UEX Adopts Shareholders Rights Plan



    Trading Symbol: UEX-TSX

    VANCOUVER, April 2 /CNW/ - UEX Corporation ("UEX", or the "Corporation")
announced today that its Board of Directors (the "Board") has adopted a
Shareholders Rights Plan ("Rights Plan"). The Plan will be presented for
ratification by the shareholders of UEX at the next Annual Meeting, which is
expected to be held in June, 2007.
    Under the Rights Plan, UEX has issued one right for no consideration in
respect of each outstanding common share of the Corporation to all holders of
record at 12:01 a.m. on March 31, 2007 and will issue one right in respect of
all common shares issued by UEX during the term of the Rights Plan. The rights
will initially be represented by the certificates representing the common
shares of the Corporation.
    The Rights Plan has been adopted in an effort to ensure the fair
treatment of shareholders in connection with any take-over offer for UEX and
not to entrench management. The Rights Plan seeks to provide additional time
for shareholders to properly assess an unsolicited take-over bid without undue
pressure. It also provides the Board with more time to fully consider any
unsolicited take-over bid and to pursue, if appropriate, other alternatives to
maximize shareholder value. UEX is not currently aware of any pending or
threatened take-over bid for the Corporation.
    Under the Rights Plan, those bids that meet certain requirements intended
to protect the interests of all shareholders are deemed to be "Permitted
Bids". Permitted Bids must be made by way of a take-over bid circular prepared
in the compliance with applicable securities laws and, among other conditions,
must be for all common shares of the Company and remain open for 60 days. In
the event a take-over bid is not a Permitted Bid within the requirements of
the Rights Plan, the Rights will be separated from the common shares and
entitle holders, other than any shareholder or shareholders making the
take-over bid, to purchase additional common shares of UEX at a substantial
discount to the market value at the time.
    The Rights Plan, if ratified by the Shareholders, has a term of three
years and may be extended by the shareholders of the Corporation at their 2010
Annual Meeting.

    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 385,452 hectares (952,452 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's exploration budget for 2007 is approximately
$25.0 million and the Company has a cash position of approximately
$75.0 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: Stephen H. Sorensen, President & C.E.O., 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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UEX Corporation

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