UEX Corporation ("UEX") is pleased to announce that a winter 2008 exploration program, budgeted at $1.2 million, is under way at the Black Lake Uranium Project ("Black Lake"), and the Riou Lake Uranium Project ("Riou Lake") both located in the northeastern part of the Athabasca Basin near Stony Rapids, Saskatchewan, Canada. The program will utilize one diamond drill rig with all drilling to be performed by Britton Bros. Diamond Drilling Ltd. of Smithers, B.C.

Black Lake, comprising 30,381 hectares (75,041 acres), was the site of a uranium discovery by UEX during 2004 in drill hole BL-18 (see UEX News Release, October 12, 2004). Black Lake is a joint venture between UEX, the operator, holding an 89.0% interest, and AREVA Resources Canada Inc. (AREVA), holding an 11.0% interest. Riou Lake, covering 33,282 hectares (82,209 acres), is 100% owned and operated by UEX.

2008 Winter Exploration Program at Black Lake

A diamond drilling program of three holes totaling 2,150 metres, budgeted at $430,000, is planned. The drilling program is designed to test geophysical targets outlined during ground geophysical programs in the southern portion of the property in the area of historic drill hole BL-02 completed by Uranerz Exploration and Mining Limited in the winter of 1998. Hole BL-02 intersected basement hosted uranium mineralization several metres below the unconformity. The mineralization consisted of black, sooty pitchblende and orange-yellow uranium oxide stain over a core length of approximately 0.4 metres. Analytical results returned up to 4,045 ppm U3O8 between 562.9 and 563.0 metres with anomalous values of Pb, As, B, Cu and Ni associated with this uranium mineralization. However, no graphitic pelite basement lithologies were encountered and the conductor was interpreted not to have been intersected in hole BL-02.

To view a map of Black Lake, please access UEX's website at www.uex-corporation.com

2008 Winter Exploration Program at Riou Lake

A diamond drilling program of five holes totaling 3,900 metres, budgeted at $780,000, is planned to begin following the completion of the Black Lake drill program. The drilling program will test geophysical targets outlined during previous airborne and ground geophysical programs in the eastern portion of the Riou Lake property.

To view a map of Riou Lake, please access UEX's website at www.uex-corporation.com

About the Black Lake Project

• Mineralization: UEX's 2004 discovery hole BL-18 encountered unconformity-type uranium mineralization in the sandstone, immediately above the Athabasca unconformity. The intercept averaged 0.694 % U3O8 over 4.4 metres between 310.5 and 314.9 metres depth, including 1.96% U3O8 over 0.5 metres;

• Follow-up drilling by UEX has encountered significant uranium mineralization: 2005 holes BL-23, BL-32, BL-56, BL-64 and winter 2006 hole BL-82, all reported previously, an intercept in BL-110 during the summer/fall 2006 program drilled within an alteration trend interpreted to be associated with discovery hole BL-18; and holes BL-137 (0.24% U3O8 over 3.0 metres) and BL-140 (0.67% U3O8 over 3.0 metres) during the winter 2007 program drilled to follow up the mineralized "wedge" in hole BL-82;.

• Faulted geophysical conductors: The property hosts a system of graphitic conductors which extend along strike for at least 20 kilometres, and which is coincident with a significant fault, the Platt Creek Fault zone. The main strand of the fault, termed the Eastern Fault, is spatially associated with the uranium intercepts obtained to date;

• Alteration: Chlorite, dravite, siderite, illite and pyrite alteration associated with anomalous uranium, lead, and boron geochemistry occurs in the sandstone within the Eastern Fault zone. Such assemblages are developed along faults associated with uranium mineralization in other areas of the Athabasca Basin.

About the Riou Lake Project

• Uranium mineralization associated with the unconformity: 2000 hole RLG-D10 intersected alteration straddling the unconformity containing mineralization as sooty pitchblende in concentrations up to 0.38% U3O8 over 0.12 m; 2007 hole RLG-D25 encountered uranium-bearing basement rock just below the unconformity grading 0.66% U3O8 over 0.10 metres with accompanying enrichment in nickel, arsenic, cobalt, copper, lead, potassium and magnesium.

• Boulders: Prospecting in the northern parts of the project has identified an east-west boulder train in till of uraniferous sandstone boulders grading up to 11.3% U, similar to boulder trains that have led to the discovery of several uranium deposits in the Athabasca Basin. In addition to the boulders in till, several areas of locally derived, radioactive sandstone boulders containing up to 21% P2O5, and highly anomalous uranium and rare earth element concentrations occur in central parts of the Riou Lake Project (e.g., W-Zone). Alignment of these apatite-rich zones along northwest-trending faults suggests a tectonic-hydrothermal association, possibly as distal alteration to uranium mineralization;

• Radioactive springs: Uranium-bearing artesian springs are present in the southwestern part of the Riou Lake Project. The spring chemistry is similar to that of basal brine connate waters at the base of the sandstone column at the McArthur River Deposit, and to springs that occur near the Shea Creek Deposits (Anne and Colette) south of Cluff Lake. These spring waters may reflect the upward migration of deep waters along faults, suggesting structural targets in areas where basinal waters may have tapped a radioactive source;

• Geophysical conductors: Ground electromagnetic surveys have identified several prospective, conductive graphitic units beneath (PM Conductor), and south of Riou Lake (KC Conductor). South of Riou Lake, conductive graphitic units curve from southwest to northwest trends progressively to the east, mimicking map and fault patterns, and providing favorable structural sites at potential constrictional and dilational bends in associated faults. Subsequent drill testing has intersected graphitic gneiss in several drill holes within basement rocks (holes RLG-D8, D9, D14 and D20);

• Structure: Post-Athabasca faults which are developed in the project area strike mainly to the northeast, although northwest trending faults also occur where basement lithologies have that orientation. The most significant fault identified to date, termed the Riou Lake fault zone, is a northeast-trending, southeast-south dipping reverse fault system that is developed south of Riou Lake. This fault is associated with a major upthrust block of basement and sandstone, which indicates apparent reverse displacement of at least 200 metres on the fault system. Holes RLG-D7 and RLG-D11, both intersected a major southwest dipping fault that forms a southerly strand of the Riou Lake Fault system. A 60 metre wedge of basement is thrust over Athabasca sandstone in hole RLG-D7.

The technical information in this news release has been compiled and reviewed by Sierd Eriks, P. Geo., a Qualified Person as defined by National Instrument 43-101.

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 that is operated by UEX, ten joint-ventured with 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 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 totaled approximately $30.0 million and are estimated at $40 million for 2008.

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.