UEX Corporation ("UEX", or the "Corporation") announced today that its Board of Directors (the "Board") has adopted a Shareholders Rights Plan ("Rights Plan"). The Plan will be presented for ratification by the shareholders of UEX at the next Annual Meeting, which is expected to be held in June, 2007.
Under the Rights Plan, UEX has issued one right for no consideration in respect of each outstanding common share of the Corporation to all holders of record at 12:01 a.m. on March 31, 2007 and will issue one right in respect of all common shares issued by UEX during the term of the Rights Plan. The rights will initially be represented by the certificates representing the common shares of the Corporation.

The Rights Plan has been adopted in an effort to ensure the fair treatment of shareholders in connection with any take-over offer for UEX and not to entrench management. The Rights Plan seeks to provide additional time for shareholders to properly assess an unsolicited take-over bid without undue pressure. It also provides the Board with more time to fully consider any unsolicited take-over bid and to pursue, if appropriate, other alternatives to maximize shareholder value. UEX is not currently aware of any pending or threatened take-over bid for the Corporation.

Under the Rights Plan, those bids that meet certain requirements intended to protect the interests of all shareholders are deemed to be "Permitted Bids". Permitted Bids must be made by way of a take-over bid circular prepared in the compliance with applicable securities laws and, among other conditions, must be for all common shares of the Company and remain open for 60 days. In the event a take-over bid is not a Permitted Bid within the requirements of the Rights Plan, the Rights will be separated from the common shares and entitle holders, other than any shareholder or shareholders making the take-over bid, to purchase additional common shares of UEX at a substantial discount to the market value at the time.

The Rights Plan, if ratified by the Shareholders, has a term of three years and may be extended by the shareholders of the Corporation at their 2010 Annual Meeting.


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 385,452 hectares (952,452 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 25% 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 $75.0 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.