UEX/AREVA 2009 Drill Program Underway at Shea Creek with Three Drills



    Trading Symbol: UEX-TSX

    VANCOUVER, Feb. 25 /CNW/ - UEX Corporation ("UEX") announced today that
AREVA Resources Canada Inc. ("AREVA"), its joint venture partner, has
commenced the 2009 drilling program at the Shea Creek Uranium Project ("Shea
Creek"), which is located in the western Athabasca Basin of northern
Saskatchewan, Canada. Shea Creek hosts the Kianna, Anne, and Colette deposits
and is one of the ten 49%-owned Western Athabasca Uranium Projects
joint-ventured with AREVA, the operator.
    The planned budgets for 2009 at Shea Creek include $8.25 million for
exploration and $2.0 million for development. Expenditures under the joint
venture are funded 49% by UEX and 51% by AREVA.
    UEX also reports that the 25,000 metre winter 2009 drilling program,
budgeted at $5.5 million, has been underway since early January with three
drills on its 100%-owned Hidden Bay Uranium Project ("Hidden Bay"), which is
located in the eastern Athabasca Basin area of northern Saskatchewan. Hidden
Bay hosts the Horseshoe, Raven, and West Bear deposits.

    2009 Drilling and Exploration Program at Shea Creek

    The 2009 diamond drilling program at Shea Creek began in early February
with three diamond drills. The principal objectives of the drilling program
are as follows:

    
    -   To perform infill drilling on the Kianna and Anne deposits at
        approximately 20-metre centres;
    -   To extend known mineralization of the two deposits through step-out
        drilling; and
    -   To further test the prospective corridor between the Anne and Kianna
        deposits.
    

    2009 Development Work at Shea Creek

    In 2009, the Shea Creek Project will continue its transition from an
exclusive exploration program to include initial development work. A budget of
$2 million has been approved for 2009 studies supporting future development
work. In addition, baseline data collection and site characterization will
continue in 2009 in support of a future Environmental Impact Statement.

    2009 Drilling and Exploration Program at Hidden Bay

    The winter 2009 drilling program on the Hidden Bay property began in
early January with three diamond drills. To date, 53 holes totaling
approximately 16,500 metres have been completed. One drill is finishing
definition drilling of the Horseshoe Northeast mineralization, and two drills
are currently testing extensions of the southwestern end of the Raven Deposit,
where additional historical drilling intersections also lie outside of the
current Raven Deposit mineral resource. In addition to defining extensions of
mineralization in the Horseshoe Northeast and Raven West areas, this program
is testing the following:

    
    -   Currently open extensions of the eastern part of the Raven Deposit;
    -   The area between the Raven and Horseshoe deposits where
        mineralization was historically intersected;
    -   The down dip extent of the alteration zones that host the Raven and
        Horseshoe deposits; and
    -   Additional outlying exploration targets where clay alteration
        intersected by historical drilling is coincident with resistivity and
        gravity anomalies that are comparable with the setting of known
        mineralization.
    

    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
374,513 hectares (925,442 acres), are located in the eastern, western and
northern perimeters of the Athabasca Basin, the world's richest uranium belt,
which accounts for approximately 23% 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 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. UEX's exploration and development budgets for the
winter of 2009 are estimated at approximately $16.5 million, of which UEX will
be responsible for approximately $10.9 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 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.

    %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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