Trading Symbol: UEX-TSX
VANCOUVER, Sept. 23 /CNW/ - UEX Corporation's President and Chief Executive Officer, Stephen Sorensen, will retire effective November 1, 2009. Mr. Sorensen will also resign as a director of UEX. The Board of Directors has appointed Graham Thody, UEX Director and Chairman of the Board, to succeed Mr. Sorensen as President and Chief Executive Officer. His appointment will commence upon Mr. Sorensen's retirement.
"Personal considerations make this the right time for me to step aside as President and CEO," said Sorensen. "The Company's valuable assets, healthy treasury and strong leadership have made my decision easier. I am pleased with the Board's decision to select Graham Thody to succeed me. Graham has played an important role in the success of UEX. The Company's shareholders will benefit from his judgment and leadership as UEX enters into its next phase of growth."
"Stephen Sorensen was instrumental in the formation of UEX and the acquisition and development of its world class deposits that has made UEX one of the finest uranium exploration and development companies in the world. This is his legacy," said Graham Thody. "I personally wish to thank him for his dedication and loyalty to the Company and wish him the very best in his future endeavours."
Mr. Thody has been a Director of UEX since the 2001 inception of the Company as a pure uranium explorer. He has been actively involved in the acquisition and advancement of its exploration and development properties. Mr. Thody is a Chartered Accountant who has been involved in various capacities with Canadian publicly listed companies since 1982. He retired from his role as Managing Partner of Nemeth Thody Anderson, CA in 2007. He has chaired the Company's audit committee since 2001 and in 2007 was elected as Chairman of the Board of UEX.
"The future of the uranium industry has never looked stronger given the number of nuclear reactors currently under construction or in the planning stage," said Thody. "Exploration and development of new uranium deposits to supply this reactor expansion is a fundamental requirement and UEX is at the forefront of this sector of the nuclear industry."
The Board of Directors would like to thank Mr. Sorensen for his vision and outstanding contributions to UEX over his many years. UEX is a highly regarded company in the uranium industry due to his efforts and leadership.
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 Resources Canada Inc. ("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 356,088 hectares (879,913 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 21% 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 49%-owned Shea Creek Uranium 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 2009 total approximately $22.5 million, of which UEX will be responsible for approximately $17.0 million.
SOURCE UEX Corporation
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