        1.73
    -------------------------------------------------------------------------
    SHE-118-15(xxx)   782.0        739.6   736.2   744.2     8.0        2.27
                               including   739.6   743.5     3.9        4.03
                                           746.6   750.6     4.0        1.08
                                           Mineralization intersected between
                                           765.6 and 766.1 metres
    -------------------------------------------------------------------------
    SHE-118-16        827.6        741.3   729.4   743.2    13.8        0.50
    -------------------------------------------------------------------------
    SHE-122-4         863.0        717.8   713.9   723.9    10.0        1.47
                               including   717.6   718.7     1.1       10.44
                                           756.0   761.1     5.1        1.88
    -------------------------------------------------------------------------
    SHE-122-5         777.2        728.5   727.0   742.5    15.5        4.58
                               including   727.5   733.1     5.6       11.39
    -------------------------------------------------------------------------
    SHE-122-6         860.0        721.0   718.3   721.8     3.5        0.37
                                           730.7   731.9     1.2        2.15
                                           752.5   754.0     1.5        1.04
    -------------------------------------------------------------------------
    SHE-122-7         833.0        719.1   717.2   720.0     2.8        0.59
                                           771.0   771.8     0.8        0.66
    -------------------------------------------------------------------------
    SHE-123-10        869.0        724.7   738.6   738.8     0.2        0.29
                                           743.7   744.5     0.8        0.42
    -------------------------------------------------------------------------
    SHE-123-11        803.0        726.7   726.6   727.3     0.7        0.39
    -------------------------------------------------------------------------
    SHE-123-12        968.0        739.3   734.4   735.8     1.4        0.20
                                           809.7   811.3     1.6        5.73
    -------------------------------------------------------------------------
    SHE-123-13        858.0        730.0   729.6   730.6     1.0        0.21
                                           733.0   733.4     0.4        0.12
    -------------------------------------------------------------------------
    SHE-130-1(*)      792.0        724.8
    -------------------------------------------------------------------------
    SHE-130-1A        917.0        725.1   843.2   844.7     1.5        0.39
    -------------------------------------------------------------------------
    SHE-130-2(*)      914.0        719.0
    -------------------------------------------------------------------------
    P-08-1           1001.0        713.1   712.4   713.1     0.7        0.63
    -------------------------------------------------------------------------

    (*)No probing - hole lost
    (xx)No recordable mineralization
    (xxx)Partial probe - hole lost after initial probe


                                   TABLE 2
                  2008 Summer/Fall Shea Creek Drill Results
        All Uranium Intersections Calculated from Geochemical Results

     Only intervals with composite grades greater than 0.10% U(3)O(8) and
      a grade-thickness product greater than 0.05 are listed below. All
       analyses were performed by Saskatchewan Research Council by ICP.
     True widths of mineralized intervals have not yet been determined.

    -------------------------------------------------------------------------
        Hole         Total    Depth to    From     To     Length  Avg. Grade
                     Depth  Unconformity (metres)(metres)(metres)   Within
                    of Hole   (metres)                               the
                    (metres)                                     Intersection
                                                                 (% U(3)O(8))
    -------------------------------------------------------------------------
    SHE-115-17        847.0        723.0   Geochemical results not yet
                                           received
    -------------------------------------------------------------------------
    SHE-115-18        911.0        724.2   842.0   845.5     3.5        0.57
    -------------------------------------------------------------------------
                                           898.5   905.5     7.0        1.24
    -------------------------------------------------------------------------
                                           910.5   910.9     0.4        1.39
    -------------------------------------------------------------------------
    SHE-118-13        803.0        738.1   Geochemical results not yet
                                           received
    -------------------------------------------------------------------------
    SHE-123-4         833.0        753.3   741.5   742.1     0.6        0.19
                                           749.9   756.5     6.6        0.52
                               including   751.9   754.4     2.5        1.04
                                           768.0   770.5     2.5        0.63
                                           787.1   787.6     0.5        2.00
    -------------------------------------------------------------------------
    

    %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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