UEX Completes $8.7 Million Private Placement



    Trading Symbol: UEX-TSX

    VANCOUVER, April 15 /CNW/ - UEX Corporation ("UEX") announced today that
it has completed a private placement of 8,700,000 flow-through common shares
at $1.00 per flow-through share for gross proceeds of $8.7 million through
Dundee Securities Corporation and Cormark Securities Inc. on an underwritten
basis.
    Proceeds of the flow-through common shares will be used to accelerate
exploration and development of UEX's uranium deposits at its 100%-owned Hidden
Bay Project and to fund ongoing expenditures at Shea Creek. UEX agreed to
incur and renounce qualifying Canadian Exploration Expenditures under the
Income Tax Act (Canada) to purchasers of the flow-through common shares in an
amount equal to the subscription price of such shares.
    UEX's incurred and planned exploration and development budgets for 2009
are estimated at approximately $22.5 million, of which UEX will be responsible
for approximately $16.9 million. UEX now has a cash position of approximately
$24.0 million.

    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 Resources Canada Inc. ("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 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

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

    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.

    %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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UEX Corporation

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