UEX Corporation ("UEX") announced today that it has completed a private placement of 10,000,000 common shares at $2.65 per share for gross proceeds of $26.5 million (CDN) through Dundee Securities Corporation, CIBC World Markets Inc., Sprott Securities Inc. and GMP Securities Ltd. on an underwritten basis.

Proceeds of the private placement will be used to accelerate exploration and development of UEX's uranium projects located in the Athabasca Basin area of northern Saskatchewan, Canada, and for general corporate purposes. Incurred and planned expenditures by UEX in the Athabasca Basin for 2005 are estimated at $17.6 million (CDN). UEX now has a cash position in excess of $51.0 million (CDN).

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.

ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION

"signed"

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