Winter Drill Program Underway at West Bear Cobalt-Nickel Prospect
28 February 2018 - 11:00PM
UEX Corporation (TSX:UEX) (“UEX” or the “Company”) is pleased to
announce the winter drilling program on the West Bear Cobalt-Nickel
Prospect is underway.
The Company plans to spend $1.5 million drilling
its 100% owned West Bear Cobalt-Nickel Prospect located on the
Hidden Bay project, immediately east of the West Bear Uranium
Deposit (“WBU Deposit”). The program consists of
approximately 3,500 m of drilling in 30 to 40 holes to define the
known mineralized zones. UEX anticipates that the drilling program
will be completed by the middle of April.
The program will be focussed on growing the size
of the known high-grade cobalt-nickel mineralization defined during
the Company’s exploration programs in the West Bear area in 2002,
2004 and 2005 summarized in UEX’s news release of November 8, 2017
and available on SEDAR.com and at UEX’s website at
www.uex-corporation.com.
We eagerly await the first results from West Bear. Our
thorough review of the historical data has yielded additional high
priority targets. This winter’s program at West Bear
Cobalt-Nickel Prospect is the first bold step in meeting our stated
objective of unlocking additional value for our
shareholders.
- Roger Lemaitre, President & CEO
Qualified Persons and Data
Acquisition
Technical information in this news release has
been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s
President and CEO who is considered to be a Qualified Person as
defined by National Instrument 43-101.
About UEX
UEX (TSX:UEX) (OTC:UEXCF.PK) (UXO.F) is a
Canadian uranium exploration and development company involved in
sixteen uranium projects, including six that are 100% owned and
operated by UEX, one joint venture with AREVA Resources Canada Inc.
(“AREVA”) that is 90.1% owned by UEX and is under option to and
operated by ALX Uranium, as well as eight joint ventures with
AREVA, one joint venture with AREVA and JCU (Canada) Exploration
Company Limited, which are operated by AREVA, and one project
(Christie Lake) under option from JCU (Canada) Exploration Company
Limited and operated by UEX. The company is also involved in
one cobalt-nickel exploration project located in the Athabasca
Basin of northern Saskatchewan. The West Bear Project was
formerly part of UEX’s Hidden Bay Project and contains the West
Bear Cobalt-Nickel Prospect and the West Bear Uranium
Deposit. The seventeen projects are located in the eastern,
western and northern perimeters of the Athabasca Basin, the world's
richest uranium belt, which in 2016 accounted for approximately 23%
of the global primary uranium production. UEX is currently
advancing several uranium deposits in the Athabasca Basin which
include the Christie Lake deposits, the Kianna, Anne, Colette and
58B deposits at its currently 49.1%-owned Shea Creek Project
(located 50 km north of Fission’s Triple R Deposit and Patterson
Lake South Project, and NexGen’s Arrow Deposit) the Horseshoe and
Raven deposits located on its 100%-owned Horseshoe-Raven
Development Project and the West Bear Deposit located at its
100%-owned Hidden Bay Project.
FOR FURTHER INFORMATION PLEASE
CONTACT
Laurie ThomasVice President, Corporate
Relations(306) 979-3849
Forward-Looking Information
This news release contains 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 the
proposed spin‑out of CoEX shares, the WBU Deposit drill program,
UEX's drill hole results, the likelihood of REG and scintillometer
results being confirmed by assays, mineral resource and mineral
reserve estimates, uranium, cobalt and nickel prices, outlook for
our future operations, plans and timing for exploration activities,
and other expectations, intentions and plans that are not
historical fact. 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 the possible spin-out of CoEX,
interpretation of drill results and geology, reliability of REG
results produced by the Company’s down-hole probing system,
scintillometer results, assay confirmation, 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,
cobalt and nickel prices and currency exchange rates, changes in
environmental and other laws affecting uranium, cobalt and nickel
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 the CoEX spin-out will occur as proposed or at all,
or 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.
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