UEX Corporation ("UEX") is pleased to announce the results from an additional 23 diamond drill holes which were recently completed during the summer/fall 2007 program at the Horseshoe Deposit ("Horseshoe") adjacent to the Raven Deposit ("Raven") located within UEX's 100% owned Hidden Bay Project in the eastern Athabasca Basin area of northern Saskatchewan.

The drill results represent a continuing combination of infill and stepout drill holes, the latter which have extended mineralization further beyond and beneath the limits of the historical drilling conducted by Gulf Minerals Canada ("Gulf") at Horseshoe.

November 30th marked the end of the summer/fall 2007 drill program with nearly 40,000 metres completed at the Raven and Horseshoe Deposits, including 30,696 metres in 89 holes drilled at Horseshoe, and 8,767 metres in 33 holes drilled at Raven.

The first 45 holes at Horseshoe have now been released, including this disclosure. UEX also completed 5,973 metres of drilling at the Wolf and Tent-Seal target areas. Results from these areas, an additional 44 holes from Horseshoe and 33 holes from Raven will be released as they are received from the analytical laboratory.

Horseshoe Deposit Results
Results have now been received for holes HU-113 to HU-134, and HU-137. Those composited to grades of at least 0.05% U3O8 with a grade-thickness product of greater than 0.1 are listed in Table 1. The most significant of these intercepts includes the following:

• 0.73% U3O8 over 15.4 metres in hole HU-113 (BE zone, section 4665N)
• 0.16% U3O8 over 65.0 metres in hole HU-117 (BE zone, section 4665N)
• 0.34% U3O8 over 16.1 metres in hole HU-118 (A zone, section 4626N)
• 0.22% U3O8 over 56.4 metres in hole HU-119 (BE zone, section 4740N)
• 0.26% U3O8 over 32.0 metres in hole HU-123 (BE zone, section 4665N)
• 0.65% U3O8 over 23.1 metres in hole HU-126 (A zone, section 4644N)
• 0.64% U3O8 over 16.0 metres in hole HU-130 (BW zone, section 4724N)
• 0.25% U3O8 over 17.0 metres in hole HU-131 (BE zone, section 4682N)
• 0.28% U3O8 over 43.8 metres in hole HU-133 (BE zone, section 4682N)
• 0.75% U3O8 over 31.7 metres in hole HU-134 (BW zone, section 4724N) including 3.0% U3O8 over 6.1 metres
• 0.25% U3O8 over 5.9 metres in hole HU-137 (BW zone, section 4724N)

"These results continue to support our belief that Gulf's historical resource estimate for Horseshoe of 13.2 million pounds of U3O8 grading 0.17% U3O8 has understated the pounds and especially the grade of the deposit," said Stephen Sorensen President and CEO of UEX.

Sorensen went on to say that "the investment community when looking at our 100% owned Horseshoe, Raven and West Bear Deposits and their immediate proximity to electricity, roads, tailings and milling facilities might consider the following question:

What is the value of a UEX pound of uranium when compared to a pound of uranium in other parts of Canada and the rest of the world that lack this infrastructure? When one takes into account the costs and time associated with permitting and building the infrastructure required to take a deposit to production, it is in this context that I wish to emphasize that not all pounds are created equal --- we like where we are."

The central portions of the Horseshoe deposit have now been drilled at 15 to 30 metre hole spacing, with some at 7.5 metres in areas where higher grade mineralization required tighter definition, which should enable much of the resource to be placed into an indicated category. Once all drill results are fully received and in house modeling of mineralization is completed, it is anticipated that a National Instrument 43-101 ("N.I. 43-101") compliant resource estimate for Horseshoe should be completed during 2008 by Golder Associates Ltd. ("Golder") of Saskatoon, SK.

As announced previously, the UEX drilling programs have been encountering higher grades, wider intersections, better continuity and an overall greater extent of mineralization at Horseshoe than the mineralized areas outlined by Gulf in the 1970's. Drill core axis angles and continuity of mineralization between drill holes suggest that the vertical to steep drill holes cross the shallow-dipping mineralized zones at a high angle, so intersections should approximate true thickness.

Mineralization at Horseshoe comprises shallow dipping zones of hematization with disseminated and veinlet pitchblende-boltwoodite-uranophane mineralization that are hosted by folded arkosic quartzite gneiss. Mineralization defined to date occurs in five dominant zones termed A, BW, BE, A1 and A2, which define two different styles that comprise: a) disseminated pitchblende-chlorite-hematite, and b) narrower, higher grade nodular and veinlet pitchblende in hematite-clay alteration. Many of the intercepts reported here are broad zones intersected in the BE and BW zones which are mainly of the disseminated style, and which demonstrate the consistent grades over broad widths of these zones. To view maps and cross sections of Raven and Horseshoe, please access UEX's website at www.uex-corporation.com under "Projects --Hidden Bay".

Winter 2008 Drilling Program
UEX has planned an aggressive 45,000 metre winter 2008 drilling program on the Hidden Bay property. At Raven and Horseshoe, approximately 33,000 metres of drilling is planned with at least four drills to 1) further advance resource definition at Raven and areas of open mineralization in the southern Horseshoe Deposit, 2) test historical intercepts in widely spaced Gulf holes which may define additional pods to the northeast of Horseshoe, and 3) test multiple, extensive gravity and resistivity targets that are associated with areas of clay alteration in historical Gulf drill holes. The winter drilling at Raven will enable calculation of a 43-101 resource calculation there during the summer of 2008. Elsewhere on the Hidden Bay property approximately 12,000 metres of drilling is proposed in the Shamus and Telephone target areas, testing for unconformity and basement hosted mineralization in areas where low grade mineralization and alteration were intersected in recent drilling programs. These targets lie along the Telephone Lake fault system, which at its northern end is spatially associated with the McClean Lake and Sue deposits on the adjacent McClean Lake property that is operated by AREVA. UEX has recently received its exploration permits for the winter 2008 programs at Raven-Horseshoe, Telephone and Shamus, and drilling is anticipated to commence in early January, 2008, with drilling to be performed by Britton Bros. Diamond Drilling Ltd. of Smithers, B.C.

About the Raven and Horseshoe Deposits
Horseshoe and the adjacent Raven Deposit are located less than 5 kilometres south of Cameco Corporation's Rabbit Lake operations, and 12 kilometres southeast of AREVA Resources Canada Inc.'s ("AREVA") McClean Lake operations. Both deposits are hosted by competent basement rocks that could be amenable to both open-pit and conventional underground ramp access mining methods, pending a positive feasibility study. Using widely spaced drill holes, in 1980 Gulf estimated a total resource at Raven and Horseshoe of 6.7 million tonnes at an average grade of 0.16% U3O8, representing approximately 22.82 million contained pounds of U3O8 (13.2 million pounds grading 0.17% U3O8 at Horseshoe, and 9.62 million pounds grading 0.14% U3O8 at Raven). These historical resource estimates were not calculated using current Canadian Institute of Mining, Metallurgy and Petroleum standards. As a result, they are not compliant with N.I. 43-101, and should not be relied upon.

Raven and Horseshoe Potential Future Tailings Management Facilities
Given the competent host rocks and depths to mineralization at the Horseshoe and Raven deposits, UEX has requested that Golder also assess the economic benefit of an assumption that following open-pit mining of the Raven and Horseshoe Deposits, the final pits could be used as tailings management facilities.

"There are considerable costs associated with the construction of tailings facilities. We believe the pits left from future open pit mining at Raven and Horseshoe could be a strategic asset by providing decades of tailings capacity for operators in the region," said Sorensen.

Sample Handling and Quality Assurance
Drill core geochemical samples are selected with the aid of a hand-held scintillometer to identify areas of above-background radioactivity. Samples are split, with half remaining in the core box, and the remainder shipped to Saskatchewan Research Council Geoanalytical Laboratories ("SRC") where they are crushed and ground to minus 106 microns. The pulp is digested in aqua regia leach and analyzed by ICP for uranium and other elements. In addition to the geochemical analyses, down-hole probe radiometric results, obtained for all drill holes on completion of drilling, provide an independent check of the geochemical data. Probe results can be used for grade calculations where poor ground conditions occur and drill core recoveries are low, although at Raven and Horseshoe recoveries are generally at, or close to, 100%. UEX routinely inserts sample blanks and uranium standards of several grades into the sample stream. In addition, repeat analyses are routinely performed, laboratory standards are inserted by SRC, and selected sample pulps have been submitted to other independent laboratories for check analyses to assess sample repeatability and accuracy of the SRC results.

The technical information in this news release regarding Raven and Horseshoe has been compiled by David Rhys, P. Geo., a Qualified Person as defined by N.I. 43-101.

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 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 totaled $30.0 million and are estimated at $40 million for 2008. The Company has a cash position of approximately $51.0 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.
Summer/Fall 2007 Horseshoe Drilling Program
Intersections from Drill Holes HU-113 to HU-134, and HU-137
Only intervals with composite grades greater than 0.05% U3O8 and a grade-thickness product greater than 0.1 are listed below. All analyses were performed by SRC by ICP. Results are still pending for holes HU-135 and HU-136. No intervals greater than 0.05% and a grade thickness product higher than 0.1 were intersected in holes HU-125, 127 or 128.

Hole	Section (North)	Depth of Hole (metres)	From (metres)	To (metres)	Length (metres)	Avg. Grade (% U 3 O 8 )
HU-113	4665	411	256.5	271.9	15.4	0.725
		including	256.5	259.0	2.5	1.784
		including	266.4	271.9	5.5	1.195
		including	270.2	271.6	1.4	3.330
HU-114	4682	287	225.8	227.5	1.7	0.076
			230.2	235.5	5.3	0.278
HU-115	4740	437	299.7	302.0	2.3	0.103
			311.4	312.9	1.5	0.078
HU-116	4607	335	139.7	140.3	0.6	0.259
			304.7	310.0	5.3	0.201
HU-117	4665	430	264.7	329.7	65.0	0.156
		including	264.7	266.2	1.5	0.593
		including	273.2	286.8	13.6	0.269
		including	319.4	327.0	7.6	0.365
HU-118	4626	227	170.9	187.0	16.1	0.341
		including	180.2	187.0	6.8	0.684
			192.0	195.0	3.0	0.074
HU-119	4740	440	246.0	248.3	2.3	0.224
			273.3	274.2	0.9	0.111
			290.0	346.4	56.4	0.217
		including	291.8	302.3	10.5	0.357
HU-120	4626	230	131.6	132.8	1.2	0.390
			172.2	174.7	2.5	0.077
			178.2	179.0	0.8	0.140
			194.6	195.9	1.3	0.231
			207.1	207.5	0.4	0.295
HU-121	4740	530	266.0	269.0	3.0	0.088
			345.0	347.3	2.3	0.223
HU-122	4635	284	199.4	199.9	0.5	0.248
HU-123	4665	452.7	285.0	317.0	32.0	0.264
		including	296.7	308.6	11.9	0.512
HU-124	4638	386	208.2	208.7	0.5	0.248
HU-126	4644	257	190.5	213.6	23.1	0.648
		including	199.9	205.0	5.1	1.892
HU-129	4644	242	187.2	190.4	3.2	0.358
HU-130	4724	338	288.9	304.8	15.9	0.643
		including	298.4	304.1	5.7	1.149
HU-131	4682	338	252.5	269.5	17.0	0.253
			277.0	279.0	2.0	0.096
			290.0	290.6	0.6	0.177
			300.0	307.0	7.0	0.101
HU-113	4665	411	256.5	271.9	15.4	0.725
		including	256.5	259.0	2.5	1.784
		including	266.4	271.9	5.5	1.195
		including	270.2	271.6	1.4	3.330
HU-114	4682	287	225.8	227.5	1.7	0.076
			230.2	235.5	5.3	0.278
HU-115	4740	437	299.7	302.0	2.3	0.103
			311.4	312.9	1.5	0.078
HU-116	4607	335	139.7	140.3	0.6	0.259
			304.7	310.0	5.3	0.201
HU-117	4665	430	264.7	329.7	65.0	0.156
		including	264.7	266.2	1.5	0.593
		including	273.2	286.8	13.6	0.269
		including	319.4	327.0	7.6	0.365
HU-118	4626	227	170.9	187.0	16.1	0.341
		including	180.2	187.0	6.8	0.684
			192.0	195.0	3.0	0.074
HU-119	4740	440	246.0	248.3	2.3	0.224
			273.3	274.2	0.9	0.111
			290.0	346.4	56.4	0.217
		including	291.8	302.3	10.5	0.357
HU-120	4626	230	131.6	132.8	1.2	0.390
			172.2	174.7	2.5	0.077
			178.2	179.0	0.8	0.140
			194.6	195.9	1.3	0.231
			207.1	207.5	0.4	0.295
HU-121	4740	530	266.0	269.0	3.0	0.088
			345.0	347.3	2.3	0.223
HU-122	4635	284	199.4	199.9	0.5	0.248
HU-123	4665	452.7	285.0	317.0	32.0	0.264
		including	296.7	308.6	11.9	0.512
HU-124	4638	386	208.2	208.7	0.5	0.248
HU-126	4644	257	190.5	213.6	23.1	0.648
		including	199.9	205.0	5.1	1.892
HU-129	4644	242	187.2	190.4	3.2	0.358
HU-130	4724	338	288.9	304.8	15.9	0.643
		including	298.4	304.1	5.7	1.149
HU-131	4682	338	252.5	269.5	17.0	0.253
			277.0	279.0	2.0	0.096
			290.0	290.6	0.6	0.177
			300.0	307.0	7.0	0.101