1. Shea Creek deposits
G l f h Sh C k iGeology of the Shea Creek uranium
deposits: an expanding uranium district in
the Western Athabasca Basinthe Western Athabasca Basin
David Rhys, Sierd Eriks and Luke van der Meer
UEX Corporation
Saskatchewan Geological Survey Open House, Nov. 29, 2010

2. Shea Creek deposits
Forward-Looking Statements
This presentation 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 resource estimates, 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.other comparable words and phrases are intended to identify forward looking statements.
Such forward-looking statements are based on certain factors and assumptions and 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.
Important factors that could cause actual results to differ materially from UEX’s expectations
i l d t i ti l ti t i t t ti f d ill lt d l dditi l d illiinclude uncertainties relating to interpretation of drill results and geology, additional drilling
results, continuity and grade of deposits, public acceptance of uranium as an energy source,
fluctuations in uranium prices and currency exchange rates, changes in environmental and
other laws affecting uranium exploration and mining, and other risks and uncertainties
disclosed in UEX’s Annual Information Form and other filings with the securities commissiong
on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-
looking statements made in this presentation 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 Except as required by applicable law UEX disclaims anyforward-looking statements. 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.

3. Shea Creek depositsLocation and setting
Shea Creek
 Located in the western Athabasca Basin just south of the former Cluff
Lake mine site
 Most advanced of ten western Athabasca projects that are jointly owned
by UEX Corp. (49%) and AREVA Resources Canada

4. Shea Creek deposits
Location and infrastructureCluff
Lake
 Project is 13 km south of
AREVA’s past producing Cluff
Lake
deposits
Lake mine complex, which
produced 64 million pounds of
U3O8 between 1980 and 2002
Douglas River
Project
James
Creek
Project
 Exploration operated by
AREVA and run out of the Cluff
Lake CampShea
Erica
Project
 Contiguous with the UEX-
AREVA (49%-51% owned)
Douglas River and Erica
Creek
Project
g
projects
 Road accessible with all
weather highway 955 runningweather highway 955 running
through center of property;
airstrip at Cluff Lake
Nikita
Project

5. Shea Creek deposits
History
 Project first systematically explored during the early 1990’s by Amok
and COGEMA (predecessors to AREVA) with airborne and ground EM
surveys identifying the NNW trending Saskatoon Lake Conductorsurveys, identifying the NNW trending Saskatoon Lake Conductor
(SLC)
 In 1992, second drill hole to test the SLC intersected low grade
i i li ti SE f th A d it F ll d illi turanium mineralization SE of the Anne deposit. Follow up drilling to
the northwest intersected the Anne deposit and subsequently Colette.
 Between 1994 and 2000, COGEMA drilled 156 holes mainly at Anne
and Colette. No drilling between 2001 and 2003 due to low U price.
 In 2004, UEX signed an option agreement to earn 49% from AREVA
by funding $30 million in exploration. Between 2004 and 2010, morey g p
than 200 drill holes were completed which defined additional
mineralization, and led to the discovery and ongoing definition of the
Kianna and 58B deposits.
 UEX fully earned its 49% interest in the project in December, 2007

6. Shea Creek deposits
Resources based on drilling to Dec. 31, 2009
May, 2010 N.I. 43-101 complaint resources for the Kianna, Anne and
Colette deposits estimated by K. Palmer, P. Geo. of Golder Associates:
At a cut-off grade of 0.30% U3O8 :
Indicated = 1,872,600 tonnes at 1.54% U3O8 (63.57 million pounds U3O8
Inferred = 1,068,900 tonnes at 1.04% U3O8 (24.53 million pounds U3O8), , 3 8 ( p 3 8)
- At this cutoff, this is the largest pre-development resource in the Athabasca
Basin
At a higher cut-off grade of 1.50% U3O8 :
Indicated = 509,500 tonnes at 3.78% U3O8 (42.57 million pounds U3O8
Inferred = 188,700 tonnes at 2.83% U3O8 (11.77 million pounds U3O8)
The resources exclude results of the 2010 drilling that include expansion of
the Kianna deposit and identification of the 58B deposit. Mineralization is
still open in many areas – resources are growing and exploration potential isstill open in many areas – resources are growing and exploration potential is
exceptional

7. Shea Creek deposits
Geological setting
 Property underlain by 400
to 800 m of Athabasca
sandstone cover
 Underlying basement is
Archean to Proterozoic
Lloyd Domain granitic and
Careen Lake pelitic gneiss
 Deposits lie immediately
south of the Carswell58B
meteorite impact structure;
no local effects
 Beatty River shear zone
dominant structure in area;
pre-Athabasca mylonite
with second and third order
t t t thstructures to north;
probable Hudsonian age

8. Shea Creek deposits
North property geology
 Deposits associated with the
NNW trending, moderate
WSW dipping Saskatoon
L k C d t (“SLC”) th tLake Conductor (“SLC”) that
is surrounded by felsic
granitic gneiss
Th SLC i 30 t 60 thi k The SLC is 30 to 60 m thick
and comprises pelitic
gneisses which are graphite-
rich and faulted (R3) in lowerrich and faulted (R3) in lower
portions, as well as
interlayered garnetiferous
granitic gneissgranitic gneiss
 Granitic gneiss in SLC dated
at 1930-1910 Ma (Brouand
et al 2002)et al., 2002)
 SLC offset by NE trending
pre-Athabasca mylonites

9. Shea Creek deposits
Saskatoon Lake
conductor cross section,
view north
Granitic gneiss SHE-095-3, 788 to 791.5 m
Graphitic, pyritic
Garnetite : SHE-038A, 742.2 m - 752.1 m
p , py
pelitic gneiss
Hole SHE-061A,
766.3 to 764.7 m

10. Shea Creek depositsPre-Athabasca Deformation
history F2 folds SHE-121-2, 800 to 803.3 m
 Syn-metamorphic deformation during the
1950-1900 Ma Taltson orogeny comprises
th t di i S1 i itsouthwest dipping S1 gneissosity,
overprinted down-dip verging minor F2 folds
and S2. May lie on the overturned lower limb
of a regional D2 anticline M l it i f l i iof a regional D2 anticline
 Retrograde steeply dipping, northeast
trending mylonitic shear zones (D3) up to
l t id i t d ith i ht
Mylonite in felsic gneiss
SHE-122-1, 898.5
several meters wide associated with right
lateral displacements of the SLC.
 These are pre-Athabasca shear zones
subsidiary to the Beatty River Shear zone
 Spatially associated with sheeted EW
trending quartz veinlets +/- dravite, andg q ,
locally remobilized by late faults, clay
alteration associated with uranium
Mylonite cuts S2: SHE-114-5, 960.6 m

11. Shea Creek deposits
Graphitic, concordant faults
 Concordant, west-southwest dipping shear zones with pressure solution
fabrics, carbonaceous cataclastic breccia and late clay gouge developed
along lower, most graphitic portions of the SLC forming the R3 fault.
 Reverse shear sense indicators; probable both pre-Athabasca and post-
Athabasca displacements. Early displacement may have been coeval
with mylonites.y
 Fluid flow and sericite-clay alteration coeval with shear zone activity
R3 shear zone, SHE-114-2, 738.5 to 740.3 m
Oblique fabrics imply reverse kinematics
SHE-123-6, 771.4 m

12. Shea Creek deposits
 Reverse displacement along
R3 structure + remobilizedR3 structure + remobilized
mylonites offsets unconformity
approximately 30 to 50 m
Interaction of re erse fa lts Interaction of reverse faults
and earlier NE trending
mylonites where they
intersect: sites for uraniumintersect: sites for uranium
Unconformity elevation map

13. Shea Creek deposits
Uranium mineralization
Mi li ti tli d t Mineralization outlined to
date along a 3 km strike
length of the Saskatoon Lake
conductorconductor
 Four deposits currently
known: Anne, Kianna, 58B
and Coletteand Colette
 Mineralization comprises
unconformity, basement and
perched mineralization stylesperched mineralization styles
 Unconformity mineralization
traced continuously over >1
km from SE Anne to Kiannakm from SE Anne to Kianna
 Many areas open, gaps in
testing between Kianna, 58B
and Coletteand Colette
 Open to NW (Douglas
Project) and SE

14. Shea Creek deposits
Shea Creek deposits display
the full range of stacked
mineralization styles seen in
the Athabasca Basin:
 Unconformity
mineralization (UC) is
developed along and east of
th S k t L kthe Saskatoon Lake
Conductor
 Basement mineralization
(UB) d l d i l i(UB) developed mainly in
footwall of conductor
 Alteration plume developed
above: may contain multipleabove: may contain multiple
alteration fronts and perched
mineralization (UP)
 Low concentrations of Ni As Low concentrations of Ni-As-
Co : “basement signature”,
local high Au (up to 56 g/t Au)
Shea Creek schematic cross section
looking NNW showing typical features

15. Shea Creek deposits
Unconformity mineralization
 Most extensive style, pancake-like zone
straddle the unconformity, replacing basal
sandstone and upper basementSHE-115-3, 744-746 m: Kianna deposit
 In highest grade areas occurs as nodules and
massive pitchblende +/- coffinite aggregates
in red-orange hematite-clay matrix
 Fragments and also matrix replacement in
chlorite-dravite-clay matrix sandstone breccia
 Syn-faulting timing suggested by texturesSHE-95-3, 721 m: Anne deposit y g g gg y
SHE-114-3, 749.2 to 749.4 m:
SHE-102-01, samples from 718-721 m
pressure solution fabrics along R3
fault overprint mineralized chlorite-
dravite breccia

16. Shea Creek deposits
SHE-115-3 interceptBleached sandstone,
Illit d i t dIllite dominated

17. Shea Creek deposits
Basement mineralization
 Developed mainly in granitic gneiss in the
footwall of the SLC in areas of intense clay-
chlorite alteration, may exploit earlier faults
 Intercepts so far up to 200 m below the
unconformity
 Mineralization in east-west to ENE trending,SHE-096-03, 761 -764 m
steep to moderate north dipping veins, and in
WSW dipping concordant zones along faults,
lithologies: intercepts form W plunging oreshoots
 Pitchblende + hematite +/- coffinite veins and
disseminations
SHE-115-11, 862.2-865.3 m NEqual Area
(Schmidt)( )
SHE-123-02, 786.7 m,
Kianna South SHE-115-06, 877.5 m, Kianna Axial N = 96

18. Shea Creek deposits
Perched mineralization
 Flat-lying lenses of mineralization in
Athabasca sandstone “perched” up to
60 b th f it l t60 m above the unconformity; least
voluminous style of mineralization but
may be very high grade
 Often stacked above areas of basement
mineralization and thickest unconformity
mineralizationSHE-114-5, 680 .1 to 687.7 m = 27.7% U3O8
 Occur in clay-chlorite alteration often
above chlorite breccias, alternate with
hematite and pyrite redox fronts in
3 8
sandstone
 Often occur along up dip projection of
basement-hosted faults into the
sandstone columnPyrite replacing hematite in redox
front spatially associated with
perched mineralization

19. Shea Creek deposits
Anne and Kianna
deposits:
l h iplan map showing
deposit setting
and unconformityy
grade-thickness
contours

20. Shea Creek deposits
Anne section 6750N
looking NNW
 UnconformityUnconformity
mineralization with
basement zone “roots” of
concordant mineralization
 Fragments of sandstone
locally occur in basement
breccia mineralization up tobreccia mineralization up to
50 m below unconformity:
faults open and permeable
into basement
 Perched mineralization at
up dip projection of R3 fault

21. Shea Creek deposits
Anne section 6875N
looking NNW
 Thick, high grade zones
of discordant basement
mineralization extendmineralization extend
downward from the
unconformity
mineralization and joinj
concordant basement
mineralization below in
granite gneiss

22. Shea Creek deposits
Kianna section
l ki tlooking west
 Stacked
mineralization –
perched,
unconformity and
basement
 EW trending, steeply
dipping basement
mineralization
exploits corridor of
pre-mineral mylonites
to depths of >200 m
b l f itbelow unconformity
 Additional
mineralization
recently indentified in
new zones to the
north

23. Shea Creek deposits
Kianna wireframe model: view northeast

24. Shea Creek depositsColette south section
8670N, view NNW Area shows stacking ofea s o s stac g o
unconformity, perched and open
basement mineralization

25. Shea Creek deposits
Exploration potential: North Colette-Douglas River
Vertical
exagerration
sandstone
exagerration
x2.5
Athabasca
58BDGS 10 i t t
Basement
1 to >10 ppm U >20% chlorite (modal XRD in
clay-sized fraction)
Kianna
58BColetteDGS-10 intercept
0.53% eU3O8/3.7 m
y )
Long section looking NE along Shea Creek trend:
Chlorite + anomalous U plume extends to >500 m
above Colette and Douglas projects (Robbins, 1997)
Plan map: little drilling north
of Colette Deposit on
Douglas project

26. Shea Creek deposits
Property scale targets
58B
 Outside immediate area of
deposits, SLC is untested or only
very sparsely tested, with only 23
58B
very sparsely tested, with only 23
widely spaced holes along >20 km
of strike length
 Anomalous radioactivity and Anomalous radioactivity and
prospective alteration in several
drill holes
 Parallel conductors to west and Parallel conductors to west and
east
 Near deposit upside: e.g.
G 100Geotechnical holes 100 m west
and 150 m east of Kianna
intersected unconformity
mineralization (0 63% eU O /0 7mineralization (0.63% eU3O8/0.7
m) and 3 m of dravite-rich breccia,
respectively

27. Shea Creek deposits
Conclusions: a growing district
Warning: forward looking statements!
 Cluff Lake and Shea Creek form a significant and growing western
Athabasca uranium district
 Most production historically at Cluff from basement style mineralization –
suggests further potential at Shea
 Mineralization open in many areas, both in basement and atp y
unconformity, including new zones in the basement north of Kianna, and
open basement mineralization down dip in south Colette from 2007
intercepts such as 3.23% U3O8 over 8.0 metres in drill hole SHE-111-06.
 5+ km of Shea Creek trend along the SLC on Douglas River property
nearly completely untested, 400 m of strike length between Kianna and
58B tested by only one drill hole, and >10 km south southeast of Anney y
tested by only a few drill holes (including the Shea “discovery hole” SHE-
02 = 0.73% U3O8/0.7 m) : significant exploration upside
 Parallel conductors with alteration, resistivity lows (e.g. Klark Lake)Parallel conductors with alteration, resistivity lows (e.g. Klark Lake)
 $7.9 million budget for 2011 exploration at Shea and $9.7 million total for
West Athabasca – should be an exciting year

28. Shea Creek deposits
Acknowledgements
Thanks to the AREVA team for its ongoing
discoveries, discussions and contributions.
In particular John Robbins SheldonIn particular John Robbins, Sheldon
Modeland, Erwin Koning and Jeff Carroll
Leo Horn Ke in Palmer and Dan Bald inLeo Horn, Kevin Palmer and Dan Baldwin
also have contributed significantly
We also thank the management and
directors of both companies for their
continued support of the projectcontinued support of the project