UEX Corp. (TSX:UEX) announced the first 43-101 resource estimate for its Shea Creek project in Saskatchewan’s Athabasca Basin Wednesday morning. The basin is considered the world’s richest source of uranium.
The estimate revealed a total resource of 88.1 million pounds (44,000 tons) of uranium in indicated and inferred categories, which are standardized classifications based on drill results. In 2009, UEX spent $14.5 million on exploration in the Athabasca Basin to find this $4 billion of uranium.
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