Urex Energy Corporation reports that Directors of the Company met with representatives of Areva NC at the Prospectors & Developers Association of Canada conference (PDAC) in Toronto to discuss the Company’s uranium properties in southern Argentina.
Areva is investigating options regarding uranium resources in southern Argentina and is in cooperation with various owners including Urex to support a potential central process facility. A minimum mineable uranium reserve necessary to support such a process facility is estimated at 22 million pounds of eU3O8. The concept is that the mining of a number of satellite uranium ore bodies, controlled by different owners, would provide uranium ore feed to the central milling facility.
The Company is conducting uranium exploration in the Chubut Province adjacent to Comision Nacional de Energia Atomica’s (CNEA) Cerro Solo uranium deposit, which contains 10 million pounds of eU3O8. During the 2008 exploration season Urex completed 88 drill holes totaling 7624 meters on 5 areas within the Cerro Solo district and discovered significant and potentially economic uranium mineralization. During the upcoming drill season, Urex will continue to develop and explore its properties in district with the object of outlining 12 million pounds of eU3O8 reserves, this, along with CNEA’s reserves, would support a new central process facility in the district.