AREVA/UEX Make Formal Decision to Commence Initial Development Work at Shea Creek Uranium Project



    Trading Symbol: UEX-TSX

    VANCOUVER, March 2 /CNW/ - UEX Corporation ("UEX") is pleased to announce
that it has approved a $1.0 million development program proposed by AREVA
Group subsidiary AREVA Resources Canada Inc. ("AREVA") for the Shea Creek
Uranium Project ("Shea Creek", or the "Project"). Shea Creek is located in the
western Athabasca Basin area of northern Saskatchewan, Canada.
    Shea Creek hosts the Kianna, Anne, and Colette Uranium Deposits and is
one of the ten Western Athabasca Projects currently under option from AREVA,
the operator. UEX has earned a 24.5% interest in the ten projects by spending
$15.0 million in just over two years of exploration (see UEX News Release,
August 8, 2006) and has an option to earn an additional 24.5% interest, up to
a maximum of 49%. A drilling program began in January 2007 to further explore
the high-grade uranium mineralization already outlined by previous drilling
(see UEX News Release, February 13, 2007).
    On February 28, 2007, AREVA proposed a supplementary development program
to UEX budgeted at approximately $1.0 million to begin during the current
drilling program, consisting of:

    
    -   Geotechnical logging of pilot holes in the Kianna and Anne Deposits
        area;
    -   Drilling of geotechnical holes specifically for piezometer
        installation for groundwater monitoring purposes;
    -   Packer testing and water sampling of drill holes;
    -   Most of the work would be contracted under the supervision of AREVA,
        with involvement from AREVA's exploration and mining teams as needed.
    

    The approval of this development program increases the 2007 budget for
Shea Creek to approximately $5.3 million, and the total 2007 budget for all
the Western Athabasca Projects to approximately $7.73 million.
    "The decision by AREVA, a world leader in uranium mining, to begin
development work at Shea Creek demonstrates AREVA's confidence in the Project
and how important these deposits are to the uranium industry," said Stephen
Sorensen, President and CEO of UEX. "This brings Shea Creek one step closer to
becoming one of the Athabasca Basin's next world-class, high-grade uranium
mines. UEX fully supports this new program, as we are well-financed to fund a
more rapid pace of development."

    About the Kianna Deposit
    At the Kianna Deposit, high-grade uranium mineralization has been
intersected in multiple zones at depths from 662 metres to 922 metres, a
vertical distance of approximately 250 metres - located in sandstone high
above the unconformity, at the unconformity, and below the unconformity in
basement rocks, with unconformity depths ranging from approximately 710 to
760 metres. To date, the mineralization at the Kianna Deposit has been traced
over a strike length of 200 metres and a width of 150 metres, and remains open
in all directions.
    The AREVA-UEX drilling programs of 2004, 2005 and 2006 have outlined
three distinct styles of high-grade uranium mineralization:

    
    -   Perched, sandstone-hosted mineralization found in discrete zones tens
        of metres above the unconformity (previously announced 2005 hole
        SHE-114-5, 27.4% U3O8 over 8.8 metres, including 58.3% U3O8 over
        3.5 metres);
    -   Unconformity-type mineralization, in close proximity to the
        unconformity (previously announced 2006 hole SHE-115-3, grading
        12.57% U3O8 over 11.9 metres, including 27.35% U3O8 over 4.2 metres);
    -   Basement-hosted mineralization, found in zones up to 200 metres below
        the unconformity (previously-announced 2005 hole SHE-114-11, grading
        5.40% U3O8 over 37.7 metres, including 25.46% U3O8 over 4.0 metres).
    

    Uranium grades are calculated from gamma probe logging. True widths of
mineralized intervals have not yet been determined. The technical information
in this news release was compiled and reviewed by Erwin Koning, P. Geo.,
AREVA's District Geologist, West Athabasca Region, a qualified person as
defined by National Instrument 43-101.
    The 2007 drilling program at the Kianna Deposit is planned to operate
until November 2007 with a break during July and August 2007. Multiple
directional cuts are planned from pilot holes SHE-115 and SHE-118, and
additional pilot holes are also planned. The focus for the 2007 program is to
expand the basement-hosted mineralization. Multiple directional cuts, or
"step-outs", can be made from one pilot hole, which reduces costs while
improving targeting precision when drilling deep targets. To view maps and
sections of the Kianna Deposit, visit UEX's website at www.uex-corporation.com

    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, the Millenium Deposit, and the
Cigar Lake Deposit.

    About UEX
    UEX is a Canadian 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. UEX began trading on the
Toronto Stock Exchange in July 2002 and is actively involved in the
exploration and development of 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 approximately 386,250 hectares (954,040 acres), are located in the
eastern, western and northern perimeters of the Athabasca Basin, the world's
richest uranium belt, which accounts for approximately 30% of the global
primary uranium production. UEX's exploration budget for 2007 is approximately
$25.0 million and the Company has a cash position of approximately
$76.4 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.

    %SEDAR: 00017609E




For further information:

For further information: UEX CORPORATION, Suite 1007 - 808, Nelson
Street, Vancouver, B.C., Canada, V6Z 2H2, PH: (604) 669-2349, FAX (604)
669-1240, Website: www.uex-corporation.com, email: uex@intergate.ca

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