UEX Corporation ("UEX") announced today that AREVA subsidiary COGEMA Resources Inc. ("COGEMA") has advised UEX that a Winter 2006 exploration program has commenced at the Beatty River Uranium Project ("Beatty River" or the "Project"), located in the western Athabasca Basin in northern Saskatchewan, Canada. The Project consists of seven claims totaling 6,688 hectares (16,520 acres) and is located 40 kilometres south of the Shea Creek uranium deposits.

COGEMA's budget estimate for the 2006 winter exploration program at Beatty River is approximately $450,000 (CDN) and includes 31.5 kilometres of time-domain electromagnetic ("TDEM") moving loop surveying, and 54.0 kilometres of DC Resistivity surveying. COGEMA, as operator, will utilize its team of experienced geoscientists who have participated in several important uranium discoveries in the Athabasca Basin, including Cluff Lake, Cigar Lake and most recently, Shea Creek.

In June 2004, JCU (Canada) Exploration Company, Limited, a subsidiary of Japan-Canada Uranium Company, Limited ("JCU"), granted UEX an option to acquire a 25% interest in Beatty River. At present, COGEMA, of Saskatoon, SK, owns a 50.71% interest and JCU owns a 49.29% interest in Beatty River. Under the agreement with JCU, UEX can earn a 25% interest in Beatty River by funding $865,000 (CDN) in exploration expenditures by December 31, 2008. At year-end 2005, UEX had funded $235,000 (CDN) of exploration expenditures at the Project. As per UEX's agreement with JCU, UEX will fund JCU's share of the 2006 winter exploration program, at a cost of approximately $220,000 (CDN).

To view a map of Beatty River, please refer to UEX's website at www.uex-corporation.com

2005 Winter Exploration Program Results

The 2005 winter exploration program at the Project consisted of four angled drill holes totaling 1,753 metres. Although each of the holes encountered zones of fractured, brecciated and/or desilicified sandstone, none intersected uranium mineralization. Weakly graphitic basement rocks were intersected in three of the holes; however, the quantity of graphite was insufficient to explain a previously-outlined basement conductor.

Of the holes drilled in 2005, holes BR-23, BR-24, and in particular BR-25, are geochemically of the most interest. In the latter drill hole, elevated boron values and dravite observed in the silicified sandstone suggest the presence of a large hydrothermal cell to the west of the drilling on the BR-2 grid. It is not certain as to the origin of such a cell, but it is noted that hole BR-25 lies in close proximity to the large east-west structure in that area.

COGEMA is confident that a good conductor has been identified in the area, and that significant fluid movement and structural disruption warrants further exploration. Follow- up drilling should attempt to intersect the conductor in close proximity to interpreted structures.

The 2006 winter geophysical surveys are designed to better define the location of the conductor, faulting, and alteration at the Project. Results from the 2006 TDEM and DC Resistivity surveys will be compiled with existing geological and geophysical data to provide potential targets for drilling in the winter of 2007.

About COGEMA

COGEMA, a private corporation with its head office in Saskatoon, SK, is a uranium exploration and mining company owned by 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 Mine operated by COGEMA, the producing McArthur River Mine operated by Cameco Corporation ("Cameco"), and the Cigar Lake Deposit, which is scheduled for production in 2007.

About JCU

JCU was incorporated in Japan on October 18, 2000 by four companies, Itochu Corp., OURD Co. Ltd., Mitsubishi Corp. and Mitsubishi Materials Corp. JCU, through its wholly-owned subsidiary, JCU (Canada) Exploration Company Limited, holds interests in 14 uranium exploration projects that were purchased from the Japan Nuclear Cycle Development Institute in late 2000.

About UEX

UEX is a Canadian uranium exploration company formed under an agreement between Cameco Corporation and Pioneer Metals 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 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 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.