Company Information for URANEX NL

Company stock charts - 12 Month chart

ASX; UNX View full financial data

Company Statement

Uranex is an Australian listed company with advanced uranium projects in Australia and Tanzania.

Uranex is aiming to be Tanzania’s first uranium producer and is also well positioned in Australia with several projects at varying development levels.

Currently, two uranium resources have been defined in accordance with the 2004 Australian JORC Code guidelines, and further drilling is continuing on these deposits to further upgrade resources as to both quantity (tonnes) and quality (JORC Classification).

The Bahi project in Central Tanzania, currently has 6.7 Million (M) lbs of contained U3O8 in 14Mt of resource at an average grade of 218ppm U3O8, based on a cut off of 150ppm U3O8. (Contained lbs of U3O8 doubles to over 15M lbs at the 100ppm cut off). Pre-feasibility studies have commenced on this project with potential production targeted for 2010.

The Thatcher Soak project in Western Australia has 11M lbs of contained U3O8 in 17Mt of resource at an average grade of 290ppm U3O8, based on a cut off of 150ppm U3O8.

Mkuju in Southern Tanzania is another prime project on which the Company is focusing. The Company has an extensive drilling plan earmarked to expand on auger sampling that revealed near surface results of 1.4m at 1,824ppm U3O8, 0.5m at 5,338ppm U3O8 and 0.25m at 9,803ppm U3O8.

The Company listed on the Australian Stock Exchange on 25 October 2005. IMX Resources (formerly known as Goldstream Mining ML) formed Uranex to hold its extensive array of uranium projects and subsequently floated the company. IMX remains a major shareholder of Uranex with 39.5% of the company.

The Company’s early recognition of the revival of the uranium and nuclear energy sector provided the Company vanguard-access in choosing its exploration and development opportunities, thereby enhancing the probability of its early success.

Operations and Technology

Tanzania
MKUJU
The Mkuju and Songea projects are located in the south-west of Tanzania close to the country boarders of Mozambique and Malawi. The project areas comprise 8 granted/offered tenements and 3 applications covering a total area of about 8,000km2.

The high grade surface mineralisation at anomaly 16 provides a priority target for follow-up drilling.  The Company plans to conduct about 3,000 metres of reverse circulation drilling at anomaly 16 and other targets within the 16 kilometre long radiometric trend.  Grid based scintillometer surveys and soil sampling will provide further targets for trenching and follow-up drilling.

The Company is also planning to conduct a 256 channel spectral radiometric survey over the remaining 5,000km2 of its land holding at Mkuju.

Australia
THATCHER SOAK
The Thatcher Soak uranium deposit is located 130km north-east of Laverton in Western Australia and covers an area of about 224km2.  Most of the deposit is located in granted exploration licence E38/1732 to which Uranex holds 100% of the uranium rights.  The mineralisation may extend slightly to the east into granted prospecting licence P38/3298.  Uranex has the right to earn a 65% equity in P38/3298 under a Joint Venture Agreement with South Boulder Mines Ltd.

A drilling contract has been let for an initial program of about 600 holes.  The program is designed to define the gross mineralised envelope and to close-up drilling within the envelope to allow the calculation of a JORC inferred resource.  The drill program will commence in late April.

BYNOE
The Bynoe uranium project area is located 60km south-west of Darwin. The project area is contained within eight granted exploration licences and one exploration licence application covering a total area of 500km2.
Uranex has recognised the potential for blind primary high grade mineralisation within its group of licences, in areas capped by laterites and other surface deposits. Historic drilling indicates that uranium mineralisation is hosted within the structures defined by Uranex. These structures will provide the targets for initial drill testing. Careful definition and targeting of potential host settings to highlight discrete targets for drill testing is proposed.

Following the cessation of the monsoon season (May) the Company plans to conduct a field program to investigate strong uranium responses identified by the airborne survey.

The program will investigate grid based ground scintillometer surveys, soil sampling, trenching and reverse circulation drilling.

ALLIGATOR RIVER
The project comprises one granted exploration licence and one exploration licence application covering an area of 930km2.  They are located on the western margin of the Kakadu National Park within the Pine Creek Inlier.

The Pine Creek Inlier contains the world class uranium deposits of the East Alligator Uranium Field and the smaller deposits of the South Alligator and the Rum Jungle Uranium Fields.

A reconnaissance survey will commence in July to assess the geological setting and scale of the airborne uranium responses.

Geographical Spread

Board of Directors and Key Management

Terry Ward	Non-Executive Chairman
John Cottle	Managing Director
Richard Udovenya	Non-Executive Director
Andrew Daley	Non-Executive Director
John Nethersole	Company Secretary

Company Address Level 3, 15 Queen Street Melbourne, Western Australia, Australia VIC 3000 Telephone: (+ 61 3) 9621 Email: ac[at]mail.com Website: http://www.uranex.com.au

Additional Address/Key Contact Head Office Level 3, 15 Queen Street Melbourne VIC 3000 Telephone: (+ 61 3) 9621 1533 Facsimile: (+ 61 3) 9621 1544 Technical Office Level 2, 100 Railway Road Subiaco WA 6005 Telephone: (+61 8) 9381 5033 Facsimile: (+61 8) 9381 3611

Most Recent Statement

17/09/08 - Thatcher Soak Scoping Study
20/08/08 - Bahi Pre-Feasibility Study
31/07/08 - Quarterly Report - 30 June 2008
24/07/08 - Uranex presentation to Uranium Conference - Fremantle
30/06/08 - Uranex Announces Initial Resource Estimates
11/06/08 - Progress Update - Resource Estimates