Friday, October 19, 2007 at 06:04AM
UEX Corporation jumped up $2.07 to close at $8.56 as 7.33 million shares changed hands. This increase in activity was due to a news release that reported the Second-Best Hole Ever at the Anne Deposit Intersecting Two Zones of High-grade Basement-hosted Mineralization: SHE-122-1 Intersects 4.73% U3O8 Over 33.7 metres, including 23.21% U3O8 Over 3.6 metres.
Stephen Sorensen President and CEO of UEX went on to say that:
"With the recent success at the Kianna Deposit, Anne has taken a back seat to Kianna, however, that is about to change. Anne's SHE-122-1 ranks in the top five holes at Shea Creek. The escalation of drilling and development programs by subsidiary AREVA at Shea is evidence of their confidence in the potential of Shea Creek becoming a future mining camp in the western Athabasca Basin of northern Saskatchewan."
To read the article in full please click this LINK, which will take you to their web site so you have the information first hand.
Taking a quick look at the chart we can see that yesterday’s closing price is above this stocks previous highs so we are now in uncharted waters and the stock could continue to zoom. The technical indicators are at the top of their range, which would suggest that it is time for a breather, however this discovery and the potential that it offers could negate the technical analysis for some time.
UEX Corporation trades on the Toronto Stock Exchange under the symbol of UEX and has a market capitalisation of $1.57 billion.
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Have a good one.