UEX Corporation ("UEX") announced today that AREVA Group subsidiary AREVA Resources Canada Inc. ("AREVA") has reported to UEX the results from the first three holes of the 2007 fall drilling program from the Shea Creek Uranium Project ("Shea Creek"), which is located in the western Athabasca Basin of northern Saskatchewan, Canada. AREVA has also advised that it plans to submit a project description to the federal and provincial regulatory agencies in early 2008 for one or two underground exploration shafts and related test mining facilities. Construction could begin in 2010 based on the outcome of regulatory procedures.

Shea Creek hosts the Kianna, Anne, and Colette Deposits and is one of the ten Western Athabasca Projects currently under option from AREVA, the operator. UEX has earned a 40.0% interest in the ten projects by spending in excess of $24.5 million on exploration and development expenditures in just over three years. UEX has an option to earn an additional 9% interest, and anticipates that it will earn its full 49% interest during the first quarter of 2008, at which time, AREVA and UEX will form a Joint Venture where expenditures will be shared 49% by UEX and 51% by AREVA.

"With the recent success at the Kianna Deposit, Anne has taken a back seat to Kianna, however, that is about to change. Anne's SHE-122-1 ranks in the top five holes at Shea Creek," said Stephen Sorensen President and CEO of UEX. "AREVA has informed UEX that at least three drills will be employed to focus on all of Shea Creek starting in January 2008." Sorensen went on to say "the escalation of drilling and development programs by AREVA at Shea is evidence of their confidence in the potential of Shea Creek becoming a future mining camp in the western Athabasca Basin of northern Saskatchewan."

About the Anne Deposit

The Anne Deposit is geologically comparable to the Kianna Deposit with both unconformity and basement mineralization. To date, the unconformity mineralization at the Anne Deposit has been traced over a strike length of 250 metres and a width of 100 metres and remains open in all directions. With the recent focus on the Kianna Deposit, no work has been carried out on the Anne Deposit since the fall of 2004.

Previous drilling programs have outlined three distinct styles of high-grade mineralization:

• Unconformity-type mineralization ("UC") in close proximity to the unconformity (previous hole SHE-99-2, grading 9.17% U3O8 over 15.7 metres, including 36.37% U3O8 over 2.5 metres);
• Basement-hosted mineralization ("B") found in zones up to 35 meters below the unconformity: (previous hole SHE-96-3, grading 1.39% U3O8 over 47.3 meters).
• Fracture/fault controlled perched mineralization ("P") higher in the sandstone column is also prevalent within the Anne area. However, intersections can not be correlated between drill holes with the current density of drill information

2007 Fall Drilling Program at the Shea Creek Project

Drilling continues utilizing three drills which started in mid-September. One drill is being used to expand the Anne Deposit; currently the Anne Deposit is open in all directions. Pilot hole SHE-122 completed during the summer months (see Map 1 on UEX's website), is being used to test the unconformity and basement extensions of mineralization in the northern portion of the Anne Deposit. With the discovery of high-grade basement mineralization in the Kianna Deposit, a greater focus is being placed on the basement mineralization at the Anne Deposit.

Another two drills are being used to explore the area between the Kianna and Anne Deposits, where historical drilling intersected mineralization in 9 out of 13 drill holes. The two deposits are about 600 metres apart. Drilling is using pilot holes SHE-121 and SHE-123 (see Map 2) to target inferred structures that offset a favourable geological trend between the Anne and Kianna Deposits. Structural offsets are considered important for uranium deposition and are recognized in all three deposits at Shea Creek.

Anne Deposit:

SHE-122-1:
(B) 4.73% U3O8 over 33.7 metres, including 23.21% U3O8 over 3.6 metres
(B) 1.24% U3O8 over 11.4 metres

SHE-122-1, the first hole of the 2007 fall drilling program at Shea Creek, has resulted in the second-best intersection of high-grade mineralization to date at the Anne Deposit. The hole was a step-out of 20 metres and targeted the continuation of potential mineralization within a basement structure that was first observed in SHE-96-3 during the 1999 drilling campaign. With the success of intersecting basement mineralization at Kianna, the importance of basement structures has been applied to Anne. The unconformity was intersected 35 metres northwest of pilot hole SHE-122 at a depth of 713.0 meters (see accompanying Map 1 on UEX's website).

High-grade basement mineralization was encountered between 713.8 and 747.5 metres grading 4.73% U3O8 over 33.7 metres, including 23.21% U3O8 over 3.6 metres from 715.9 to 719.5 metres.

A second zone of high-grade basement mineralization was also encountered between 773.4 and 784.8 metres grading 1.24% U3O8 over 11.4 metres.

It is currently recognized that all the mineralization is associated with a large structure that remains open along its strike length. The high-grade zone directly below the unconformity will expand the basement mineralization at the Anne Deposit. New drilling targets have also been outlined to follow-up on this success.


Drilling Between the Anne and Kianna Deposits:

SHE-121-1
(P) 0.17% U3O8 over 5.5 metres

SHE-121-1 is located between the Anne and Kianna deposits. The purpose of this hole was to start exploration drilling between the deposits and target unconformity mineralization and identify basement structures that could host additional deposits. The unconformity was intersected 50 metres south east of SHE-121 at a depth of 718.1 metres (see accompanying Map 2 on UEX's website). The majority of the mineralization intersected was a perched style above the unconformity in the sandstone between 708.2 and 713.7 metres grading 0.17% U3O8 over 5.5 metres. Perched mineralization is seen in all three deposits at Shea Creek and is considered very significant for follow-up drilling.

SHE-123-1:
(UC) 0.37% U3O8 over 2.1 metres

SHE-123-1 is located between the Anne and Kianna deposits and the purpose of this hole was the same as SHE-121-1. The unconformity was intersected 65 metres southeast of SHE-123 at a depth of 743.4 metres (see accompanying Map 2 on UEX's website). The mineralization was associated with breccias just above the unconformity between 740.6 to 742.7 metres grading 0.37% U3O8 over 2.1 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 has been 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.

Development Work for Proposed Exploration Shaft(s) at Shea Creek

AREVA is planning to submit a project description to the federal and provincial regulatory agencies in early 2008 for one or two underground exploration shafts and related test mining facilities. Construction could begin in 2010 based on the outcome of regulatory procedures.

As first announced (see UEX News Release, April 10, 2007) AREVA has started the necessary studies for site characterization and base line studies for an exploration shaft. The first proposed shaft has been strategically located between the Kianna and Anne Deposits to provide underground access to both deposits as well as the highly-prospective corridor between them (see UEX's website at www.uex-corporation.com for a map depicting the shaft location). Each of the proposed shafts will have a vertical depth of approximately 950 metres and an estimated capital cost of $100 million (CDN).

Three drill rigs during the 2007 summer completed five piezometer holes each to a depth of 800 metres in the vicinity of the planned shaft location. The piezometer installation and pumping tests, groundwater monitoring and sampling have recently been completed.

Packer tests for hydrological studies were performed by Golder Associates during the summer. The importance of these tests is to estimate groundwater inflows in underground openings. A final report is expected later this year.

An environmental baseline study has been started in the form of surface hydrology with monitoring stations and lake level gauges installed during the summer. Aquatic and terrestrial ecology began in July. The aquatic studies will begin in September followed by terrestrial studies later in the fall. These studies will be ongoing into next year.

This development work and related studies are required to file a Project Description to the federal and provincial regulatory agencies.

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 260 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 AREVA-UEX drilling programs from 2004 through to 2007 have outlined three distinct styles of high-grade uranium mineralization that are still open in all directions:

• Perched sandstone-hosted mineralization found in discrete zones tens of metres above the unconformity currently has a defined strike length of 80 metres and a width of 60 metres (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 has a defined strike length of 200 metres and a width of 200 metres (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 has outlined a strike length of 200 metres and a down-dip extension of 160 metres (previously announced 2005 hole SHE-114-11, grading 5.40% U3O8 over 37.7 metres, including 25.46% U3O8 over 4.0 metres).

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 Corporation, the Millennium Deposit, and the Cigar Lake Deposit.

About UEX

UEX is a Canadian uranium exploration and development company actively involved in 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA Resources Canada Inc. ("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 26% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Anne and Kianna Deposits at its Shea Creek Uranium Project, a joint venture with AREVA in the western Athabasca Basin, and the West Bear, Raven and Horseshoe deposits located at its 100% owned Hidden Bay Project in the eastern Athabasca Basin. UEX's exploration and development budgets for 2007 total $28.0 million, and the Company has a cash position of approximately $61.0 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.

TABLE 1
Fall 2007 Shea Creek Drill Results
All Uranium Intersections Calculated from Gamma Probe Logging

2007 Fall Drilling Results
Hole	Total Depth of Hole (metres)	Depth to Unconformity (metres)	From (metres)	To (metres)	Length (metres)	Avg. Grade Within the Intersection (% U3O8)
SHE-122-1	898.0	713.0	713.8	747.5	33.7	4.73
		including	715.9	719.5	3.6	23.21
			773.4	784.8	11.4	1.24
SHE-121-1	881.0	718.1	708.2	713.7	5.5	0.17
SHE-123-1	863.0	743.4	740.6	742.7	2.1	0.37

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 has been 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.