Trading Symbol: UEX-TSX
VANCOUVER, Dec. 19, 2013 /CNW/ - UEX Corporation ("UEX") has appointed Roger Lemaitre, P.Eng., P.Geo., MBA, M.Sc. (Applied), B.Sc. (Applied) to the position of President and CEO effective January 15, 2014. Mr. Lemaitre will also be appointed to the Board of Directors.
Mr. Roger Lemaitre is a Professional Engineer and Geologist with more than 20 years of professional experience, with both senior and junior mining companies. Before joining UEX, Mr. Lemaitre held the position of CEO and Executive Director of URU Metals Limited ("URU"), an AIM-listed junior uranium and base metal exploration company, where he re-organized the company's asset mix by identifying and successfully acquiring significant new exploration projects.
Prior to joining URU, Mr. Lemaitre held a variety of senior management positions with Cameco Corporation ("Cameco"), one of the world's largest uranium producers, and was Cameco's Director of Worldwide Exploration Projects. In this position, Mr. Lemaitre had responsibility for overseeing the execution of Cameco's growing international exploration programs and budgets as well as overseeing the field activities of three global exploration offices. Before becoming the Director of Worldwide Exploration, Mr. Lemaitre was Cameco's Manager of Regional Exploration, Saskatchewan and was involved in Cameco's strategic growth team tasked with the identification of opportunities in the uranium sector.
Mr. Lemaitre has a Masters of Applied Science in Geology from McGill University, a Masters of Applied Science in Geological Engineering from Queens University and a Masters of Business Administration from Athabasca University.
The Board of Directors welcomes Mr. Lemaitre.
As announced on July 26, 2013, Graham Thody, CA will retire from the executive position of President and CEO. He will remain a consultant to UEX and a member of the Board of Directors. The Board of Directors would like to thank Mr. Thody for his past contributions and looks forward to his continuing involvement with UEX.
UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian uranium exploration and development company actively involved in 16 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 eight joint-ventured with AREVA and one joint venture with AREVA and JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 16 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 currently 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 $9.0 million.
UEX's two major projects have mineral resource estimates as follows:
UEX Corporation - Indicated Mineral Resources (1) (2) (3)
| UEX's share
|Shea Creek (2)||2,067,900||1.484||67,663,000||33,154,870|
|Hidden Bay (3)||10,372,500||0.160||36,623,000||36,623,000|
UEX Corporation - Inferred Mineral Resources (1) (2) (3)
| UEX's share
|Shea Creek (2)||1,272,200||1.005||28,192,000||13,814,080|
|Hidden Bay (3)||1,109,200||0.111||2,715,000||2,715,000|
|(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% U3O8, and are documented 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.|
|(3)||The Hidden Bay mineral resources were estimated at a cut-off of 0.05% U3O8, and are documented 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.|
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 news 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 pounds" 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.
SOURCE: UEX Corporation
For further information:
Graham C. Thody
President & CEO