UEX Update on Riou Lake and Northern Athabasca Uranium Projects 2007 Geophysical Programs and 2006 Drilling Programs

    Trading Symbol: UEX-TSX

    VANCOUVER, April 23 /CNW/ - UEX Corporation ("UEX") is pleased to
announce that ground geophysical surveying is underway on its Riou Lake
Project ("Riou Lake"), and has been recently completed on its Munroe Lake
Project ("Munroe Lake"), one of the Northern Athabasca Uranium Projects (the
"Northern Projects"). Riou Lake and Munroe Lake are 100%-owned by UEX and are
located in the northern Athabasca Basin of Saskatchewan. The geophysical
surveys were designed to better detail prospective areas explored with
electromagnetic surveys and drilling programs in 2006.

    Riou Lake

    2006 Drilling Program Results

    In the fall of 2006, UEX carried out a helicopter-supported diamond
drilling program on high-priority targets along the KC Conductor. Three holes
were drilled totaling approximately 2,487 metres, including a hole that was
restarted from a wedge at 335 metres depth after the initial hole was lost in
highly fractured rock. One of the three holes encountered a narrow interval of
uranium mineralization.
    Hole RLG-D25 intersected uranium-bearing basement rock just below the
unconformity at 602.3 metres, grading 0.66% U(3)O(8) over 0.10 metres. The
geochemical signature of the occurrence is similar to that of uranium deposits
in the Athabasca Basin with accompanying enrichment in nickel, arsenic,
cobalt, copper, lead, potassium and magnesium. A subsequent re-evaluation of
the KC Conductor in the area of hole RLG-D25 indicates that the hole narrowly
missed the optimum target location where the top of the conductor intersects
the unconformity, interpreted to be approximately 25 metres north of the hole
collar. Follow-up drilling is planned for this prospective area of the KC
Conductor in 2007.

    2007 Exploration Programs

    A DC Resistivity survey totaling approximately 25.0 line kilometres is
underway at Riou Lake within the Hocking Lake Corridor, a highly-prospective
area with known faulting, graphitic conductors, and sandstone alteration on
surface and in drill holes.
    Follow-up drilling of any prospective targets interpreted from the
ongoing ground surveys would occur as part of a summer 2007
helicopter-supported drilling program, or from a land-based drill, depending
on the access to the target location.

    Northern Projects

    2006 Drilling Program Results

    During the summer and fall of 2006, as part of the helicopter-supported
exploration program UEX drilled 4,353 metres in 8 holes on four of the
Northern Projects, namely Butler Lake, Fond du Lac, Munroe Lake, and Otherside
River. The drilling program targeted anomalous geophysical responses obtained
from the 2005 airborne and 2006 ground geophysical programs. None of the holes
intersected significant uranium mineralization. However, on the Munroe Lake,
hole ML-02 encountered strong dravite alteration in the sandstone. At the
Butler Lake Project, anomalous uranium values up to 5 to 10 times background
were observed in the basal 30.0 metres of sandstone. 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. Follow-up drilling is planned.

    2007 Exploration Programs

    A time-domain electromagnetic survey totaling 70.0 line kilometers has
been recently completed at Munroe Lake in the vicinity of hole ML-02, and on
other conductors interpreted from UEX's 2005 MEGATEM airborne survey.
Follow-up drilling of interpreted conductors is planned as part of the
helicopter-supported drilling program during the summer and fall of 2007.
    The technical information in this document has been compiled and reviewed
by Sierd Eriks, P. Geo., a qualified person as defined by National Instrument
43-101. True widths of drill hole intervals have not yet been determined. To
access a map depicting UEX's Riou Lake and Northern Projects, please visit
UEX's website at www.uex-corporation.com under "Latest Updates", and "Map

    About UEX

    UEX is a Canadian uranium exploration company formed under an agreement
between Pioneer Metals Corporation and Cameco Corporation. Cameco Corporation,
the world's largest supplier of uranium, is UEX's largest shareholder. UEX
began trading on the Toronto Stock Exchange in July 2002 and is actively
involved in the exploration and development of 19 uranium projects, including
seven that are 100% owned and operated by UEX, one joint venture with 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 approximately 385,452 hectares (952,452 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's exploration budget for 2007 is
approximately $25.0 million and the Company has a cash position of
approximately $72.4 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., 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