Trading Symbol: UEX-TSX
VANCOUVER, May 27 /CNW/ - UEX Corporation ("UEX") is pleased to announce the appointment of Walter Segsworth, P.Eng. and David Rhys, P.Geo. to its Management Advisory Board.
Walter Segsworth graduated from Michigan Tech in 1971 with a B.Sc. degree in Mining Engineering. He is the Chairman of Plutonic Power Corporation ("Plutonic"), a company listed on the Toronto Stock Exchange, which is currently permitting and developing several 'run-of-river' projects in British Columbia.
He previously served on the Board of Directors of UEX from 2002 to 2008.
Mr. Segsworth has managed three large Canadian mines. In 1990 he was appointed President and Director of Westmin Resources Ltd. ("Westmin") where he led the operational and financial turnaround of that company, culminating in a significant expansion of that company's assets. Upon the takeover of Westmin by Boliden in 1998, Mr. Segsworth joined Homestake Mining Company of California where he was subsequently appointed President, Director and Chief Operating Officer and served until its merger with Barrick in early 2002. Under his direction, Homestake achieved record production, and operating costs were the lowest in 25 years.
Mr. Segsworth is a director of four companies with all but Plutonic in the mining sector. He is past Chairman of both the Mining Associations of B.C. and Canada and was named B.C.'s Mining Person of the Year in 1996. He is also a director of Science World British Columbia, a non-profit organization.
David Rhys, M.Sc., P.Geo., is a consulting structural geologist based in Vancouver, Canada, consulting through his firm Panterra Geoservices Inc. Mr. Rhys is an experienced consultant specializing in structural controls on mineral deposits and their application to exploration, mining and mine site grade control.
His clients include both major and junior mining companies in global exploration and mine environments. His consulting has covered a wide range of deposit types, including uranium deposits in the Athabasca Basin of Saskatchewan on behalf of Cameco Corporation and UEX.
Mr. Rhys has had a long association with UEX, and has provided technical consulting and guidance to the Company since its inception. Mr. Rhys has also been involved in exploration advisory roles to several other junior mining companies.
UEX welcomes both Mr. Segsworth and Mr. Rhys as their expertise will benefit the Company as it advances its Shea Creek and Hidden Bay projects, both located in the Athabasca Basin.
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 JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 19 projects, totaling 338,972 hectares (837,618 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 22% 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 Horseshoe, Raven and West Bear Deposits located at its 100%-owned Hidden Bay Project in the eastern Athabasca Basin.
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 resource estimates, 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, additional drilling results, continuity and grade of deposits, 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 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.
SOURCE UEX Corporation
For further information: For further information: Graham C. Thody, President & C.E.O., (604) 669-2349