first of two to china

UNX will be the first of 2 U minors China is chasing. This is a benchmark agreement and be huge even for few other juniors.

re: 'The Australian'

Uranex has two uranium targets within Australia, but the Chinese have indicated their main interest is the Perth junior's 26,000sqkm of exploration tenements in Tanzania. Just as important is that the Tanzanian Government has indicated it will back uranium mining and issue all necessary export licences. Uranex shares climbed 42c to $1.06.

The Uranex announcement is highly significant in that it shows that the Chinese have been getting their ducks in a row in expectation of the uranium agreement between the two countries. Uranex's most advanced project is Thatcher Soak, in the same West Australian region as the 52,000-tonne Yeelirrie deposit owned by BHP. Petroleum company BP reported a 6000-tonne estimate in the 1970s at Thatcher Soak. Uranex managing director George Kenway said he was hopeful of further exploration doubling that estimate. But Uranex would be concentrating its effort in Tanzania while the West Australian Government remained opposed to mining the mineral.

"We'll wait to bring Western Australia along in tune with the way the political wind is blowing," he added.