UEX Corporation ("UEX", or the "Company") wishes to update its shareholders on the approved 2007 exploration and development programs and budgets for its 19 uranium projects located in the Athabasca Basin of northern Saskatchewan, Canada. Exploration and development budgets of approximately $25.0 million are planned for 2007, compared to 2006 where the Company spent approximately $19.5 million on exploration and development of its uranium projects (all dollar amounts are stated in Canadian dollars). UEX plans to use eleven drills during the winter 2007 season.

UEX's Uranium Exploration Projects

West Athabasca Projects
UEX owns a 24.5% interest and can earn up to a 49% interest in the ten West Athabasca Projects, which include the Anne, Colette and Kianna Deposits at the Shea Creek Project. UEX has approved 2007 expenditures of $6.73 million proposed by AREVA Resources Canada Inc. ("AREVA"), the operator and majority owner of the projects. Diamond drilling using four drills is planned for this winter at the Western Athabasca Projects. Two drills are scheduled to begin drilling at the Kianna Deposit by January 8, 2007 and a third drill is planned to test an area between the Kianna and Anne deposits beginning in March 2007. A fourth diamond drill is planned to complete six holes at the Mirror River Project. Geophysical surveys, consisting of DC Resistivity surveys, are planned for the Shea Creek, Nikita, James Creek and Alexandra projects.

Hidden Bay Project
The total 2007 budget for the Hidden Bay Project is approximately $12.0 million, which includes development costs at the West Bear and Raven-Horseshoe deposits.

Raven-Horseshoe Deposits
Four diamond drills will test the Raven-Horseshoe Deposits with a planned metreage of approximately 24,000 metres, budgeted at $4.3 million for the winter of 2007, and $3.0 million budgeted for additional drilling in the summer of 2007. The winter 2007 drilling is part of a Phase 2 definition drilling program of sufficient density to provide the basis for calculation of a National Instrument 43-101 ("N.I. 43-101") compliant resource estimate for the central Horseshoe Deposit, and to define the extent and continuity of significant mineralization in other portions of the Raven-Horseshoe Deposits outlined by historical drilling.

West Bear Deposit
A 2007 sonic drilling program of approximately 100 holes totaling 3,000 metres is planned for the eastern West Bear Deposit at a cost of $1.3 million, with the goal of adding to the N.I. 43-101 compliant indicated resource of 45,600 tonnes, grading 1.385% U3O8 and totaling 1.391 million pounds U3O8, already outlined by UEX's 2005 sonic drilling program.

Other exploration drilling on the Hidden Bay Project is planned on recently-defined targets along the Rabbit Lake Fault, follow-up drilling in the Telephone Lake area, and other prospective areas of the project, using a fifth diamond drill to be mobilized as ground access to the target areas improves through the course of the winter season, at a cost of approximately $1.1 million. An airborne gravity and gradiometer survey is planned for the entire Hidden Bay Project area at a cost of $1.2 million.

Black Lake Project
A diamond drilling program of approximately 6,000 metres is planned for the winter of 2007. Ground and airborne geophysical surveying are planned in conjunction with the drilling program to better define targets along the fault and conductor system, which extends over 20 kilometres through the property. The proposed 2007 annual budget is $2.6 million.

Riou Lake Project
In the winter 2007 season, ground geophysical surveying is planned for the CB Northeast conductor. Diamond drilling is planned for the summer of 2007, after the geophysical programs have better defined prospective target areas on the property. The proposed 2007 annual budget is $1.7 million.

Northern Athabasca Projects
In the early winter 2007 season, ground geophysical surveying is planned to follow-up anomalies identified from the 2005 MEGATEM and Falcon gravity and gradiometer airborne surveys over the five Northern Athabasca Projects. Later in the winter season, if surface access allows, diamond drilling is planned on targets defined from the geophysical surveys. The proposed 2007 annual budget is $1.3 million.

Beatty River Project
UEX is a participant in the Beatty River Joint Venture, operated by AREVA. A ground geophysical survey consisting of DC Resistivity surveying is planned for 2007, of which UEX's share is $310,000. UEX can earn a 25% interest in Beatty River Project from Japan-Canada Uranium Company Ltd. by contributing $865,000 of exploration expenditures by December 31, 2008. UEX's total exploration expenditures on the project to date are approximately $438,700.

To view maps and other information regarding UEX's exploration projects, please access UEX's website at www.uex-corporation.com under "Projects".

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 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. The Company has a cash position of approximately $77.5 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 ("statements") which are subject to a variety of risks and uncertainties beyond UEX's ability to control or predict, and which could cause actual events or results to differ materially from those anticipated in such statements. Although UEX believes that the assumptions inherent in the statements are reasonable, undue reliance should not be placed on them.