UEX Corporation ("UEX") is pleased to announce that the 2007 drilling program has commenced at the Shea Creek Uranium Project ("Shea Creek"), located in the Athabasca Basin of northern Saskatchewan, Canada. Shea Creek, which hosts the Anne, Colette and Kianna uranium deposits, is one of ten Western Athabasca Projects (the "Projects") under option by UEX from AREVA Resources Canada Inc. ("AREVA"), the operator and majority owner of the Projects. The 2007 exploration budget proposed by AREVA for the Projects is estimated at $6.73 million.

Shea Creek Project
Drilling is underway at the Kianna Deposit using two drills. A third drill is planned to test the southern extension of the Saskatoon Lake conductor located some 22 kilometres to the south of the Anne Deposit beginning in February 2007. In March 2007, the third drill will be mobilized to test a prospective area located between the Kianna and Anne deposits. The Kianna Deposit, located between the Colette and Anne deposits, is the site of a high-grade uranium discovery in hole SHE-114-5 announced in 2005 (see UEX News Release July 13, 2005).

Mirror River Project
A fourth diamond drill is planned to complete six holes totaling approximately 3,000 metres at the Mirror River Project, which is located in prospective terrain approximately 90 kilometres southeast of Shea Creek. AREVA plans to test a number of high-priority targets outlined by time-domain electromagnetic survey programs carried out in 2004 and 2005.

DC Resistivity survey programs are planned for the Nikita, James Creek and Alexandra projects to better define prospective areas of sandstone alteration near previously-identified geophysical conductors.

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 Corporation, the world's largest supplier of uranium. 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.

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.