UEX Begins 2007 Drilling Program at Northern Athabasca Projects and Announces 2007 Winter Exploration Results from Riou Lake and Northern Athabasca Uranium Projects

    Trading Symbol: UEX-TSX

    VANCOUVER, Aug. 27 /CNW/ - UEX Corporation ("UEX") announced today that a
$1.8 million (CDN) summer/fall diamond drilling program is underway at the
Northern Athabasca Projects (the "Northern Projects") just north of the Riou
Lake Uranium Project ("Riou Lake"). UEX's 100%-owned Northern Projects and
Riou Lake form a contiguous land position across the northern rim of the
Athabasca Basin totaling 117,041 hectares (289,091 acres) in size, and are
located near the town of Stony Rapids, Saskatchewan.
    The 2007 drilling program, totaling approximately 6,000 metres and using
one helicopter-supported drill rig, is designed to follow up results from the
2006 summer/fall drilling program (see UEX News Release, April 23, 2007) and
test additional high-priority targets that are either not readily accessible
by land or which must be drilled under summer conditions. The drilling program
is expected to continue into October 2007
    To view a map of the Northern Projects and Riou Lake, please access UEX's
website at www.uex-corporation.com under "Latest Updates".

    2007 Winter Exploration Program Results

    Northern Projects 2007 Winter Geophysical Survey

    A fixed-loop, time-domain electromagnetic ("TDEM") survey, totaling
100.0 kilometres, was carried out on two separate grids in the winter of 2007
on UEX's Monroe Lake Project ("Monroe Lake"), one of the five Northern
Projects staked by UEX in late 2004. A number of conductive trends on Monroe
Lake, first identified by the 2005 MEGATEM(R) survey, were successfully
delineated by the 2007 ground TDEM survey and represent "ground-truthing" of
airborne anomalies within UEX's Northern Projects. A DC resistivity survey is
planned over these grids in September 2007 to follow up these conductive
trends. The use of resistivity surveys in the Athabasca Basin has proved to be
a useful exploration tool for mapping alteration in sandstone, especially when
applied to a known graphitic conductor system. The Butler Lake, Fond du Lac,
Otherside River, and Jacques Point projects are the other four projects making
up UEX's Northern Projects.

    Riou Lake 2007 Winter Geophysical Surveys

    A ground geophysical survey consisting of 30.0 kilometres of DC
resistivity was carried out in the spring of 2007 on Riou Lake to follow up
geophysical conductors outlined by the 2005 MEGATEM(R) airborne
electromagnetic survey. The survey was conducted using a pole-pole array on a
grid with lines oriented northeast-southwest and spaced at 400 metre
intervals. The DC resistivity survey shows a plume-type feature with lower
resistivity which is defined on a number of survey lines on the eastern
portion of the grid. This feature may represent alteration of the sandstone
and will be targeted in future drilling.

    Northern Projects 2007 Summer/Fall Diamond Drilling Program

    UEX plans to drill approximately 6,000 metres in about eleven (11) holes
using a helicopter-supported drill rig. At the Butler Lake Project ("Butler
Lake"), previous drilling in the summer and fall of 2006 encountered anomalous
uranium values up to 5 to 10 times background in the basal 30.0 metres of
sandstone (see UEX News Release, April 23, 2007). Hole BTL-01 also encountered
anomalous nickel values below the unconformity, which was reached at
403.1 metres. A subsequent borehole electromagnetic survey of hole BTL-01
indicated that a strong basement conductor lies about 50 metres below the end
of hole at 540.0 metres. Hole BTL-01 will be deepened in an attempt to
intersect this conductor. Further drilling at Butler Lake will follow up this
    Two holes are planned at Monroe Lake to test two conductors delineated by
the 2007 ground TDEM survey following completion of a DC resistivity survey
over two separate grids. In addition, two holes are planned on the Jacques
Point project to test ground TDEM conductors offset by faults interpreted from
magnetics. The balance of the Northern Projects drilling program will test
other high-priority targets selected by integration of airborne geophysics and
historical geological data
    The technical information in this document has been reviewed by Sierd
Eriks, P. Geo., a qualified person as defined by National Instrument 43-101.

    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 Resources Canada Inc. ("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 26% of the global
primary uranium production. UEX is currently developing several uranium
deposits in the Athabasca Basin which include the Anne and Kianna Deposits at
its 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 2007 total $28.0 million, and the
Company has a cash position of approximately $64.0 million.

                             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.

    %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, e-mail: uex@intergate.ca

Organization Profile

UEX Corporation

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890