thatcher soak scoping study commencem

THATCHER SOAK PROJECT –SCOPING STUDY COMMENCEMENT
17 September 2008

• Immediate commencement of Thatcher Soak Scoping Study

• Sonic Rig resource upgrade drilling program completed

• Quality Density Determinations of ‘as in-situ’ samples set to commence

• Resource enhancing, assaying and metallurgical test work will follow

Uranex is pleased to announce commencement of the Scoping Study on the Thatcher Soak Uranium Project in WA.

Following the announcement of an initial JORC Inferred Resource estimate at Thatcher Soak in June this year, the Company has conducted a Sonic Rig drilling and sample collection program to upgrade further the project resource.

The drilling phase is now complete and the resulting high quality ‘as in-situ’ samples have been transported to Perth for analysis and testing. The analysis will commence with comprehensive density determinations on the ‘as in-situ’, soft-rock sample cores to confirm densities both vertically and laterally across the deposit and thus enhance the quality of the resource tonnes calculation for the deposit.

Further to this, the sample cores will be logged and sampled for assaying to provide reconciliation between chemical assays and probed radiometric e-values.

All holes have been cased ready for imminent down-hole radiometric probing. The ‘as in-situ’ nature of the samples will be maintained to enable standard metallurgical test work analysis to help provide indicative mining and process
relevant production parameters.

Technical data gained from these activities, will form the basis of the Scoping Study, which will provide an initial evaluation of project economics and the identification of further necessary technical and evaluation work.

Working in close cooperation with the WA and Federal Governments, using world recognised engineering consultants, and embracing international standards, the
Scoping Study will evaluate options on the following:

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• Applicable mining methods and parameters;
• Optimised metallurgical process routes and parameters;
• Associated social and physical environment impact parameters; and
• Product refinement levels and attendant sales alternatives.
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“Given the Election outcome over the weekend in Western Australia, Uranex’s
shallow calcrete deposit at Thatcher Soak reclaims its importance within the
Company’s portfolio of near term uranium production assets, and we intend to
progress our evaluation of the project with renewed vigour”, said Uranex
Managing Director Dr John Cottle.
“The confirmation of the new WA coalition government is great news for the WA
mining industry. We are greatly encouraged by the anticipated lifting of the WA
uranium mining ban and the commitments to improving approval timeframes for
mining projects in the State.
With this renewed opportunity for advancement at Thatcher Soak and the
continuing pre-feasibility study at our Bahi Project in Tanzania, Uranex now has
two near-surface, potentially low cost uranium projects firmly on their way to
production,” Dr Cottle added.