UEX/AREVA Report High-Grade Basement-Hosted Mineralization in the Prospective Corridor Between the Kianna and Anne Deposits: SHE-123-2 Intersects 2.80% U(3)O(8) Over 4.9 metres



    Trading Symbol: UEX-TSX

    VANCOUVER, Nov. 14 /CNW/ - UEX Corporation ("UEX") announced today that
AREVA Group subsidiary AREVA Resources Canada Inc. ("AREVA") has reported to
UEX three additional holes from the 2007 fall drilling program at its 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 Western Athabasca Projects currently under option from AREVA, the
operator. UEX has earned a 40.0% interest in the ten projects and has spent in
excess of $27.5 million on exploration and development expenditures in just
over three years, as of September 30, 2007. UEX has an option to earn an
additional 9% interest, and anticipates that it will reach the required
expenditures of $30.0 million to earn its full 49% interest during the first
quarter of 2008, at which time, AREVA and UEX will form a Joint Venture where
expenditures will be shared 49% by UEX and 51% by AREVA.
    "With the recent success at the Kianna Deposit, other high-priority
targets like the prospective corridor between the Anne and Kianna Deposits
have been delayed until this fall drill program," said Stephen Sorensen
President and CEO of UEX. "AREVA believes that several deposits may exist
along the Saskatoon Lake Conductor between and beyond the three known deposits
at Shea Creek. The 2005 discovery of Kianna located between the Anne and
Colette Deposits strongly reinforces this interpretation. Sorensen went on to
say "the magnitude of the high grade basement intercept at SHE-123-2 located
150 metres south of Kianna within the prospective corridor will be determined
by further drilling. To say that we are excited about SHE-123-2 would be an
understatement."

    2007 Fall Drilling Program at the Shea Creek Project

    The 2007 fall drilling program, which started in mid-September, will
continue until the end of November utilizing three drills. One drill is being
used to expand the Anne Deposit; currently the Anne Deposit is open in all
directions. Pilot hole SHE-122 completed during the summer months (see Map 1
on UEX's website), is being used to test the unconformity ("UC") and basement
("B") extensions of mineralization in the northern portion of the Anne
Deposit. With the discovery of high-grade basement mineralization in the
Kianna Deposit, a greater focus is being placed on the basement mineralization
at the Anne Deposit.
    Another two drills are being used to explore the area between the Kianna
and Anne Deposits, where historical drilling intersected mineralization in 9
out of 13 drill holes. The two deposits are about 600 metres apart. Drilling
is using pilot holes SHE-121 and SHE-123 (see Map 2) to target inferred
structures that offset a favourable geological trend between the Anne and
Kianna Deposits. Structural offsets are considered important for uranium
deposition and are recognized in all three deposits at Shea Creek.

    Drilling Between the Anne and Kianna Deposits:

    SHE-123-2
    (B) 2.80% U(3)O(8)
    over 4.9 metres
    (B) 0.50% U(3)O(8) over 2.7 metres

    SHE-123-2 is located between the Anne and Kianna deposits. The location
of the hole is 150 metres south of the Kianna Deposit. The purpose of the hole
was to try and identify possible mineralizing basement structures similar to
those seen at the Anne and Kianna Deposits. The unconformity was intersected
65 metres north-east of pilot hole SHE-123 at a depth of 749.2 metres. The
mineralization intersected is thought to be associated with a large basement
structure seen further at depth. The majority of the mineralization was vein
hosted between 799.8 to 804.7 metres grading 2.80 % U(3)O(8) over 4.9 metres
and 826.4 to 829.1 metres grading 0.50% U(3)O(8) over 2.7 metres. Further
drilling will be initiated to follow-up on this new success.

    SHE-121-2:
    (UC) 1.13% U(3)O(8) over 3.8 metres
    (B) 0.88% U(3)O(8) over 2.0 metres

    SHE-121-2 is located between the Anne and Kianna deposits. The location
of the hole is 200 metres north of the Anne Deposit. The purpose of the hole
was to try to intersect unconformity mineralization near a structure
identified from an historical drilling campaign. The unconformity was
intersected 65 metres north-east of pilot hole SHE-121 at a depth of 725.9
metres. The majority of the mineralization was associated with breccias at the
unconformity between 723.5 to 727.3 metres grading 1.13% U(3)O(8) over 3.80
metres and within a basement structure between 747.8 to 749.8 metres grading
0.88% U(3)O(8) over 2.0 metres. The results of this fall drilling program and
historical work performed in the area (SHE-38A which intersected 5.50%
U(3)O(8) over 3.7 metres at the unconformity) has uncovered a strike length of
50 metres of mineralization at the unconformity that still remains open. The
significance of this mineralization impact at the unconformity warrants
additional drilling.

    Anne Deposit Drilling:

    SHE-122-2:
    (UC) 1.16% U(3)O(8) over 6.8 metres

    SHE-122-2 is located on the eastern side of the Anne Deposit. The hole
intersected the unconformity at 740.2 metres approximately 40 metres due east
of SHE-122-1 with the intended purpose of expanding the potential for high
grade basement mineralization. Mineralization was associated with breccias at
the unconformity between 735.8 to 742.6 metres grading 1.16% U(3)O(8) over 6.8
metres. The results indicate that the deposit is still open to the east.
    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 has been 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.

    Development Work for Proposed Exploration Shaft(s) at Shea Creek

    AREVA is planning to submit a project description to the federal and
provincial regulatory agencies in spring 2008 for one or two underground
exploration shafts and related test mining facilities. Construction could
begin in 2010 based on the outcome of regulatory procedures.
    As first announced (see UEX News Release, April 10, 2007) AREVA has
started the necessary studies for site characterization and base line studies
for one or two exploration shafts. The first proposed shaft has been
strategically located between the Kianna and Anne Deposits to provide
underground access to both deposits as well as the highly-prospective corridor
between them (see UEX's website at www.uex-corporation.com for a map depicting
the shaft location). Each of the proposed shafts will have a vertical depth of
approximately 950 metres and an estimated capital cost of $100 million (CDN).
    During the 2007 summer program, three drill rigs completed five
piezometer holes each to a depth of 800 metres in the vicinity of the first
planned shaft location. The piezometer installation and pumping tests,
groundwater monitoring and sampling have been completed.
    Packer tests for hydrological studies were performed by Golder Associates
during the summer. The importance of these tests is to estimate groundwater
inflows in underground openings. A final report is expected later this year.
    An environmental baseline study has been started in the form of surface
hydrology with monitoring stations and lake level gauges installed during the
summer. Aquatic and terrestrial ecology began in July. The aquatic studies
began in September followed by terrestrial studies presently under way. These
studies will be ongoing into next year.
    This development work and related studies are required to file a Project
Description to the federal and provincial regulatory agencies.

    About the Anne Deposit

    The Anne Deposit is geologically comparable to the Kianna Deposit with
both unconformity and basement mineralization. To date, the unconformity
mineralization at the Anne Deposit has been traced over a strike length of 250
metres and a width of 100 metres and remains open in all directions. With the
recent focus on the Kianna Deposit, no work has been carried out on the Anne
Deposit since the fall of 2004.
    Previous drilling programs have outlined three distinct styles of
high-grade mineralization:

    
    -   Unconformity-type mineralization in close proximity to the
        unconformity (previous hole SHE-99-2, grading 9.17% U(3)O(8)
        over 15.7
        metres, including 36.37% U(3)O(8) over 2.5 metres);
    -   Basement-hosted mineralization found in zones up to 35 metres below
        the unconformity: (previous hole SHE-96-3, grading 1.39% U(3)O(8)
        over 47.3 metres).
    -   Fracture/fault controlled perched mineralization higher in the
        sandstone column is also prevalent within the Anne area. However,
        intersections can not be correlated between drill holes with the
        current density of drill information
    

    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 260 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 AREVA-UEX drilling programs from 2004 through to 2007 have
outlined three distinct styles of high-grade uranium mineralization that are
still open in all directions:

    
    -   Perched sandstone-hosted mineralization found in discrete zones tens
        of metres above the unconformity currently has a defined strike
        length of 80 metres and a width of 60 metres (previously announced
        2005 hole SHE-114-5, 27.4% U(3)O(8) over 8.8 metres,
        including 58.3% U(3)O(8) over 3.5 metres);
    -   Unconformity-type mineralization in close proximity to the
        unconformity has a defined strike length of 200 metres and a width of
        200 metres (previously announced 2006 hole SHE-115-3, grading 12.57%
        U(3)O(8) over 11.9 metres, including 27.35% U(3)O(8) over
        4.2 metres);
    -   Basement-hosted mineralization found in zones up to 200 metres below
        the unconformity has outlined a strike length of 200 metres and a
        down-dip extension of 160 metres (previously announced 2005 hole
        SHE-114-11, grading 5.40% U(3)O(8) over 37.7 metres, including 25.46%
        U(3)O(8) over 4.0 metres).
    

    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 Corporation, the Millennium Deposit,
and the Cigar Lake Deposit.

    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 under option from AREVA and one under option from
Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19
projects, totaling 386,650 hectares (955,400 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 is currently developing several uranium
deposits in the Athabasca Basin which include the Anne and Kianna Deposits at
its Shea Creek Uranium 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 2007 total $30.0 million, and the
Company has a cash position of approximately $56.0 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.

    
                                   TABLE 1
                     Fall 2007 Shea Creek Drill Results
        All Uranium Intersections Calculated from Gamma Probe Logging

    -------------------------------------------------------------------------
                         2007 Fall Drilling Results
    -------------------------------------------------------------------------
    Hole          Total    Depth to     From      To     Length   Avg. Grade
                  Depth  Unconformity (metres) (metres) (metres)  Within the
                 of Hole   (metres)                              Intersection
                 (metres)                                        (% U(3)O(8))
    -------------------------------------------------------------------------
    SHE-121-1(*)   881.0     718.1      708.2    713.7      5.5       0.17
    -------------------------------------------------------------------------
    SHE-121-2      883.0     725.9      723.5    727.3      3.8       1.13
                                        747.8    749.8      2.0       0.88
    -------------------------------------------------------------------------
    SHE-122-1(*)   898.0     713.0      713.8    747.5     33.7       4.73
                           including    715.9    719.5      3.6      23.21
                                        773.4    784.8     11.4       1.24
    -------------------------------------------------------------------------
    SHE-122-2      839.0     740.4      735.8    742.6      6.8       1.16
    -------------------------------------------------------------------------
    SHE-123-1(*)   863.0     743.4      740.6    742.7      2.1       0.37
    -------------------------------------------------------------------------
    SHE-123-2      930.0     749.2      799.8    804.7      4.9       2.80
                                        826.4    829.1      2.7       0.50
    -------------------------------------------------------------------------
    (*) Hole previously announced in UEX news release on October 18, 2007.
    

    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 has been 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.

    %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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