UEX Corporation ("UEX") is pleased to announce that the Winter 2007 sonic drilling program has commenced at the West Bear Uranium Deposit ("West Bear"), located within UEX's 100%-owned Hidden Bay Project in the Athabasca Basin of northern Saskatchewan, Canada.

The 2007 sonic drilling program of approximately 100 holes totaling 3,000 metres is planned for the eastern West Bear area at a cost of $1.3 million, with the goal of adding to the National Instrument 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. UEX's West Bear resource estimate technical report dated March 2, 2006 is available for review at www.sedar.com

The 2006 West Bear resource estimate report notes that only two-thirds of the strike length of the mineralized area included as part of the historical resource outlined by Gulf Minerals was tested during the 2005 sonic drilling program. A number of historical Gulf holes indicate that uranium mineralization likely extends to the east up to 150 metres beyond the current boundaries of the deposit. This area has the potential to significantly increase the total pounds of uranium contained in the deposit, and most of the 2007 sonic drill holes are planned within the eastern deposit area.

West Bear Environmental Baseline and Feasibility Studies
Golder Associates Ltd. ("Golder") of Saskatoon, SK, the Canadian arm of a premier global group of consulting companies specializing in ground engineering and environmental science, is carrying out an environmental baseline study ("EBS") and a mining feasibility study for West Bear. The EBS has been underway at West Bear since August 2005 and Golder continues to collect biological, hydrogeological and other environmental data. Further baseline studies are scheduled for 2007 following the input of more detailed information on the project design generated from the West Bear feasibility study.

UEX looks forward to the completion of the feasibility study, which is expected to be delivered in June 2007, following Golder's receipt and integration of the results from UEX's 2007 sonic drilling program. The feasibility study examines the most efficient methods and procedures for extracting the defined uranium resource, including the most appropriate road access and support infrastructure, mining methods and operating plans. Golder is currently carrying out mine, open pit slope, and waste dump design work. As the feasibility study progresses, Golder will supervise the tendering of contracts for all aspects of a potential mining operation, and will generate cash flow analyses and projections in order to calculate a net present value and an internal rate of return for West Bear.

Golder and UEX have created a Strategic Planning Group, consisting of key representatives from both companies, in order to commence the permitting process for West Bear in the First Quarter of 2007. Following receipt of the final EBS report from Golder, UEX plans to initiate the environmental assessment ("EA") process with the appropriate government agencies on both provincial and federal levels. The first step in the provincial EA process is to provide a Project Proposal to the Saskatchewan EA Branch that details the project description (e.g., mine plan, mining method, water and waste management), current environmental conditions, proposed measures to mitigate environmental issues, and residual effects from the project. After review of this document, the EA Branch will decide if the project meets the definition of a "development", in which case, an Environmental Impact Statement ("EIS") will be required and various provincial and federal responsible authorities will be identified to take part in the review of the EIS. The Strategic Planning Group will also initiate the community and public consultation process in 2007.

To view maps and other information regarding UEX's exploration projects, please access UEX's website at www.uex-corporation.com under "Projects". Photographs of West Bear uranium mineralization can be accessed within the "Photo Gallery".

About West Bear
West Bear uranium mineralization occurs at a vertical depth of between 13 and 31 metres (or approximately 40 to 100 feet) from surface and is one of the shallowest, undeveloped uranium deposits in the prolific Athabasca Basin. Combined with the relatively soft nature of the host rocks and overburden, UEX believes that the deposit could be mined using low cost, open pit techniques within a very short timeframe. The deposit is located close to two existing uranium mills, Cameco Corporation's Rabbit Lake Mill and the McClean Lake Mill, operated by AREVA Resources Canada Inc. ("AREVA"). UEX believes that at current uranium prices, the West Bear Deposit could become a viable source of future cash flow.

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 has a cash position of approximately $76.5 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.