VANCOUVER, March 2 - UEX Corporation ("UEX") is pleased to announce that it has approved a $1.0 million development program proposed by AREVA Group subsidiary AREVA Resources Canada Inc. ("AREVA") for the Shea Creek Uranium Project ("Shea Creek", or the "Project"). Shea Creek is located in the western Athabasca Basin area of northern Saskatchewan, Canada.

Shea Creek hosts the Kianna, Anne, and Colette Uranium Deposits and is one of the ten Western Athabasca Projects currently under option from AREVA, the operator. UEX has earned a 24.5% interest in the ten projects by spending $15.0 million in just over two years of exploration (see UEX News Release, August 8, 2006) and has an option to earn an additional 24.5% interest, up to a maximum of 49%. A drilling program began in January 2007 to further explore the high-grade uranium mineralization already outlined by previous drilling (see UEX News Release, February 13, 2007).

On February 28, 2007, AREVA proposed a supplementary development program to UEX budgeted at approximately $1.0 million to begin during the current drilling program, consisting of:

• Geotechnical logging of pilot holes in the Kianna and Anne Deposits area;
• Drilling of geotechnical holes specifically for piezometer installation for groundwater monitoring purposes;
• Packer testing and water sampling of drill holes;
• Most of the work would be contracted under the supervision of AREVA, with involvement from AREVA's exploration and mining teams as needed.

The approval of this development program increases the 2007 budget for Shea Creek to approximately $5.3 million, and the total 2007 budget for all the Western Athabasca Projects to approximately $7.73 million.

"The decision by AREVA, a world leader in uranium mining, to begin development work at Shea Creek demonstrates AREVA's confidence in the Project and how important these deposits are to the uranium industry," said Stephen Sorensen, President and CEO of UEX. "This brings Shea Creek one step closer to becoming one of the Athabasca Basin's next world-class, high-grade uranium mines. UEX fully supports this new program, as we are well-financed to fund a more rapid pace of development."

About the Kianna Deposit

At the Kianna Deposit, high-grade uranium mineralization has been intersected in multiple zones at depths from 662 metres to 922 metres, a vertical distance of approximately 250 metres - located in sandstone high above the unconformity, at the unconformity, and below the unconformity in basement rocks, with unconformity depths ranging from approximately 710 to 760 metres. To date, the mineralization at the Kianna Deposit has been traced over a strike length of 200 metres and a width of 150 metres, and remains open in all directions.

The AREVA-UEX drilling programs of 2004, 2005 and 2006 have outlined three distinct styles of high-grade uranium mineralization:

• Perched, sandstone-hosted mineralization found in discrete zones tens of metres above the unconformity (previously announced 2005 hole SHE-114-5, 27.4% U3O8 over 8.8 metres, including 58.3% U3O8 over 3.5 metres);
• Unconformity-type mineralization, in close proximity to the unconformity (previously announced 2006 hole SHE-115-3, grading 12.57% U3O8 over 11.9 metres, including 27.35% U3O8 over 4.2 metres);
• Basement-hosted mineralization, found in zones up to 200 metres below the unconformity (previously-announced 2005 hole SHE-114-11, grading 5.40% U3O8 over 37.7 metres, including 25.46% U3O8 over 4.0 metres).

Uranium grades are calculated from gamma probe logging. True widths of mineralized intervals have not yet been determined. The technical information in this news release was compiled and reviewed by Erwin Koning, P. Geo., AREVA's District Geologist, West Athabasca Region, a qualified person as defined by National Instrument 43-101.

The 2007 drilling program at the Kianna Deposit is planned to operate until November 2007 with a break during July and August 2007. Multiple directional cuts are planned from pilot holes SHE-115 and SHE-118, and additional pilot holes are also planned. The focus for the 2007 program is to expand the basement-hosted mineralization. Multiple directional cuts, or "step-outs", can be made from one pilot hole, which reduces costs while improving targeting precision when drilling deep targets. To view maps and sections of the Kianna Deposit, visit UEX's website at www.uex-corporation.com

About AREVA Resources Canada Inc.

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, the Millenium Deposit, and the Cigar Lake Deposit.

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 approximately 386,250 hectares (954,040 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 2007 is approximately $25.0 million and the Company has a cash position of approximately $76.4 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 "forward-looking statements" that are based on UEX's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX's outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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For further information:

UEX CORPORATION
Suite 1007 - 808, Nelson Street
Vancouver, B.C., Canada, V6Z 2H2
PH: (604) 669-2349
FAX (604) 669-1240,
Website: www.uex-corporation.com
Email: uex@intergate.ca