New N.I. 43-101 Compliant Resource Estimate Scheduled for Release in July.
RU-169 Intersects 0.43% U₃O₈ Over 18.4 Metres at Raven.

UEX Corporation ("UEX") is pleased to announce drilling results from its winter 2009 drilling program at the Raven and Horseshoe Deposits, which are located within UEX's 100%-owned Hidden Bay Project in the eastern Athabasca Basin of northern Saskatchewan, Canada. Drilling during this program expanded the footprint of the deposits, and the results will be incorporated into a revised and expanded National Instrument 43-101 (N.I. 43-101) resource estimate which is expected to be received in early July. Stepout drilling conducted beyond the limits of the existing resources included intercepts of 0.43% U₃O₈ over 18.4 metres in hole RU-169 at the Raven Deposit ("Raven"), and 0.22% U₃O₈ over 19.6 metres in hole HU-324 at the Horseshoe Deposit ("Horseshoe"). Several holes drilled within the limits of the previous resource to better establish the continuity of wider mineralized intervals were also successful, with intercepts of 0.192% U₃O₈ over 19.6 metres in hole HU-324 at Horseshoe and 0.169% U₃O₈ over 23.0 metres in hole RU-179 at Raven.

As previously reported in the January 5, 2009 news release and a N.I. 43-101 report filed on SEDAR on February 19, 2009, the Raven and Horseshoe Deposits collectively contain, at a cutoff grade of 0.05% U₃O₈, N.I. 43-101 compliant resources that include 7,545,300 tonnes grading 0.168% U₃O₈, which contain 27,847,000 pounds U₃O₈ in the Indicated category, and a further 805,200 tonnes grading 0.144% U₃O₈ in the Inferred category containing 2,560,000 pounds of U₃O₈. Within these combined resources, the resources for the Horseshoe Deposit comprise 3.58 million tonnes grading 0.24% U₃O₈ in the Indicated category containing 18.69 million pounds of U₃O₈, and 0.31 million tonnes grading 0.21% U₃O₈ in the Inferred category containing 1.43 million pounds of U₃O₈. Resources for both deposits were estimated by K. Palmer, P.Geo. of Golder Associates Ltd. ("Golder"). Resource modeling incorporating the new drilling results is well underway and anticipated to be completed in July.

The winter 2009 drilling program comprised 32,167 metres of drilling in 105 diamond drill holes which were completed between January and April, 2009 using three drills. This program included 56 drill holes (16,631 metres) at Raven, consisting mostly of stepout drill holes in western parts of the deposit, but also included four infill drill holes and seven holes drilled to test targets east of Raven. A total of 49 drill holes (15,536 metres) were completed at Horseshoe which were focused mainly in the Horseshoe Northeast area, expanding mineralization there. Ten of the Horseshoe drill holes explored the area between Horseshoe and Raven to the west. In addition to the drilling, UEX recently completed a 170 line-kilometre DC resistivity survey to identify additional targets west, northwest and south of the deposits.

To view a map of new mineralization outlined during the winter 2009 drilling program at Raven and Horseshoe, visit UEX's website at www.uex-corporation.com under "News Releases."

Horseshoe Drilling Results

The winter 2009 drilling in the Horseshoe Northeast area has now expanded mineralization by approximately 300 metres to the northeast of the previous N.I. 43-101 compliant Horseshoe resource. Mineralization in this area occurs in two new zones which lie close to, but northeast of, the previously defined areas of mineralization. The mineralization has now been defined at approximately 30-metre drill hole spacing. One drill hole was also completed as an infill hole in previously defined eastern parts of Horseshoe. Significant drilling intercepts from the Horseshoe drilling program are listed in Table 1. Highlights include the following:

• 0.082% U₃O₈ over 15.0 metres in hole HU-311 (section 4805N);
• 0.187% U₃O₈ over 8.0 metres in hole HU-316 (section 4915N);
• 0.068% U₃O₈ over 21.0 metres in hole HU-321 (section 4954N);
• 0.220% U₃O₈ over 19.6 metres in hole HU-324 (section 4847N),
  including 1.089% U₃O₈ over 3.1 metres;
• 0.192% U₃O₈ over 25.5 metres in hole HU-331 (BE zone infill drill hole, section 4673N),
  including 1.517% U₃O₈ over 1.5 metres;
• 0.687% U₃O₈ over 3.2 metres in hole HU-349 (section 4858N);
• 0.183% U₃O₈ over 5.6 metres also in hole HU-349 (section 4858N); and
• 0.068% U₃O₈ over 27.0 metres also in hole HU-349 (section 4858N).

True thickness and morphology of the mineralization associated with these intercepts is variable, with the northeastern pod defining a steep northwest dipping, broad lobe that is parallel to the metamorphic stratigraphy. The deeper G zone, represented by drill hole HU-324 and several holes drilled in the fall of 2008, including drill hole HU-289 (0.57% U₃O₈ over 23.0 metres), is a lenticular, southeast dipping lens which lies at depths of 300 to 450 metres below surface immediately to the northeast of the previous resource. The HU-349 intercept is a broad mineralized interval that returned 0.034% U₃O₈ over 316.4 metres when composited continuously, including 84.6 metres that were not sampled and which have been composited at zero grade. This latter intercept, while probably drilled at a shallow angle to a mineralized zone, has established a steeply dipping link between the two Horseshoe Northeast zones and has enhanced understanding of the mineralization continuity.

Drill holes HU-348 and HU-350 to HU-358 were directed at exploration targets west of the Horseshoe Deposit and east of the Raven Deposit. The most significant mineralization intercepted in this area is 0.078% U₃O₈ over 11.0 metres in drill hole HU-350. This mineralization could form part of a small pod between the two deposits, although its size is limited by adjacent drill holes. Potential for additional small pods still exists between the two deposits in areas of widely spaced drilling.

Raven Drilling Results

The winter 2009 drilling program expanded the Raven Deposit an additional 250 metres west of the recent N.I. 43-101 compliant Raven resource. Mineralization intersected is primarily in extensions of the two previously defined principal zones within the Raven Deposit: the shallow-plunging Upper zone and the southeast-dipping Lower zone. In addition, two infill drill holes also better established continuity of mineralization within the existing resource area. Full results are listed in Table 2. Principal drilling intercepts include the following:

• 0.748% U₃O₈ over 2.3 metres in hole RU-162 (section 5062E);
• 0.222% U₃O₈ over 5.4 metres in hole RU-164 (section 5065E);
• 0.166% U₃O₈ over 6.6 metres in hole RU-168 (section 4996E);
• 0.425% U₃O₈ over 18.4 metres in hole RU-169 (section 4936E),
  including 1.095% U₃O₈ over 3.1 metres;
• 0.191% U₃O₈ over 6.2 metres also in hole RU-169 (section 4936E);
• 0.141% U₃O₈ over 23.0 metres in hole RU-172 (infill hole, section 5529E);
• 0.108% U₃O₈ over 30.0 metres in hole RU-175 (section 4911E);
• 0.060% U₃O₈ over 28.0 metres in hole RU-177 (section 5613E);
• 0.169% U₃O₈ over 23.0 metres in hole RU-179 (infill hole, section 5613E);
• 0.298% U₃O₈ over 7.0 metres also in hole RU-179 (infill hole, section 5613E);
• 0.085% U₃O₈ over 16.8 metres in hole RU-181 (section 5220E)
• 0.212% U₃O₈ over 11.25 metres in hole RU-187 (infill hole, section 5000E);
• 0.087% U₃O₈ over 15.0 metres also in hole RU-187 (infill hole, section 5000E);
• 0.120% U₃O₈ over 25.0 metres in hole RU-192 (section 4915E);
• 0.800% U₃O₈ over 1.5 metres in hole RU-195 (section 4936E);
• 0.138% U₃O₈ over 12.0 metres in hole RU-197 (section 4937E);
• 0.228% U₃O₈ over 10.3 metres in hole RU-206 (section 4968E); and
• 0.062% U₃O₈ over 27.2 metres in hole RU-207 (section 5065E).

True thickness of the intercepts is variable since mineralized zones have complex shapes. Most zones are lensoidal.

Seven holes drilled east of the Raven Deposit (RU-191, 194, 196, 198, 201, 202 and 204) indicate that the principal mineralized zones are now bounded in this eastern area. Narrow intervals of mineralization were intersected in several of these holes, including 0.122% U₃O₈ over 2.0 metres in drill holes RU-194, and intercepts of 0.152% U₃O₈ over 1.5 metres and 0.161% U₃O₈ over 1.0 metres in hole RU-202. Similar to the holes drilled west of Horseshoe, these results suggest the potential for small mineralized pods between the two deposits, but bounding drill holes limit their potential size.

Summer 2009 Exploration Program

With the successful expansion of the Raven and Horseshoe Deposits by definition drilling in the winter of 2009, drilling has now largely tested the area of previous historical drilling by Gulf Minerals Canada ("Gulf"). Parts of some mineralized zones which remain partially open will be tested with several drill holes this summer. A small near surface pod of mineralization at Raven which was intersected by several widely spaced Gulf drill holes, including an intercept in hole LB-80 of 1.89% U₃O₈ over 2.43 metres at depths of approximately 40 metres from surface, will be tested this summer by six short drill holes. In addition to these near surface targets, areas of clay alteration and inferred structures defined by previous drill holes and 2009 resistivity surveys will be tested in the proximity of the Raven and Horseshoe Deposits. In the Vixen Lake area to the northwest, drilling will also test the source area of pitchblende mineralization that occurs in glacial till and coincides with new anomalous DC resistivity lows identified during the winter geophysical program. Approximately 10,000 metres of drilling with two drills is planned for Horseshoe, Raven and adjacent areas.

An additional 5,000 metres of drilling is planned for the Telephone Lake area in the northwestern parts of the Hidden Bay property. This area, which lies just south of and along strike from the Sue Deposits on the adjacent McClean Lake mine property operated by AREVA Resources Canada Inc. ("AREVA"), contains potential for discovery of a Sue C or Eagle Point style mineralization along the Telephone Lake Fault. Drilling will target areas of mineralization down dip from previous mineralized intercepts near the Athabasca unconformity that include 0.20% U₃O₈ over 6.8 metres in drill hole SP-166, and 4.52% U₃O₈ over 0.5 metres in drill hole SP-156.

About the Raven and Horseshoe Deposits

Mineralization at the Raven and Horseshoe Deposits comprises mainly southeast dipping zones of hematization with disseminated and veinlet pitchblende-boltwoodite-uranophane that are hosted by folded arkosic quartzite gneiss. Mineralization comprises a combination of disseminated pitchblende-chlorite-hematite, and narrower, higher grade nodular and veinlet pitchblende in hematite-clay alteration. Mineralization in the resource area at Horseshoe has been defined to date continuously over a strike length of approximately 600 metres and a dip length of up to 300 metres, occurring at depths of 100-420 metres below surface. At Raven, which lies 0.5 kilometres west of Horseshoe, mineralization in the current resource has to date been defined over a strike length of approximately 700 metres at depths below surface of 100 to 300 metres in two dominant, subhorizontal zones. The deposits are located less than 5 kilometres south of Cameco Corporation's Rabbit Lake operations, and 12 kilometres southeast of AREVA's McClean Lake operations. Both 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.

Raven and Horseshoe mineralization comprises pitchblende and other uranium oxides and silicates without potentially deleterious nickel-arsenide minerals that may affect extraction and pose tailings disposal problems. As previously reported, metallurgical studies on representative composited drill core assay rejects and metallurgical drill holes from both deposits indicate that the uranium in the Raven and Horseshoe Deposits is easily leached under relatively mild atmospheric leach conditions. The excellent extraction levels are comparable to other metallurgically simple basement hosted deposits in the region, including the nearby Eagle Point Deposit.

In progressing toward a combined feasibility study on the Raven and Horseshoe Deposits, environmental baseline studies were commenced by Golder in 2006. During the 2007 and 2008 drilling programs, geotechnical studies of the area of the deposits also commenced, assessing rock properties and hydrogeology. Once the new resource is received, UEX plans to initiate initial scoping work prior to undertaking any feasibility study.

Sample Handling and Quality Assurance

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 has commenced systematic insertion of sample blanks and standards of several grades into the sample stream. In addition, repeat analyses are routinely analyzed, 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 document has been compiled and reviewed by D. 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 joint-ventured with AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 356,088 hectares (879,913 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 21% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne and Colette Deposits at its 49%-owned 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 planned for 2009 total approximately $22.5 million, of which UEX will be responsible for approximately $17.0 million.

ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION

Stephen H. Sorensen,
President & CEO

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 based on certain factors and assumptions and 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. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, continuity and grade of deposits, fluctuations in uranium prices and currency exchange rates, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the securities commission on SEDAR. 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. Except as required by applicable law, 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. Winter 2009 Horseshoe Drilling Program Intersections from Drill Holes HU-310 to HU-358. 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 Saskatchewan Research Council by ICP. No intervals greater than 0.05% U3O8 and a grade thickness product higher than 0.1 were intersected in holes HU-312, 313, 318, 322, 325, 326, 335, 336, 338, 340, 342, 344, 346, and 351-358.
Hole	Section (North)	Depth of Hole (metres)	From (metres)	To (metres)	Length (metres)	Avg. Grade (% U3O8)
HU-310	4805	474	317.8	325.6	7.8	0.073
			341.0	352.0	11.0	0.089
			363.0	364.0	1.0	0.220
HU-311	4870	279	166.6	181.6	15.0	0.082
			254.1	256.0	1.9	0.366
HU-314	4885	249	110.3	116.0	5.7	0.111
			166.0	169.0	3.0	0.067
			177.0	179.0	2.0	0.061
HU-315	4795	444	300.0	303.0	3.0	0.093
			323.7	325.0	1.3	0.079
			377.6	378.2	0.6	0.656
HU-316	4915	346	168.0	176.0	8.0	0.187
			225.0	225.4	0.4	0.406
			248.5	249.5	1.0	0.291
			289.2	291.0	1.8	0.067
HU-317	4915	300	145.0	146.0	1.0	0.212
			157.6	157.9	0.3	0.891
			174.7	181.7	7.0	0.071
HU-319	4954	261	214.0	216.4	2.4	0.106
HU-320	4833	471	385.0	386.0	1.0	0.111
HU-321	4954	279	151.0	172.0	21.0	0.068
HU-323	4833	285	211.0	213.0	2.0	0.107
HU-324	4847	453	179.6	180.2	0.6	0.248
			362.5	363.7	1.2	0.315
			379.6	399.2	19.6	0.220
		including	396.1	399.2	3.1	1.089
HU-327	4885	399	273.4	275.2	1.8	0.084
HU-328	4871	450	357.0	358.0	1.0	0.413
			361.0	362.0	1.0	0.146
			396.9	397.8	0.9	0.151
HU-329	5015	299	33.0	33.7	0.7	0.613
			41.0	43.1	2.1	0.230
HU-330	4897	417	344.5	345.2	0.7	0.443
HU-331	4673	359	295.5	321.0	25.5	0.192
		including	295.5	297.0	1.5	1.517
HU-332	4985	349	265.0	268.0	3.0	0.096
			277.4	278.0	0.6	0.198
HU-333	4985	222	138.0	140.2	2.2	0.077
			147.0	156.0	9.0	0.068
			168.5	175.5	7.0	0.050
			186.5	196.5	10.0	0.051
HU-334	4985	241	185.0	188.0	3.0	0.060
HU-337	4985	180	102.0	104.0	2.0	0.055
HU-339	5015	120	45.4	46.4	1.0	0.354
HU-341	5015	270	216.0	218.0	2.0	0.070
HU-343	5015	300	203.7	208.0	4.3	0.134
			223.0	225.0	2.0	0.059
HU-345	5045	270	180.0	182.0	2.0	0.058
HU-347	4858	300	107.0	109.0	2.0	0.118
			180.0	185.0	5.0	0.064
HU-348	4033	289	143.5	147.0	3.5	0.077
HU-349*	4845	519	108.9	111.3	2.4	0.115
			162.0	166.3	4.3	0.144
			213.9	215.4	1.5	0.199
			253.4	256.6	3.2	0.687
			264.6	265.6	1.0	0.153
			274.6	276.0	1.4	0.180
			303.0	308.6	5.6	0.183
			332.6	334.9	2.3	0.053
			348.0	349.0	1.0	0.108
			355.0	356.8	1.8	0.244
			372.5	376.0	3.5	0.061
			387.0	390.0	3.0	0.196
			433.0	438.0	5.0	0.076
			476.0	503.0	27.0	0.068
HU-350	4033	300	178.5	189.5	11.0	0.078
* HU-349 interval also composites to 0.034% U3O8 over 316.4 metres, including 84.6 metres that were not sampled and which have been composited at 0 grade.

Table 2. Winter 2009 Raven Drilling Program Intersections from Drill Holes RU-161 to RU-216. 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 Saskatchewan Research Council by ICP. No intervals greater than 0.05% U3O8 and a grade thickness product higher than 0.1 were intersected in holes RU-165, 166, 173, 176, 178, 180, 183, 184, 188, 190, 196, 198, 201, 203, 204, 205, 208, 210, 212, 214, 215, and 216.
Hole	Section (East)	Depth of Hole (metres)	From (metres)	To (metres)	Length (metres)	Avg. Grade (% U3O8)
RU-161	5062	320	232.3	237.3	5.0	0.133
			260.4	261.5	1.1	0.343
			270.4	271.5	1.1	0.276
RU-162	5062	299	140.7	143.0	2.3	0.092
			221.3	223.0	1.7	0.103
			231.7	234.0	2.3	0.748
RU-163	5062	291	137.3	145.0	7.7	0.090
RU-164	5065	212	115.8	121.2	5.4	0.222
			132.0	133.5	1.5	0.065
RU-167	5060	380	296.2	298.0	1.8	0.060
			309.0	313.0	4.0	0.068
			321.4	322.3	0.9	0.120
RU-168	4996	356	93.0	94.0	1.0	0.195
			102.0	103.0	1.0	0.115
			252.5	253.5	1.0	0.098
			275.8	282.4	6.6	0.166
		including	275.8	276.1	0.3	2.240
RU-169	4936	380	163.0	169.2	6.2	0.191
			187.8	190.0	2.2	0.079
			201.0	219.4	18.4	0.425
		including	214.3	217.4	3.1	1.095
RU-170	4936	386	188.8	190.7	1.9	0.098
			204.4	205.4	1.0	0.105
RU-171	4936	320	149.0	151.0	2.0	0.072
			157.0	158.2	1.2	0.098
			215.0	218.0	3.0	0.241
			225.9	226.5	0.6	0.362
RU-172	5529	288	73.0	76.0	3.0	0.063
			88.0	111.0	23.0	0.141
			209.0	217.0	8.0	0.083
RU-174	5562	309	96.5	98.0	1.5	0.117
			106.5	108.0	1.5	0.199
			243.0	251.0	8.0	0.084
RU-175	4911	251	144.7	174.7	30.0	0.108
RU-177	5613	279	216.0	244.0	28.0	0.060
RU-179	5613	291	105.0	108.5	3.5	0.072
			146.0	149.0	3.0	0.132
			171.0	194.0	23.0	0.169
			221.0	228.0	7.0	0.298
			240.0	243.5	3.5	0.074
RU-181	5220	345	286.2	303.0	16.8	0.085
RU-182	5000	251	185.0	187.0	2.0	0.078
			212.4	223.0	10.6	0.066
RU-185	4886	420	173.5	174.5	1.0	0.110
			189.0	191.5	2.5	0.232
			347.5	354.0	6.5	0.082
RU-186	5000	161	134.5	138.5	4.0	0.046
RU-187	5000	212	63.8	75.0	11.2	0.212
		including	63.8	68.1	4.3	0.483
			99.0	114.0	15.0	0.087
			133.0	137.0	4.0	0.067
			165.0	172.0	7.0	0.119
			195.0	203.0	8.0	0.096
RU-189	4886	399	165.4	167.0	1.6	0.277
RU-191	5780	259	212.0	214.0	2.0	0.053
RU-192	4915	212	123.5	127.0	3.5	0.147
			158.5	183.5	25.0	0.120
RU-193	4915	200	165.0	166.8	1.8	0.115
RU-194	5780	330	225.0	227.0	2.0	0.122
			258.0	260.5	2.5	0.046
RU-195	4936	260	145.0	146.0	1.0	0.204
			165.5	168.0	2.5	0.100
			190.5	192.0	1.5	0.800
			202.0	220.5	18.5	0.052
RU-197	4937	245	132.0	144.0	12.0	0.138
			206.0	208.0	2.0	0.215
RU-199	4937	227	177.0	180.0	3.0	0.068
			189.8	190.3	0.5	0.733
RU-200	5060	395	311.0	315.8	4.8	0.081
RU-202	5755	370	96.5	98.0	1.5	0.152
			117.0	118.0	1.0	0.161
RU-206	4968	468	149.0	151.0	2.0	0.054
			232.2	242.5	10.3	0.228
		including	233.4	237.1	3.7	0.474
			295.5	300.0	4.5	0.120
RU-207	5065	335	260.8	288.0	27.2	0.062
RU-209	4968	350	153.0	155.0	2.0	0.059
			228.5	231.5	3.0	0.075
RU-211	4968	351	163.0	164.0	1.0	0.695
			188.5	189.5	1.0	0.100
			199.0	208.0	9.0	0.064
RU-213	4968	302	109.3	116.0	6.7	0.038
			220.5	221.0	0.5	0.364

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