UEX Corporation ("UEX") announced today that it has completed its previously announced private placement (the "Offering") consisting of 8,222,600 common shares of UEX at $5.00 per common share and 2,000,000 flow-through common shares of UEX at a price of $6.00 per flow-through common share for gross proceeds of $53,113,000 (CDN).

Cameco Corporation ("Cameco") acquired 2,222,600 common shares of UEX under the Offering, bringing its aggregate holding to 39,065,469 shares and maintaining its approximately 21.7% interest in UEX's issued and outstanding common shares.

The balance of the Offering was made on an underwritten basis through a syndicate of underwriters led by Dundee Securities Corporation, and including CIBC World Markets Inc. and Sprott Securities Inc.

The proceeds of the Offering will be used for exploration and development of UEX's uranium projects located in the Athabasca Basin area of northern Saskatchewan, Canada, and for general corporate purposes. UEX's exploration budgets for 2006 are estimated at $19.0 million (CDN). UEX now has a cash position of approximately $95.0 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. 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 venture with COGEMA Resources Inc. ("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, totalling 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 the 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.

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.