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Jul 21, 2005

UEX Commences Drilling Program at Raven and Horseshoe Uranium Deposits

UEX Corporation ("UEX") is pleased to announce that Phase 1 of a two-phase $8.0 million (CDN) diamond drilling program has commenced on the Raven and Horseshoe Uranium Deposits ("Raven and Horseshoe Deposits" or "Raven-Horseshoe") at UEX's 100%-owned Hidden Bay Uranium Project ("Hidden Bay" or the "Project"). Hidden Bay, which is managed by Cameco Corporation ("Cameco") under a service agreement, is located in the eastern Athabasca Basin area of northern Saskatchewan and totals 57,721 hectares (142,571 acres).

The $2.0 million (CDN) first phase, 13,000 metre diamond drilling program is intended to establish whether there is continuity in the key areas of the deposits, where the highest grades are known to occur. If Phase 1 of the program is successful, a more extensive second phase of diamond drilling consisting of 41,000 metres would have the goal of establishing National Instrument 43-101 compliant resource estimates for the Raven and Horseshoe Deposits. Both deposits are accessible for year-round drilling and straddle Provincial Highway 905, which is the main supply route to the Rabbit Lake and McClean Lake mining and milling facilities.

For more information on Raven-Horseshoe please see UEX News Release, June 8, 2005. To view maps of the Raven and Horseshoe Deposits at Hidden Bay, please access UEX's website at www.uex-corporation.com under "Projects -- Eastern Athabasca Basin - Hidden Bay".

Britton Bros. Diamond Drilling of Smithers, BC was selected as the drilling contractor. They currently have one drill rig operating on site with a second rig planned to be added by September 2005.

About UEX
UEX is a uranium exploration company formed under an agreement between Pioneer Metals Corporation and Cameco. Cameco, the world's largest supplier of uranium, is UEX's largest shareholder and manages exploration at UEX's Hidden Bay Uranium Project. UEX began trading on the Toronto Stock Exchange in July 2002 and is actively involved in the exploration and development of uranium projects in the Athabasca Basin. UEX has 19 uranium projects either 100% owned, joint ventured or under option totaling approximately 386,650 hectares (955,400 acres) located in the eastern, western and northern perimeters of the Athabasca Basin, the richest uranium belt in the world. Upon completion of a recent financing (see UEX News Release July 18, 2005) UEX will have a cash position in excess of $52.0 million (CDN).

Forward looking statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond UEX's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although UEX believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.

ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION

Stephen H. Sorensen, President & C.E.O.