UEX Corporation ("UEX") announced today that AREVA subsidiary COGEMA Resources Inc. ("COGEMA") has reported to UEX that the Winter 2006 exploration program has commenced on the Western Athabasca Projects (the "Projects"), which includes the Shea Creek Project ("Shea Creek"), site of a high-grade uranium discovery in July 2005 (see UEX News Releases July 13, September 14 and October 11, 2005). The ten Projects, totaling 181,509 hectares (448,327 acres) in size, are located in the western Athabasca Basin in northern Saskatchewan, Canada.

UEX can acquire a 49% interest in these ten Projects from COGEMA, the operator, by funding $30 million (CDN) in exploration expenditures by June 2015. UEX announced on August 24, 2005 that it had earned its first partial interest of 12.25% in the Projects by spending $7.5 million (CDN). UEX anticipates that it will earn an additional 12.25% interest in the Projects during 2006, increasing its interest to 24.5%. Total budgets for the Projects during 2006 are estimated at $7.0 million (CDN).

Highlights of the 2005 Shea Creek Drilling Program

• Kianna Deposit (formerly 63B area): 12 unconformity impacts in 4,936 metres of drilling, including 11 directional cuts SHE-114-1 to SHE-114-11, and one pilot hole SHE-115.

• Colette Deposit: 12 unconformity impacts in 3,723 metres of drilling, including 12 directional cuts SHE-111-3 to SHE-111-13, and SHE-113-1.

In July 2005, UEX announced the discovery of high-grade uranium mineralization at the 63B area, now called the Kianna Deposit. Hole SHE-114-5, the fifth directional cut from pilot hole SHE-114, intersected high-grade, elevated, sandstone-hosted uranium mineralization grading 27.40% U3O8 over 8.8 metres, including 58.32% U3O8 over 3.5 metres, at a point approximately 30 metres above the unconformity. The same hole also intersected high-grade uranium mineralization in the basement rocks approximately 100 metres below the unconformity, including 5.49% U3O8 over 1.8 metres and 1.08% U3O8 over 2.2 metres.

Later in the 2005 program, hole SHE-114-11 intersected significant intervals of both high-grade elevated sandstone-hosted mineralization and high-grade, deep, basement-hosted uranium. High-grade, elevated sandstone-hosted uranium mineralization was intersected in between 678.5 and 692.2 metres, 22.0 metres above the unconformity, grading 5.83% U3O8 over 13.7 metres, including 8.89% U3O8 over 8.3 metres, which includes 17.05% U3O8 over 3.5 metres. The same hole intersected high-grade, deep basement-hosted uranium mineralization between 816.1 and 853.8 metres at a depth of 101.9 metres below the unconformity, grading 5.40% U3O8 over 37.7 metres, including 7.03% U3O8 over 26.6 metres, which includes an interval of 10.02% U3O8 over 14.5 metres, which also includes 25.46% U3O8 over 4.0 metres.

Holes SHE-114-5 and SHE-114-11 are located at the Kianna Deposit, which lies within a 2.2 kilometre conductive corridor between the Anne and Colette Deposits, 600 metres northwest of the Anne Deposit and 1,600 metres southeast of the Colette Deposit. For a summary of significant drilling results from the 2005 Shea Creek drilling program see Table 1: "Shea Creek 2005 Drill Results - 63B Area" from UEX News Release October 11, 2005. Direct link to news release: http://www.uex-corporation.com/i/pdf/2005-10-11_NR.pdf

To view a map of the Kianna Deposit (formerly 63B area) at Shea Creek, please refer to UEX's website at http://www.uex-corporation.com under "Western Athabasca Projects - Shea Creek". Direct link to map gallery: http://www.uex-corporation.com/s/Maps_Figures.asp

2006 Winter Exploration Programs at the Projects

Shea Creek
A diamond drilling program consisting of approximately 12,000 metres is planned for Shea Creek over the Kianna Deposit, and the Anne and Colette Deposit areas. Two drill rigs have been mobilized for the 2006 drilling program, which is planned to consist of about 35 holes (4 to 6 vertical, and 29 to 31 directional). The first drill rig is at the Kianna Deposit and follow-up drilling is underway from pilot hole SHE-114.

Early in the 2006 program, the second rig is planned to test a high-priority geophysical target located approximately 2 to 3 kilometres to the west of the Colette Deposit. Two to four vertical holes are planned for this area. After completion of the Collette Deposit area drilling, the second rig will be moved back to the Kianna Deposit to pilot hole SHE-115 in order to more rapidly advance the exploration program there.

Laurie Project
During the winter 2005, a transient electromagnetic ("TEM") moving loop survey totaling 19.8 kilometres and a DC Resistivity survey totaling 41.0 kilometres were carried out on the project. Grid preparation for the ground survey amounted to 73.0 line kilometres. One diamond drill hole was completed totaling 351.0 metres, and was planned to intersect the Laurie conductor along strike with a fence of historical drillholes to the south. The drillhole encountered graphite in enough quantity to explain the conductor, but alteration in the sandstone and basement, and structural disruption was minimal.

During the summer 2005, a DC Resistivity survey totaling 41.0 kilometres was carried out on the project. Grid preparation for the ground survey amounted to 13.7 line kilometres. The results of the 2005 TEM and DC Resistivity surveys have outlined a number of new drill targets on the project.

The 2006 winter program will consist of a 6-hole diamond drilling program of approximately 2,300 metres over the TEM conductors defined by the ground geophysical programs carried out from 2003 to 2005. Drill hole locations will be influenced by the location of resistivity lows interpreted as hydrothermal alteration zones within the Athabasca sandstone unit as defined by the 2005 DC Resistivity program. The final location of the drill holes is dependent upon further modeling of the collected geophysical data.

Mirror River Project
A diamond drilling program consisting of approximately 2,300 metres is planned in 6 diamond drill holes to test TEM conductors defined by the 2004 and 2005 geophysical programs.

Brander Lake Project
A ground geophysical program is planned consisting of 43.4 line kilometres of TEM moving loop, and 137.4 line kilometres of grid preparation. The TEM survey is designed to follow up on a recent MEGATEM® airborne survey that identified multiple conductive horizons in the area.

James Creek Project
A ground geophysical program is planned totaling 60.0 line kilometres of DC Resistivity and 70.0 line kilometres of grid preparation. Two grids are planned over conductive "bright spots" outlined by the 2004 airborne MEGATEM® survey. Previously collected magnetic and gravity data support the presence of cross-cutting structures over the grid areas.

Nikita Project
A ground geophysical program is planned totaling 32.0 kilometres of TEM moving loop, 42.0 kilometres of DC Resistivity and 66.8 line kilometres of grid preparation over conductive "bright spots" outlined by the 2004 airborne MEGATEM® survey.

Alexandra Project
A total of two vertical drill holes (1,788 metres) were completed by COGEMA during the winter of 2005 over the UTEM III conductors already defined during the 2004 field season. None of the ALX holes intersected a conductor or anomalous radioactivity.

Processing and interpretation of the collected data from the 2004 Fugro MEGATEM® and Falcon® Gravity Gradiometer survey is ongoing.

Erica Project
The winter 2005 geophysics exploration program consisted of 62.6 kilometres of grid preparation, 23.6 line kilometres of UTEM III moving loop and 65.8 line km of GPS surveys. A DC Resistivity survey totaling 35 line kilometres was completed over the UTEM grid during late summer of 2005. Interpretation of results is ongoing. The objective of the geophysical program was to locate and characterize basement conductors detected by the 2002 MEGATEM® airborne survey. Follow-up diamond drilling in the 2005 winter program consisted of three regional drill holes (ERC-06, 07, 08) totaling 2,110 metres. Only two holes intersected the unconformity while the third (ERC-08) was stopped at 422.0 metres due to early spring break-up; the casing was left in the hole to return at a later date. Two drill holes intersected unaltered Athabasca sandstone before reaching the unconformity at a depth between 740 metres and 745 metres. No structures or graphite-rich lithology was intersected in the basement.

Processing and interpretation of the collected data from the 2004 Fugro MEGATEM® and Falcon® Gravity Gradiometer survey is ongoing.

Uchrich Project
In the 2002 MEGATEM® survey results, a conductive trend was observed between the Laurie and Mirror River projects and the trend was staked in early 2004. During the winter of 2005, a TEM moving loop survey totaling 13.2 kilometres was carried out on the project. Grid preparation for the ground surveys amounted to 47.2 line kilometres. During the summer 2005, a DC Resistivity survey totaling 40.0 kilometres was carried out to search for areas of hydrothermal alteration within the Athabasca sandstone unit on the property.

In 2006, work will consist of processing and interpretation of the collected data from the 2005 ground geophysical surveys to define potential drill targets.

The technical information in this news release has been reviewed by Erwin Koning, P. Geo., COGEMA's District Geologist, West Athabasca Region, a qualified person as defined by National Instrument 43-101. Mineralized intersections are calculated from gamma probe logging.

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 Deposits operated by COGEMA, the producing McArthur River Deposit operated by Cameco Corporation, 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 Corporation. Cameco Corporation, the world's largest supplier of uranium, is UEX's largest shareholder. 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 eight 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 world's richest uranium belt, which accounts for approximately 30% of global primary uranium production.


ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION

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

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.