UEX Corporation ("UEX") is pleased to announce that the 2007 diamond drilling program has commenced at the Raven-Horseshoe Deposits ("Raven-Horseshoe"), located within UEX's 100%-owned Hidden Bay Project in the Athabasca Basin of northern Saskatchewan, Canada.

Four drills will test Raven-Horseshoe 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 compliant resource estimate for the central Horseshoe Deposit, and to define the extent and continuity of significant mineralization in other portions of Raven-Horseshoe outlined by historical drilling.

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.

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

About the Raven-Horseshoe Deposit
Raven-Horseshoe hosts a total historical resource estimate of 6.7 million tonnes at an average grade of 0.16% U3O8, representing approximately 23 million contained pounds of U3O8. [Note: this is a historical resource estimate completed by Gulf Minerals ("Gulf") in 1978 that was not estimated using current Canadian Institute of Mining, Metallurgy and Petroleum categories, and for which no current resource or reserve confidence categories were applied.] The deposit is of the basement-hosted type and is located approximately 5 kilometres southeast of the edge of the Athabasca Group sandstones, which normally cover uranium deposits in the Athabasca Basin. The deposit is also located less than 5 kilometres south of the Rabbit Lake Mill owned by Cameco Corporation ("Cameco"). The deposit comprises two shallow plunging zones developed over a 2.5 kilometre strike length, and at depths of 50-450 metres below surface in quartzite. Mineralization is hosted by zones of hematite alteration which fringe the margins of a broad, south dipping, fault-controlled clay alteration zone, in a geometry that is comparable to some roll-front style uranium deposits. Unlike unconformity-type deposits such as McArthur River and Cigar Lake, Raven-Horseshoe is situated within competent pre-Athabasca basement rocks with no overlying sandstone that could allow underground ramp access and conventional underground mining methods if an economic resource is defined. Cameco's producing Eagle Point Mine, located 17 kilometres to the northeast, is also in basement rocks and is mined by such methods.

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