Trading Symbol: UEX-TSX
VANCOUVER, Jan. 11 /CNW/ - UEX Corporation ("UEX") has received
confirmation from AREVA Group subsidiary AREVA Resources Canada Inc. ("AREVA")
that total expenditures incurred by UEX as of December 31, 2007 on AREVA's ten
Western Athabasca Uranium Projects (the "Projects") exceeds $30.0 million.
UEX now fully-vested holds a 49% interest in the Projects as defined in
the Western Athabasca Option Agreement ("the Agreement") between UEX and
AREVA. The Projects include the Shea Creek Uranium Project ("Shea Creek"),
which hosts the Kianna, Anne, and Colette Deposits.
With this vesting milestone reached, AREVA and UEX are pleased to
initiate joint venture agreements for each of the ten projects, in which UEX
funds its 49% share and AREVA, the operator, funds its 51% share.
In March 2004, UEX and AREVA announced the Agreement whereby UEX was
granted an option to acquire a 49% interest in the Projects by funding
$30 million in exploration expenditures according to the following schedule:
(Year 1): ending December 31, 2005 $2,000,000
(Year 2): January 1, 2006 to December 31, 2006 $2,000,000
(Year 3): January 1, 2007 to December 31, 2007 $2,500,000
(Year 4): January 1, 2008 to December 31, 2008 $2,500,000
(Year 5): January 1, 2009 to December 31, 2009 $2,500,000
(Year 6): January 1, 2010 to December 31, 2010 $2,500,000
(Year 7): January 1, 2011 to December 31, 2011 $3,000,000
(Year 8): January 1, 2012 to December 31, 2012 $3,000,000
(Year 9): January 1, 2013 to December 31, 2013 $3,000,000
(Year 10): January 1, 2014 to December 31, 2014 $3,500,000
(Year 11): January 1, 2015 to December 31, 2015 $3,500,000
Total $30,000,000 (CDN)
"UEX earned its 49% interest in AREVA's ten western Athabasca uranium
projects including Shea Creek in just three and a half years having spent in
excess of $30 million," said Stephen Sorensen President and CEO of UEX.
Sorensen went on to say that "UEX and its joint venture partner AREVA are
accelerating the exploration and development of the Shea Creek uranium
deposits with larger budgets, more drills, and increased manpower."
About AREVA Resources Canada Inc.
AREVA, a uranium exploration and mining company, is a subsidiary of AREVA
Group, a worldwide expert in the energy field with a strong industrial
presence in over 40 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 Millennium Deposit,
and the Cigar Lake Deposit.
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 25% 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 totaled approximately
$30.0 million and are estimated at $40 million for 2008.
ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
Stephen H. Sorensen
President & C.E.O.
Forward looking statements:
This news release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond UEX's ability to control or predict, which could cause actual events or
results to differ materially from those anticipated in such forward-looking
statements. Although UEX believes that the assumptions inherent in the
forward-looking statements are reasonable, undue reliance should not be placed
on these forward-looking statements.
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: email@example.com