UEX Corporation ("UEX") is pleased to announce that it has received an interim resource estimate report from Golder Associates Ltd. ("Golder") of Saskatoon, SK, for UEX's West Bear Uranium Deposit ("West Bear"). West Bear is located within the southern block of UEX's 100%-owned Hidden Bay Project in the eastern Athabasca Basin area of northern Saskatchewan, Canada. The new resource estimate is 73,800 tonnes grading 1.004% U3O8 containing 1.614 million pounds of U3O8 using a cut-off grade of 0.15% U3O8 and is based on both UEX's 2005 and 2007 sonic drilling programs and incorporates only the high-grade main deposit area, where mineralization occurs at a vertical depth of between 10 and 31 metres from surface. This new estimate shows an increase of 223,000 pounds of U3O8 representing a 16.0% increase in total pounds of U3O8 from the 2005 Cameco Corporation ("Cameco") National Instrument 43-101 ("N.I. 43-101") compliant indicated resource estimate.

Due to incomplete geochemical data from the eastern area of West Bear, this resource estimate does not utilize data from the eastern deposit area where sonic drilling in 2007 extended uranium mineralization 150 metres beyond the current boundaries of the deposit, as well as a secondary lens of mineralization discovered in the southern section of the eastern deposit area over a strike length of 75 metres.

"The increase of 223,000 pounds of U3O8 at West Bear is very significant given the shallow nature of the deposit, and we expect to add more pounds once we receive the full uranium assay results for this resource, which we expect in 2008," said Stephen Sorensen President and CEO of UEX.

"Turn around times for geochemical assay results are taking three to four months where previously four to six weeks was the norm. As a result, UEX decided that Horseshoe and Raven samples should take priority over West Bear samples due to the significantly larger size of these deposits compared to West Bear. We are doing the best we can to accelerate N.I. 43-101 compliant resource estimates on Raven and Horseshoe as well as West Bear."

Sorensen went on to say that "discussions regarding the West Bear Deposit are ongoing with AREVA and Cameco. UEX is considering a few options which include a toll milling arrangement with one of the operators or an out right sale of the deposit. Either way, West Bear represents a potentially significant source of future cash flow for UEX that could be used to finance the development of its major deposits at Shea Creek and Raven-Horseshoe."

2007 West Bear Interim Resource Estimate Report

A 2005 N.I. 43-101 compliant indicated resource estimate prepared by Roger Lemaitre, P.Eng., P.Geo. of Cameco, which was based only on UEX's 2005 sonic drilling program, outlined an indicated resource of 45,600 tonnes, grading 1.385% U3O8 and totaling 1.391 million pounds U3O8 at West Bear using a cut off grade of 0.15% U3O8. The West Bear resource estimate technical report dated March 2, 2006 is available for review at www.sedar.com

UEX's 2007 winter sonic drilling program (see UEX News Release, July 23, 2007) included additional infill holes spaced at 5 metre intervals on two sections (1762.5E and 1787.5E) in the high-grade core of the main deposit area between sections 1750E, 1775E and 1800E drilled by Cameco in 2005. These holes were designed to better define the deposit geometry and uranium grades in this main deposit area. Uranium grades in this high-grade core area were increased, and include intercepts of 6.032% U3O8 over 10.67 metres in hole UEX-206 (see Section 1762.5E on UEX's website under West Bear) and 2.341% U3O8 over 7.08 metres in hole UEX-197 (see Section 1787.5E on UEX's website under West Bear).

The new interim resource estimate calculated by Kevin Palmer, P.Geo. of Golder of Burnaby, BC dated December 11, 2007 incorporating the results from both the 2005 and 2007 winter sonic drilling programs, outlined an indicated resource of 73,800 tonnes, grading 1.004% U3O8 and totaling 1.614 million pounds of U3O8 at West Bear in the high-grade main deposit area. The resource estimate was calculated using a cut-off grade of 0.15% U3O8 utilizing a geostatistical-block model technique with ordinary kriging methods and the DATAMINE Studio 3 software package.

2007 Summer Sampling Program

The 2005 West Bear resource estimate report by Cameco notes that only two-thirds of the strike length of the mineralized area included as part of an historical resource outlined by Gulf Minerals ("Gulf") was tested during the 2005 sonic drilling program. A number of historical Gulf holes indicated that uranium mineralization likely extends to the east up to 150 metres beyond the current boundaries of the deposit.

One of the goals of the 2007 winter sonic drilling program was to test the eastern deposit area for uranium mineralization not previously drilled. The 2007 program extended the uranium mineralization 150 metres east of the boundary outlined during the 2005 sonic drilling program on drill fences spaced 25 metres apart with holes spaced at 5 metre intervals. This new uranium mineralization forms a narrow continuous lens straddling the unconformity in the northern section of the eastern deposit area. This mineralization includes intercepts of 0.360% U3O8 over 2.0 metres in hole UEX-116 (see Section 2075E on UEX's website under West Bear) and 0.670% U3O8 over 3.05 metres in hole UEX-120 (see Section 2025E on UEX's website under West Bear).

A small secondary lens of uranium mineralization not previously identified by Gulf Minerals was also discovered in the southern section of the eastern deposit area. This southern lens of mineralization extends over a strike length of over 75 metres and includes an intercept of 0.421% U3O8 over 2.55 metres in hole UEX-172 (see Section 2025E on UEX's website under West Bear).

In order to create a final resource calculation for the full 500 metre strike length of the deposit based on a lower cut-off, additional sampling was required to sample material not previously sampled during the 2005 and 2007 winter sonic programs. This additional sampling was carried out in the summer of 2007. Sample analyses from these samples are currently pending. Once all assays are received and fully interpreted, a final resource estimate will be carried out by Golder which will incorporate the entire deposit, including the eastern deposit area and the high-grade main deposit area reported here. Golder's final resource estimate is expected to be delivered to UEX during 2008.

Metallurgical Testing

Melis Engineering Ltd. of Saskatoon, SK is currently overseeing a confirmation metallurgical testing program using representative composites derived from fresh drill core samples collected from the 2007 sonic drilling program. The composites are currently being processed at SGS Lakefield Research Ltd. of Lakefield, ON to confirm leach and effluent treatment conditions on fresh samples of core.

West Bear Environmental Baseline and Feasibility Studies

Golder is carrying out an environmental baseline study ("EBS") and a 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 2008 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 2008, following Golder's integration of the results from UEX's 2007 sonic drilling program. The feasibility study will examine 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 perform cash flow analyses and projections in order to determine net present values and internal rates of return for West Bear at various uranium price levels.

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 2008. 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 2008.

The information in this document has been compiled and reviewed by Sierd Eriks, P. Geo., a qualified person as defined by National Instrument 43-101.

About West Bear

West Bear uranium mineralization occurs at a vertical depth of between 10 and 31 metres (or approximately 33 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 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 25% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Anne, Kianna and Colette 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 $30.0 million, and the Company has a cash position of approximately $52.5 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 "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.