UEX Seeks to Unlock Value of Cobalt-Nickel Deposit

UEX Corporation (TSX: UEX) (“UEX” or the “Company”) is pleased to announce that the Company is currently evaluating opportunities to enhance shareholder value through its 100% owned West Bear Cobalt-Nickel Prospect located on the Hidden Bay Project, immediately east of the West Bear Uranium Deposit (“WBU Deposit”).

The West Bear Co-Ni Prospect was discovered by the Company during the exploration programs that defined, evaluated and tested the area surrounding the WBU Deposit between 2002 and 2005.

UEX believes that the surging demand for cobalt driven by the rapidly growing electric car industry provides the Company with strategic alternatives to enhance value for our shareholders through this asset.

The West Bear Co-Ni Prospect assays compare favorably to the grades of other global and North American cobalt deposits. The highest-grade assay sample obtained during the 2002-2005 UEX drill programs was from hole WBE-019 that returned 9.94% cobalt and 2.97% nickel over a core length of 0.2 m between 33.8 m and 34.0 m (see UEX News Release dated April 22, 2002 filed on SEDAR.ca).

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