UEX Corporation ("UEX") has received confirmation from AREVA Group subsidiary AREVA Canada Resources Inc. ("AREVA", formerly COGEMA Resources Inc.) that the total amount of expenditures incurred by UEX as of July 31, 2006 on AREVA's Western Athabasca Projects (the "Projects") exceeds $15.0 million (CDN), and that UEX has earned its second partial interest of 12.25% to hold a 24.5% interest in the mineral dispositions as defined in the Western Athabasca Option Agreement ("the Agreement") between UEX and AREVA.

In March 2004, UEX and AREVA announced the Agreement whereby UEX has an option to acquire a 49% interest in ten projects located in the Western Athabasca Basin area of northern Saskatchewan. The Projects include the Shea Creek Project ("Shea Creek"), which contains the Anne, Colette and Kianna uranium deposits.

UEX has an option to acquire a 49% interest in the Projects by funding $30 million (CDN) in exploration expenditures according to the following schedule:

 
   (Year 1):            ending December 31, 2005   $2,000,000
(Year 2):   January 1, 2006 to December 31, 2006   $2,000,000
(Year 3):   January 1, 2007 to December 31, 2007   $2,500,000
(Year 4):   January 1, 2008 to December 31, 2008   $2,500,000
(Year 5):   January 1, 2009 to December 31, 2009   $2,500,000
(Year 6):   January 1, 2010 to December 31, 2010   $2,500,000
(Year 7):   January 1, 2011 to December 31, 2011   $3,000,000
(Year 8):   January 1, 2012 to December 31, 2012   $3,000,000
(Year 9):   January 1, 2013 to December 31, 2013   $3,000,000
(Year 10):  January 1, 2014 to December 31, 2014   $3,500,000
(Year 11):  January 1, 2015 to December 31, 2015   $3,500,000

                                   Total          $30,000,000 (CDN)

UEX earns a 12.25% interest in the Projects for every $7.5 million (CDN) spent to a maximum total interest in the Projects of 49%.

"AREVA has continued to deliver spectacular drilling results from Shea Creek, which has led UEX to far surpass its 2006 expenditure obligation of $2.0 million under the Agreement," said Stephen Sorensen, President and CEO of UEX. "UEX is extremely pleased with AREVA's operations at the Projects, and in particular, their exploration success at the Kianna Deposit."

About AREVA
AREVA, a uranium exploration and mining company, is a subsidiary of AREVA Group, a worldwide expert in the energy field with a strong industrial presence in over 40 countries. AREVA Group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the producing McClean Lake Deposits operated by AREVA, 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 seven that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, ten under option from AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. 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 the global primary uranium production. UEX's exploration budget for 2006 is $19.0 million and the Company has a cash position of approximately $85.0 million.

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.