UEX Corporation ("UEX") is pleased to announce that a $1.5 million (CDN), summer/fall exploration program of diamond drilling, geophysics and geochemistry has commenced at the Black Lake Uranium Project ("Black Lake", the "Project" or the "Property"). Black Lake is a joint venture between UEX and AREVA subsidiary COGEMA Resources Inc. ("COGEMA") (UEX 70% - COGEMA 30%). The Project is located in the northeastern part of the Athabasca Basin in Saskatchewan, Canada, and covers 30,381 hectares (75,041 acres). Black Lake was the site of a new uranium discovery at drill hole BL-18 during the 2004 fall reconnaissance drilling program. The $2.9 million (CDN) 2005 winter exploration program, using two diamond drill rigs, was intended to determine the extent of the unconformity-type uranium mineralization encountered in hole BL-18 and to continue reconnaissance exploration of the graphitic conductors which extend along strike for approximately 20 kilometres. The drilling program included 14,043 metres of diamond drilling in 30 holes, as well as ground and airborne geophysical surveys.

To view a map of Black Lake and the results from the 2005 winter exploration program, please access UEX's website at www.uex-corporation.com under "Latest Updates".

2004 Discovery Hole, BL-18
In September 2004, hole BL-18 discovered unconformity-type uranium mineralization in the sandstone, immediately above the basal Athabasca unconformity at a vertical depth of 310.5 metres (see UEX News Release, October 12, 2004). Composited geochemical analyses from this intersection average 0.694 % U3O8 over 4.4 metres between 310.5 and 314.9 metres. Maximum grade in this interval is 1.96% U3O8 over 0.5 metres between 313.3 and 313.8 metres.

Results from Winter 2005 Exploration Program
Step-Out Drilling Program, BL-18 Discovery Area
An 11-hole step-out drilling program, totaling 4,645 metres, tested the extent of the uranium mineralization intersected in BL-18 in all directions, with holes spaced 12.5 metres apart. Although favourable graphitic basement rocks were intersected, only hole BL-32, located 12.5 metres grid west of BL-18 intersected uranium mineralization immediately above the unconformity in an interval from 313.9 to 315.3 metres that averaged 0.16% over 1.4 metres, including 0.27% U3O8 over 0.5 metres.

The other ten step-out holes did not encounter significant uranium mineralization or alteration in the overlying sandstone. Also, a fault system has yet to be found in the immediate vicinity of BL-18. Such a fault system could be a conduit along which mineralization was forced laterally along the unconformity from its source, an unknown distance away. The disseminated style of mineralization and lack of faulting in the BL-18 intersection suggest that it may represent a lower-grade style of mineralization peripheral to a higher-grade mineralizing system. Such a mineralizing system can form a typical unconformity-type deposit like at McArthur River, or a basement-hosted deposit like at the Millennium Deposit, where the mineralization occurs approximately 100 metres below the unconformity. The step-out drilling grid needs to be expanded at hole BL-18 in order to locate the source of the uranium mineralization, which appears to be further away than originally thought. Geochemical analytical data have been received and are presently being interpreted, to help direct exploration in the vicinity of BL-18.

Reconnaissance Drilling Program
A second drill was dedicated to reconnaissance drilling as part of the ongoing systematic drill testing of the 20 kilometre-long Black Lake conductive zone. Nineteen holes totaling 9,398 metres, tested the Eastern Fault Zone as well as several of the best moving loop survey defined conductors. The Eastern Fault Zone is interpreted to be a secondary, parallel fault, or "splay", associated with the regional Platt Creek Fault Zone, which transects the Property. The Eastern Fault Zone is comprised of several individual, steeply east-dipping faults.

Hole BL-23 was intended to pierce the unconformity on Line 118N approximately 160 metres east of the point where uranium mineralization was intersected in BL-18. This is also in the vicinity of the Eastern Fault Zone, which in hole BL-05 to the north (Line 120N) was found to be mineralized just below the unconformity. A major fault zone was intersected just above the unconformity at 309.0 metres and, as is characteristic of the Eastern Fault Zone, the minerals dravite, pyrite and siderite were found to be present along fractures on the margin of the fault. This assemblage of minerals is indicative of hydrothermal alteration typically associated with unconformity-type uranium mineralization in the Athabasca Basin. The hole also encountered unconformity-type uranium mineralization in the sandstone immediately above the unconformity, in a narrow interval from 307.9 to 308.0 metres, which averaged 0.28% U3O8 over its 0.10 metre length. The combination of a major fault zone, hydrothermal alteration in the sandstone, a strongly graphitic and brecciated basement immediately below the unconformity, and uranium mineralization indicate that the required processes for the emplacement of an unconformity-type uranium deposit typical of the Athabasca Basin were active in the vicinity of hole BL-23.

Thirteen holes targeted on the Eastern Fault Zone, primarily to the north of hole BL-23 in areas only accessible during the winter, showed similar, favourable structural and geochemical characteristics, although only weak uranium mineralization was intersected. Drilling in this area has been limited to a 900 metre-long segment of the Eastern Fault Zone and more in-fill drilling is planned for Summer/Fall 2005.

Hole BL-43, located 5.4 kilometres to the south of hole BL-23, tested a secondary moving loop survey defined conductor, interpreted to be the southern extension of the Eastern Fault Zone. The hole intersected three separate, major fault zones. As in the hole BL-23 area, siderite, pyrite and dravite were also present along fractures in the vicinity of the faults. In the basement, the rocks encountered were granitic rather than pelitic and no graphite was intersected. However, drilling to the north has shown that the Black Lake conductive zone is an assemblage of interbedded, steeply dipping pelitic and granitic rocks. The basement rocks to the east of where BL-43 intersected the unconformity may be pelitic rocks, as the magnetic data suggest. Therefore, follow-up drilling of the interpreted down-dip projection of each fault encountered by hole BL-43 is warranted. The area is only accessible during the winter and is a high priority target for Winter 2006 drilling.

Four drill holes targeted on the Western Conductor, did not intersect favourable environments for uranium mineralization. This has been the case along the full length of the Western Conductor and as a result this feature will see considerably less exploration effort at this time.

All samples were analyzed at Saskatchewan Research Council Geoanalytical Laboratories by ICP, with additional uranium analyses by fluorimetry. The technical information in this document has been compiled and reviewed by Sierd Eriks, P. Geo., a qualified person as defined by National Instrument 43-101.

Airborne Geophysics
A new-generation, deep-penetrating, airborne electromagnetic ("MEGATEM") survey, has been completed, which provides blanket coverage for the entire Property. The final data set has recently been received and interpretation is underway.

Ground Geophysics
Moving loop electromagnetic surveys detected at least one discrete conductor on most of the lines surveyed. The Western and Eastern conductors, which are mapped more precisely by the moving loop survey method, are shown to lie within or near the edges of the Black Lake conductive zone as defined by the MEGATEM survey data. The moving loop data indicate that the Western Conductor is much more conductive than the Eastern Conductor. A discrete conductor was also detected in a second, parallel magnetic low, lying to the northwest of the Black Lake conductive zone, which may be a second, as yet untested corridor of basement graphitic metapelites.

Gravity measurements were made along each of the moving loop survey lines. The gravity survey appears to map the Eastern Fault Zone.

Planned Summer/Fall 2005 Exploration Program
A $1.5 million (CDN) summer/fall exploration program of diamond drilling, and geophysical and geochemical surveys has commenced at Black Lake. The program is scheduled to continue until mid-to-late October 2005, as weather conditions permit.

Airborne Geophysics
To compliment the Winter 2005 MEGATEM, an airborne gravity and radiometric, or "FALCON", survey has been proposed for the entire Property. The survey is intended to map major regional structures and faulting/alteration in the overlying sandstone and is planned to commence in late August or early September 2005.

Ground Geophysical and Geochemical Surveys
To map alteration in the sandstone, a DC-resistivity survey is planned to cover primarily the area drilled during the Winter 2005 program. A Mobile Metal Ion, or "MMI", geochemical survey has commenced in the same area to assist in the selection of drill targets. The survey will include detailed coverage in the immediate BL-18 area.

Diamond Drilling
A total of 5,850 metres of diamond drilling is planned for the Summer/Fall program. Britton Bros. Diamond Drilling Ltd., of Smithers, BC has been awarded the contract. The area available for drilling will be limited by the amount of access under summer conditions. Initially drill targets will be mostly of reconnaissance-scale to test for mineralization along the Eastern Fault. Follow-up drilling on an expanded BL-18 step-out grid is also planned once geochemical surveys are completed and samples analyzed later in the summer.

About COGEMA
COGEMA, a uranium exploration and mining company, is a subsidiary of AREVA, a worldwide expert in the energy field with a strong industrial presence in over 40 countries. The AREVA group, through COGEMA has significant interests in several uranium deposits in the Athabasca Basin, including the producing McClean Lake Deposit operated by COGEMA, the producing McArthur River Deposit operated by Cameco Corporation ("Cameco"), and the Cigar Lake Deposit, which is scheduled for production in 2007.

About UEX
UEX is a Canadian uranium exploration company formed under an agreement between Pioneer Metals Corporation and Cameco. Cameco, the world's largest supplier of uranium, is UEX's largest shareholder and manages exploration at UEX's 100%-owned Hidden Bay Project. UEX began trading on the Toronto Stock Exchange in July 2002 and is actively involved in the exploration and development of 19 uranium projects, including seven that are 100%-owned and operated by UEX, one joint ventured with COGEMA that is operated by UEX, ten under option from COGEMA and one under option from Japan-Canada Uranium Company, Limited, which are operated by COGEMA. The 19 projects, totaling 386,650 hectares (955,400 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the richest uranium belt in the world, which accounts for approximately 30% of global primary uranium production. Upon completion of a recent financing (see UEX News Release July 18, 2005) UEX will have a cash position in excess of $52.0 million (CDN).

Forward looking statements:
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond UEX's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although UEX believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.

ON BEHALF OF THE BOARD OF DIRECTORS
OF
UEX CORPORATION

"signed"

Stephen H. Sorensen
President & C.E.O.