UEX Files Updated Horseshoe-Raven Technical Report

The updated technical report and mineral resource estimate was completed by Mr. Nathan Barsi, P.Geo., UEX’s District Geologist, Mr. Chris Hamel, P.Geo., UEX’s Vice President of Exploration, and Mr. Roger Lemaitre, UEX’s President and CEO. Mr. Barsi, Mr. Hamel, and Mr. Lemaitre are Qualified Persons as defined by National Instrument 43-101. As employees of the Company, Mr. Barsi, Mr. Hamel and Mr. Lemaitre are not considered to be independent of the Company. The Horseshoe-Raven mineral resource estimate was determined using a cut-off grade of 0.05% U3O8. A total of 4,982,500 tonnes containing 23.6 million pounds of U3O8 at an average grade of 0.215% U3O8 have been estimated in the indicated mineral resource category for the Horseshoe Deposit. A total of 5,370,000 tonnes containing 13.8 million pounds of U3O8 at an average grade of 0.117% U3O8 have been estimated in the indicated mineral resource category for the Raven Deposit.

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