Operator Receives Provincial Approval to Conduct Feasibility Field Test at Wheeler River

UEX Corporation


UEX Corporation

Saskatoon, Saskatchewan –

TheNewswire –

July 15, 2022 –

UEX Corporation (TSX:UEX







” or the “


”) is pleased to announce that
Denison Mines Corp. (“Denison”), the operator of the Wheeler River
Joint Venture (“WRJV”), has reported that it has received approval
from the Province of Saskatchewan to prepare, construct, and operate
the facilities required to carry out the In-Situ Recovery (“ISR”)
Feasibility Field Test (“FFT”) planned for the Phoenix Deposit.
The WRJV is 10% owned by JCU (Canada) Exploration Company, Limited
(“JCU”) and 90% by Denison.  JCU is 50% owned by UEX.

The Saskatchewan Minister of Environment approval
authorizes the operation of “pollutant control facilities” typical
for mining operations and allows for the management of material
recovered from mineral extraction through to waste water treatment,
discharge, and storage.   This approval authorizes the construction
of the FFT facilities, which is expected to commence shortly.

The Canadian Nuclear Safety Commission has determined
that a Nuclear Substance License will be required to possess and store
a nuclear substance resulting from the operation of the FFT (in this
case mineralized solution containing uranium).  Denison reports that
the process to obtain this license is well advanced, and it is
expected to be received before the site preparation and commissioning
activities are completed.

Further details and results of the Phoenix FFT approval
can be found in Denison’s news release dated July 12, 2022 and filed
on Denison’s profile on SEDAR.com


The technical information in this news release has been
reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s
President and CEO, who is considered to be a Qualified Person as
defined by National Instrument 43-101.


UEX is a Canadian uranium and cobalt exploration and
development company involved in an exceptional portfolio of uranium

UEX’s directly-owned portfolio of projects is located
in the eastern, western and northern perimeters of the Athabasca
Basin, the world’s richest uranium belt which in 2020 accounted for
approximately 8.1% of the global primary uranium production.  In
addition to advancing its uranium development projects through its
ownership interest in JCU,  UEX is currently advancing several other
uranium deposits in the Athabasca Basin which include the Paul Bay,
Ken Pen and Ōrora deposits at the Christie Lake Project , the Kianna,
Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek
Project, the Horseshoe and Raven deposits located on its 100%-owned
Horseshoe-Raven Development Project and the West Bear Uranium Deposit
located at its 100%-owned West Bear Project.

UEX is also 50% owner of JCU.  JCU’s portfolio of
projects includes interests in some of Canada’s key future uranium
development projects, notably a 30.099% interest in Cameco’s
Millennium Uranium Development Project, a 10% interest in Denison’s
Wheeler River Project, and a 33.8123% interest in Orano Canada’s
Kiggavik Project, located in the Thelon Basin in Nunavut, as well as
minority interests in nine other grassroots uranium projects in the
Athabasca Basin.

UEX is also leading the discovery of cobalt in Canada,
with three cobalt-nickel exploration projects located in the Athabasca
Basin of northern Saskatchewan, including the only primary cobalt
deposit in Canada.  The 100% owned West Bear Project hosts the West
Bear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-Ni
Zone, and the West Bear Uranium Deposit.  UEX also owns 100% of two
early-stage cobalt exploration projects, the Axis Lake and Key West


Roger Lemaitre

President & CEO

(306) 979-3849


This news release contains statements that constitute
“forward-looking information” for the purposes of Canadian
securities laws. Such statements are based on UEX’s current
expectations, estimates, forecasts and projections. Such
forward-looking information includes statements regarding the West
Bear Co-Ni Property, the Christie Lake Property drill program, the
Hidden Bay Property, the Shea Creek Property, UEX’s drill hole
results, uranium, cobalt and nickel prices, outlook for our future
operations, plans and timing for exploration activities, and other
expectations, intentions and plans that are not historical fact. Such
forward-looking information is based on certain factors and
assumptions and is 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 information.
Important factors that could cause actual results to differ materially
from UEX’s expectations include uncertainties relating to the,
interpretation of drill results and geology, assay confirmation,
additional drilling results, continuity and grade of deposits,
fluctuations in uranium, cobalt and nickel prices and currency
exchange rates, changes in environmental and other laws affecting
uranium, cobalt and nickel exploration and mining and other risks and
uncertainties disclosed in UEX’s Annual Information Form and other
filings with the applicable Canadian securities commissions on SEDAR.
Many of these factors are beyond the control of UEX. Consequently, all
forward-looking information contained in this news release is
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 information. 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.

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