Objectives

Uranex’s objectives are to increase shareholder value through the discovery and development of uranium deposits in Australia and Africa.

Strategy

The Company’s strategy is to provide a balance of geological, geophysical and political risks by operating in two countries that are at different stages of exploration and mineral development.

Australia

Uranex believes that Australia has been relatively well explored for uranium and the exploration/development focus is now largely on previously identified uranium mineralisation.  Uranex has acquired a number of such projects in the Northern Territory and Western Australia.  The immediate program is to quantify by drilling the size and grade of the deposit at Thatcher Soak in Western Australia.  A program in the Northern Territory will follow-up previous uranium drill intercepts, and test newly defined radiometric anomalies.

Tanzania

Tanzania has no recorded uranium exploration in the past twenty five years and only minimal activity before that.  The Company has secured tenure over large areas in Tanzania prospective for both “calcrete” and “sandstone hosted” uranium deposits.  Uranex seeks to capatalise on its extensive land holding in Tanzania by applying modern uranium exploration techniques to further investigate the substantial number of targets already identified within the Company tenements.  Initial field investigations have been highly successful discovering several new occurrences of uranium mineralisation for detailed follow-up in 2007.