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UEX Announces Western Athabasca Budgets Totaling $12.3 Million for 2010 and Commissions National Instrument 43-101 Compliant Resource Estimate for Shea Creek
UEX Announces Western Athabasca Budgets Totaling $12.3 Million for 2010 and Commissions National ...
About this update from Cameco Corporation
[{"type":"text","content":"\n\n\n\nNov. 24, 2009 (Canada NewsWire Group) -- VANCOUVER, Nov. 24 /CNW/ -- UEX Corporation (\"UEX\") is pleased to announce 2010 approved Western Athabasca annual budgets. Exploration and development budgets in the western Athabasca basin for 2010 total approximately $12.3 million, of which UEX will be responsible for approximately $6.0 million. These 2010 budgeted programs will primarily be directed toward the Shea Creek, Mirror River, and Beatty River Projects. UEX's current cash position is approximately $13.4 million, thus it is well-financed to carry out its 2010 programs.Shea Creek ProjectThe Shea Creek Project (\"Shea Creek\") hosts the Kianna, Anne, and Colette Deposits and is the most advanced of the ten 49%-owned Western Athabasca Uranium Projects joint-ventured with AREVA Resources Canada Inc. (\"AREVA\"), the operator. UEX has approved the 2010 expenditures for Shea Creek of approximately $11.06 million as proposed by AREVA. The 2010 expenditures include an exploration budget of $7.96 million and a development budget of $3.10 million. UEX's 49% share of these approved exploration and development budgets is $5.42 million.The Shea Creek deposits form part of a world class uranium system in which mineralization is being defined over a strike length exceeding three kilometres along the Saskatoon Lake graphitic conductor in northern parts of Shea Creek. Most areas of mineralization continue to be open and have high potential for both expansion of known areas of mineralization and discovery of new zones (see UEX's news release of November 19, 2009).Shea Creek ExplorationThe 2010 exploration program at Shea Creek will consist of diamond drilling utilizing at least four drills and is planned to begin in mid-January 2010. The drilling program will focus on the Kianna, Anne, and Colette Deposits as well as the area between the Kianna and Colette Deposits.Kianna DepositAt the Kianna Deposit (\"Kianna\"), basement mineralization is open down dip and to the west, and the extent of high grade mineralization in eastern parts of the basement zone is currently undefined. The Kianna basement zone, to date, has been defined over a strike length of 200 metres and a dip length of 160 metres. The steeply dipping, east-northeast trending fault-hosted or vein-hosted zones have a high potential for significant expansion of existing mineral...