Highlights Include 1.02% eU₃O₈ Over 141.4 Metres Including 5.55% eU₃O₈ Over 15.8 Metres of Basement-Hosted Mineralization at the Kianna Deposit; and 7.24% eU₃O₈ Over 8.7 Metres Including 18.48% eU₃O₈ Over 2.2 Metres of Unconformity Mineralization at the Anne Deposit

UEX Corporation ("UEX") is pleased to announce that AREVA Resources Canada Inc. ("AREVA"), its joint venture partner, has reported all results from the 2009 drilling program at the Shea Creek Uranium Project ("Shea Creek"). Shea Creek is located in the western Athabasca Basin of northern Saskatchewan, Canada, and is 49% owned by UEX Corporation, with AREVA as operator.

Drilling during the 2009 program concentrated on four principal areas at Shea Creek:

1. Infill and step-out drill holes at the Kianna Deposit ("Kianna");
2. Infill drilling at the Anne Deposit ("Anne");
3. Exploration drill holes between Anne and Kianna; and
4. Exploration drill holes at the 58B target area, located between Kianna and the Colette Deposit ("Colette").

The drilling results include intercepts of 5.55% eU₃O₈ over 15.8 metres in drill hole SHE-114-20 of basement-hosted mineralization at Kianna, and 7.24% eU₃O₈ over 8.7 metres in hole SHE-109-5 of unconformity-hosted mineralization at Anne. The Kianna SHE 114 20 intercept lies within a broader interval of 1.02% eU₃O₈ over 141.4 metres.

Graham Thody, President and CEO of UEX commented that "the significant drill results over such an extensive area continue to illustrate the vast size and potential of this project. Continuing expansion of the Anne Deposit to the southeast, the open nature of basement mineralization at Kianna, and the results from the still relatively untested corridor between the Kianna and Colette Deposits in the 58B area give us confidence that the extent of mineralization will continue to be significantly expanded as we further explore this world class district."

AREVA continues to support the Shea Creek Project as its principal, largest funded exploration program in Canada for 2010.

An aggressive drilling program is being planned for 2010; program details and budget will be announced shortly.

Results from the 2009 Shea Creek Drilling Program

The program began in early February utilizing three diamond drills. A fourth drill was added in July, and the drilling concluded in late October. A total of 54 diamond drill holes were completed on the project during the 2009 program, including three pilot drill holes and 51 directional cuts. Multiple directional cuts, or "step-outs", can be made from one pilot hole, which reduces costs while improving targeting precision when drilling deep targets. Three holes were abandoned due to technical difficulties before reaching target depth, and were not probed. The totals also include two holes that were drilled for geotechnical purposes and therefore did not target probable mineralization. Maps of the 2009 drilling at Shea Creek are available for viewing in the "News Releases" section of UEX's website at www.uex-corporation.com.

Uranium grades reported below are calculated from gamma probe logging (see Table 1). True widths of mineralized intervals have not yet been determined. The probe results are reported as uranium equivalent (eU₃O₈). Equivalent uranium probe results are obtained using a DHT27-STD gamma probe which collects continuous readings along the length of the drill hole. Probe results are calibrated using a radiometric to grade conversion calculated from the comparison of probe results against geochemical analyses in previous drill holes in the Shea Creek area. The reader is referred to UEX's news release of March 24, 2009 for further discussion of probe calibration and comparative treatment of geochemical and probe data.

Mineralization at Shea Creek is spatially associated with the flat lying unconformity between the Athabasca sandstone and underlying pelitic and granitic gneiss. Three distinct styles of high-grade uranium mineralization occur at Shea Creek:

• Perched mineralization ("P") is sandstone-hosted mineralization found in discrete zones tens of metres above the unconformity;
• Unconformity-type mineralization ("UC") is found in close proximity to the unconformity; and
• Basement-hosted mineralization ("B") is found in zones up to 200 metres below the unconformity.

Although each style of mineralization exists in the Athabasca Basin, the common vertical stacking of these three styles is unique to the deposits at Shea Creek. The largest basement-hosted zone of mineralization at Shea Creek is at Kianna, which has to date been defined over a strike length of 200 metres and a dip length of 160 metres. This east-northeast trending probable fault-hosted mineralization is still open to the west and down dip, with further room to expand eastward.

Kianna Deposit

Drilling at Kianna in 2009 comprised one pilot hole and 12 directional cuts, excluding two holes which were not completed due to drilling difficulties. Drilling focused on better definition of mineralization in the basement and at the unconformity, following up on previous results. Results of principal intercepts at Kianna are reported in Table 1. True widths of mineralized intervals have not yet been determined. The most significant intercepts, which returned grades of greater than 0.5% eU₃O₈ and a grade-thickness product of greater than 5.0 include the following:

• (UC) 2.90% eU₃O₈over 6.9 metres in hole SHE-118-18;
• (P) 3.86% eU₃O₈ over 14.2 metres, including 20.64% eU₃O₈ over 1.4 metres, and (B) 1.85% eU₃O₈ over 8.7 metres in hole SHE-114-18A;
• (P) 5.94% eU₃O₈ over 12.0 metres, including 15.72% eU₃O₈ over 1.2 metres and 33.56% eU₃O₈ over 1.3 metres in hole SHE-114-19;
• (P) 2.71% eU₃O₈ over 14.2 metres, and (B) 3.73% eU₃O₈ over 10.8 metres in hole SHE-114-19A; and
• (B) 1.02% eU₃O₈ over 141.4 metres, including 2.27% eU₃O₈ over 4.0 metres, 2.72% eU₃O₈ over 6.6 metres, 5.55% eU₃O₈ over 15.8 metres, and 2.39% eU₃O₈ over 5.3 metres in hole SHE-114-20 .

Drill hole SHE-114-20 substantially upgrades the eastern portion of the basement mineralization in Kianna. The high-grade sub-interval of 5.55% eU₃O₈ over 15.8 metres expands the outlines of higher grade material from previous drilling results. In addition, upper parts of the basement intercept in drill hole SHE-114-20 have expanded both the extent and potential of the basement zone. The mineralization intersected by this drill hole will require follow-up drilling, which is planned as part of the 2010 exploration program.

The perched and unconformity results listed above further define the high grade portions of these zones.

Between the Anne and Kianna Deposits

Drilling in this area was undertaken to further assess the extent and continuity of mineralization between Anne and Kianna, and define areas of higher grade mineralization within this corridor. A total of 21 directional cuts in the SHE-37, 50 and 121 series drill holes were completed in this area, excluding one hole which was not completed due to drilling difficulties.

Results of principal intercepts in the area south of Kianna are reported in Table 1. Some of the more significant intercepts with grade-thickness product greater than 5.0 include:

• (UC) 1.09% eU₃O₈ over 5.5 metres in hole SHE-50-2;
• (UC) 4.56% eU₃O₈ over 2.9 metres in hole SHE-50-5;
• (UC) 3.06% eU₃O₈ over 4.3 metres in hole SHE-50-8; and
• (UC) 1.62% eU₃O₈ over 4.3 metres in hole SHE-50-11.

Drilling in this area has better-defined the unconformity mineralization, allowing for the incorporation of this zone in future resource estimation.

Anne Deposit

Drilling at Anne in 2009 was performed with the following objectives:

1. To further test open areas in southeastern portions of Anne; and
2. To further define mineralization in the northern portions of Anne.

One pilot hole and 12 directional cuts were completed. Significant intercepts in these areas with grade-thickness product greater than 5.0 include the following (see Table 1 for full results):

• (UC) 1.47% eU₃O₈ over 7.6 metres in hole SHE-131-3;
• UC) 7.24% eU₃O₈ over 8.7 metres, including 18.48% eU₃O₈ over 2.2 metres, and (B) 1.45% eU₃O₈ over 11.1 metres in hole SHE-109-5; and
• (UC) 4.51% eU₃O₈ over 8.9 metres in hole SHE-109-6.

The 109-series drill holes further outline mineralization in the northern Anne Deposit. The SHE-131 series drill holes fill large gaps in previous drilling at the southeastern end of Anne, establishing and extending continuity of mineralization approximately 100 metres further to the southeast of previous systematic areas of drilling. Unconformity mineralization throughout much of Anne, and all mineralization at the southeast end of the Anne Deposit are open and will be further tested during the 2010 program.

58B Area

This highly prospective, but virtually untested, area lies between the Kianna and Colette Deposits along a one-kilometre strike length of the Shea Creek trend, which has been previously tested by very widely-spaced holes. In 2009, one new pilot hole and two directional cuts were completed to test the possible continuity of mineralization previously intersected by drill hole SHE-58B, which encountered multiple mineralized intervals in the basement, including 2.21% U₃O₈ over 2.6 metres, that also included 6.73% U₃O₈ over 0.7 metres. Drilling in 2009 intersected similar styles of structurally controlled, vein-hosted mineralization in the basement, including 1.21% eU₃O₈ over 3.1 metres and 0.85% eU₃O₈ over 1.0 metres in drill hole SHE-133-2. Additional results are reported in Table 1.

UEX and AREVA view the 58B area as highly prospective for the discovery of additional basement-hosted mineralization comparable to that observed in Kianna. This assessment is based on the dominance of basement mineralization, the presence of east-west trending steeply dipping pitchblende veins, the intensity and extent of basement clay alteration, and a geophysical signature similar to the Kianna area. Additional drilling here, and in the relatively untested areas between the 58B target and the Kianna Deposit, are planned for 2010.

2009 Engineering and Geotechnical Studies

In addition to the ongoing exploration in 2009, further engineering and environmental work continued at Shea Creek. Previous work in 2007 and 2008 included environmental baseline, geotechnical and hydrological studies on the Anne and Kianna Deposits and surrounding areas.

The 2009 program included the gathering of site-specific information from Kianna by AREVA personnel and external consultants. Work included a comprehensive geotechnical core logging program of current and previous drill holes, hydraulic tests, drilling of two holes for geotechnical purposes adjacent to Kianna for conceptual mine design planning, and further environmental baseline studies. This work will continue in 2010.

Qualified Persons

Technical information in this news release has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX's Vice President of Exploration, David Rhys, P.Geo., a consultant to UEX, and Erwin Koning, P.Geo., AREVA's District Geologist, West Athabasca Region, who are Qualified Persons as defined by National Instrument 43-101.

About the Shea Creek Deposits

The Kianna, Anne and Colette Deposits within Shea Creek are distributed along a strike length of over three kilometres of the north-northwest trending Saskatoon Lake graphitic conductor. The Kianna Deposit is located 600 metres northwest of the Anne Deposit and 1,400 metres southeast of the Colette Deposit. The Saskatoon Lake conductor is exploited by a southwest-dipping, reverse fault that displaces the flat lying unconformity with the overlying Athabasca sandstone by several tens of metres. Depths of the overlying Athabasca sandstone typically range from 700 to 740 metres. Drilling between the Kianna and Anne Deposits has established that mineralization at the unconformity is continuous between the deposits, indicating a strike length of at least 1,000 metres of mineralization which is open to the northwest and southeast.

Mineralized areas along the Saskatoon Lake Conductor at Shea Creek often occur in areas where northeast-trending discordant faults offset the northwest-trending conductive graphitic unit. Three styles and settings of mineralization are present:

• Basement-hosted mineralization ("B") is found in zones up to 200 metres below the unconformity. Drilling at Kianna has outlined a zone of this style of mineralization with a strike length of 200 metres and a downdip extension of 160 metres which includes intercepts such as SHE-114-11, grading 4.09% U₃O₈ over 45.0 metres, including 18.07% U₃O₈ over 6.0 metres. This mineralization style is also seen at Anne and Colette, which include intercepts such as SHE 122-1 at Anne, grading 4.21% U₃O₈ over 36.0 metres, including 23.17% U₃O₈ over 3.5 metres, and SHE 111-6 at Colette, grading 3.23% U₃O₈ over 8.0 metres. The basement mineralization at Colette has been traced over a strike length of 240 metres, and is largely open.

• Perched mineralization ("P") is sandstone-hosted pervasive and fracture-controlled pitchblende-bearing mineralization found in discrete zones tens of metres above the unconformity. At Kianna, the largest of these pods has a defined strike length of 80 metres and a width of 60 metres, and includes intercepts such as SHE-114-5, grading 20.72% eU₃O₈ over 10.2 metres, including 27.73% eU₃O₈ over 7.60 metres. This mineralization style at Colette includes intercepts such as SHE 111-11, grading 1.43% U3O8 over 6.0 metres. Fracture/fault-controlled perched mineralization is also developed within the Anne area; however intersections cannot be correlated between drill holes with the current density of drill information.

• Unconformity-type mineralization ("UC") is disseminated, nodular and massive mineralization in close proximity to the unconformity. At Kianna, the principal zone of this style has a defined strike length of 200 metres and a plan width of 200 metres with intercepts such as SHE 115-3, grading 9.34% U₃O₈ over 12.2 metres, including 21.15% U₃O₈ over 4.3 metres. Much of the mineralization at Anne and Colette is of this style also, with intercepts such as SHE-99-2 at Anne, grading 5.65% U₃O₈ over 17.9 metres, including 14.55% U₃O₈ over 6.5 metres, and SHE-52 at Colette, grading 2.34% U₃O₈ over 16.8 metres. The unconformity mineralization at Anne has been traced over a strike length of 400 metres, a plan view width of 100 metres, and is open in all directions. The unconformity mineralization at Colette has been traced over a strike length of 650 metres, and is open in all directions.

Mineralization of these styles is open in most parts of the deposits. The zones may be stacked with additional underlying zones successively beneath a zone at or above the unconformity. For example, at Kianna, 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. Areas of lower-grade mineralization intersected near the unconformity in widely spaced holes between the deposits suggest the potential for additional mineralized zones in areas which are largely untested, or where historical drill holes did not penetrate sufficiently deep enough to test for all mineralization settings. In addition, excellent exploration potential occurs along the extensions of the Saskatoon Lake conductor in southern and central parts of the property, as well as along parallel conductors to the west.

About AREVA Resources Canada Inc.

AREVA, a uranium exploration, mining and milling company, is a subsidiary of AREVA Group, a worldwide expert in the energy field with manufacturing facilities in 43 countries and a sales network in more than 100 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 Midwest Deposit, 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 353,134 hectares (872,613 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.

ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION

Graham C. Thody
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 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
2009 Shea Creek Drill Results
All Uranium Intersections Calculated from Gamma Probe Logging
Only intervals with composite grades greater than 0.10% eU₃O₈ and a grade-thickness product greater than 0.05 are listed below. True widths of mineralized intervals have not yet been determined.

Hole	Total Depth of Hole (metres)	Depth to Unconformity (metres)	From (metres)	To (metres)	Length (metres)	Avg. Grade Within the Intersection (% eU3O8)
SHE-37-1	828.0	716.9	714.8	718.5	3.7	0.30
SHE-37-2	801.0	715.3	706.6	713.3	6.7	0.28
			720.9	723.6	2.7	0.57
			726.1	728.5	2.4	0.35
SHE-37-3*	708.0	-	Hole not probed.
SHE-37-3A	870.4	702.2	728.5	729.9	1.4	1.25
			733.6	734.5	0.9	1.10
			742.2	743.0	0.8	1.35
			743.6	744.4	0.8	0.64
SHE-37-4	877.1	720.3	719.2	720.1	0.9	0.41
			740.4	741.3	0.9	2.57
			747.8	748.4	0.6	1.20
SHE-37-5	873.0	714.0	707.6	708.3	0.7	0.36
			712.9	714.4	1.5	0.45
SHE-37-6	861.0	721.6	716.6	718.4	1.8	0.22
			719.2	720.7	1.5	0.25
SHE-37-7	894.0	704.7	702.4	703.2	0.8	0.37
SHE-50-1*	824.0	737.6	Hole not probed.
SHE-50-2	843.0	735.7	734.0	738.1	4.1	0.67
			769.3	774.8	5.5	1.09
		including	772.5	773.4	0.9	4.56
SHE-50-3	888.0	746.1	742.1	747.2	5.1	0.54
			783.2	784.2	1.0	0.39
SHE-50-4	855.0	750.6	750.1	751.7	1.6	0.29
SHE-50-5	858.0	723.2	720.1	723.0	2.9	4.56
SHE-50-6*	785.0	717.7	Hole not probed.
SHE-50-7	879.0	726.0	725.8	726.6	0.8	0.37
			749.5	750.0	0.5	0.41
SHE-50-8	874.0	719.1	715.2	719.5	4.3	3.06
SHE-50-9	888.0	730.8	721.6	724.1	2.5	0.49
SHE-50-10	764.0	715.4	714.6	716.9	2.3	1.31
SHE-50-11	882.0	743.8	740.1	744.4	4.3	1.62
SHE-109-3	855.0	723.0	717.9	724.0	6.1	0.79
SHE-109-4	823.0	729.8	729.7	730.4	0.7	0.24
SHE-109-5	801.0	712.7	711.4	720.1	8.7	7.24
		including	712.0	714.2	2.2	18.48
		including	714.8	715.5	0.7	12.55
			742.2	753.3	11.1	1.45
SHE-109-6	825.0	714.1	710.6	719.5	8.9	4.51
SHE-109-7	824.0	716.5	710.7	713.9	3.2	0.61
			716.3	719.9	3.6	1.26
SHE-112-3	849.0	736.5	735.3	737.3	2.0	0.64
			759.2	760.9	1.7	1.13
SHE-112-4	840.0	724.2	736.7	737.3	0.6	0.36
			762.8	763.5	0.7	0.60
			777.6	778.1	0.5	0.62
			780.7	781.5	0.8	0.25
SHE-114-18*	687.0	-	Hole not probed.
SHE-114-18A	1044.0	724.5	677.1	691.3	14.2	3.86
		including	678.7	680.1	1.4	20.64
		including	681.1	681.6	0.5	6.68
			722.6	726.7	4.1	0.33
			808.3	817.0	8.7	1.85
		including	808.3	812.5	4.2	2.97
SHE-114-19	801.0	714.2	681.2	693.2	12.0	5.94
		including	688.7	689.9	1.2	15.72
		including	690.1	691.4	1.3	33.56
SHE-114-19A	1045.0	714.5	676.5	690.7	14.2	2.71
		including	683.2	684.2	1.0	12.41
		including	689.1	689.8	0.7	9.30
			711.5	715.5	4.0	0.35
			816.1	826.9	10.8	3.73
		including	818.9	819.3	0.4	12.67
		including	822.3	822.8	0.5	16.09
		including	824.6	825.4	0.8	7.36
		including	826.0	826.4	0.4	14.01
SHE-114-20	1059.0	735.0	675.0	676.7	1.7	0.27
			763.8	905.2	141.4	1.02
		including	770.7	774.7	4.0	2.27
		including	810.6	817.2	6.6	2.72
		including	838.5	854.3	15.8	5.55
		including	899.9	905.2	5.3	2.39
SHE-115-19	1036.0	720.2	742.4	743.2	0.8	0.42
			831.5	832.5	1.0	0.91
SHE-115-20	1032.0	722.2	754.5	756.1	1.6	1.02
SHE-115-21**	951.0	726.7	No significant mineralization
SHE-115-22	951.0	727.7	802.9	803.0	0.1	0.13
SHE-118-17	846.0	716.9	783.4	783.7	0.3	0.39
SHE-118-18	882.0	708.2	705.7	712.6	6.9	2.90
		including	708.7	709.1	0.4	7.54
		including	711.8	712.2	0.4	9.39
SHE-121-4	897.0	722.8	721.6	723.3	1.7	0.39
SHE-121-5**	834.0	714.8	No significant mineralization
SHE-131**	816.0	711.8	No significant mineralization
SHE-131-1	801.0	703.0	703.3	707.0	3.7	0.22
SHE-131-2	789.0	701.6	712.3	717.2	4.9	0.71
			739.3	741.0	1.7	0.75
SHE-131-3	808.4	710.1	701.6	709.2	7.6	1.47
		including	701.6	703.9	2.3	2.34
		including	705.0	707.1	2.1	1.75
SHE-131-4	779.0	699.1	694.2	695.3	1.1	4.31
			717.4	719.9	2.5	0.89
SHE-131-5	801.0	699.9	687.6	688.7	1.1	0.52
			693.7	699.7	6.0	0.33
SHE-132	915.0	734.3	733.5	734.9	1.4	1.17
SHE-132-1	885.0	736.2	734.6	736.7	2.1	0.51
SHE-132-2	804.0	734.9	733.7	736.2	2.5	0.90
			792.0	793.2	1.2	0.50
SHE-132-3	933.0	737.6	726.3	727.8	1.5	0.59
			737.6	738.1	0.5	0.46
SHE-132-4	813.0	733.7	729.9	734.0	4.1	0.32
SHE-132-5	844.0	736.4	730.3	731.7	1.4	0.31
			735.0	736.9	1.9	0.62
SHE-133	825.0	732.8	810.4	811.2	0.8	0.36
			814.3	815.1	0.8	0.22
SHE-133-1	856.0	736.8	795.3	796.0	0.7	0.62
SHE-133-2	861.0	719.5	764.1	767.2	3.1	1.21
		including	764.6	765.6	1.0	2.28
			769.0	769.8	0.8	1.70
			779.5	780.5	1.0	0.85

* No probing - hole lost
** No recordable mineralization

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