New uranium exploration company

30 November 2001

Cameco and Pioneer Metals of Canada are to form a joint uranium exploration company.

The company, UEX Corporation, will focus on uranium exploration in the Athabasca Basin region of Saskatechewan, Canada, home to the world's largest high-grade uranium deposits.

Under the agreement, Pioneer will transfer to UEX all its current uranium exploration properties, including the Riou Lake project, in return for a 60% stake in the new company. Cameco will transfer its Hidden Bay advanced exploration properties in return for a 40% interest. UEX will be headed up by Pioneer president and CEO Stephen Sorenson.

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