UEX Commences 2008 Winter Exploration Program at Black Lake and Riou Lake Uranium Projects

    Trading Symbol: UEX-TSX

    VANCOUVER, Jan. 22 /CNW/ - UEX Corporation ("UEX") is pleased to announce
that a winter 2008 exploration program, budgeted at $1.2 million, is under way
at the Black Lake Uranium Project ("Black Lake"), and the Riou Lake Uranium
Project ("Riou Lake") both located in the northeastern part of the Athabasca
Basin near Stony Rapids, Saskatchewan, Canada. The program will utilize one
diamond drill rig with all drilling to be performed by Britton Bros. Diamond
Drilling Ltd. of Smithers, B.C.
    Black Lake, comprising 30,381 hectares (75,041 acres), was the site of a
uranium discovery by UEX during 2004 in drill hole BL-18 (see UEX News
Release, October 12, 2004). Black Lake is a joint venture between UEX, the
operator, holding an 89.0% interest, and AREVA Resources Canada Inc. (AREVA),
holding an 11.0% interest. Riou Lake, covering 33,282 hectares (82,209 acres),
is 100% owned and operated by UEX.

    2008 Winter Exploration Program at Black Lake

    A diamond drilling program of three holes totaling 2,150 metres, budgeted
at $430,000, is planned. The drilling program is designed to test geophysical
targets outlined during ground geophysical programs in the southern portion of
the property in the area of historic drill hole BL-02 completed by Uranerz
Exploration and Mining Limited in the winter of 1998. Hole BL-02 intersected
basement hosted uranium mineralization several metres below the unconformity.
The mineralization consisted of black, sooty pitchblende and orange-yellow
uranium oxide stain over a core length of approximately 0.4 metres. Analytical
results returned up to 4,045 ppm U(3)O8 between 562.9 and 563.0 metres with
anomalous values of Pb, As, B, Cu and Ni associated with this uranium
mineralization. However, no graphitic pelite basement lithologies were
encountered and the conductor was interpreted not to have been intersected in
hole BL-02.
    To view a map of Black Lake, please access UEX's website at

    2008 Winter Exploration Program at Riou Lake

    A diamond drilling program of five holes totaling 3,900 metres, budgeted
at $780,000, is planned to begin following the completion of the Black Lake
drill program. The drilling program will test geophysical targets outlined
during previous airborne and ground geophysical programs in the eastern
portion of the Riou Lake property.
    To view a map of Riou Lake, please access UEX's website at

    About the Black Lake Project

    -   Mineralization: UEX's 2004 discovery hole BL-18 encountered
        unconformity-type uranium mineralization in the sandstone,
        immediately above the Athabasca unconformity. The intercept averaged
        0.694 % U(3)O8 over 4.4 metres between 310.5 and 314.9 metres depth,
        including 1.96% U(3)O8 over 0.5 metres;

    -   Follow-up drilling by UEX has encountered significant uranium
        mineralization: 2005 holes BL-23, BL-32, BL-56, BL-64 and winter 2006
        hole BL-82, all reported previously, an intercept in BL-110 during
        the summer/fall 2006 program drilled within an alteration trend
        interpreted to be associated with discovery hole BL-18; and holes BL-
        137 (0.24% U(3)O8 over 3.0 metres) and BL-140 (0.67% U(3)O8 over
        3.0 metres) during the winter 2007 program drilled to follow up the
        mineralized "wedge" in hole BL-82;.

    -   Faulted geophysical conductors: The property hosts a system of
        graphitic conductors which extend along strike for at least
        20 kilometres, and which is coincident with a significant fault, the
        Platt Creek Fault zone. The main strand of the fault, termed the
        Eastern Fault, is spatially associated with the uranium intercepts
        obtained to date;

    -   Alteration: Chlorite, dravite, siderite, illite and pyrite alteration
        associated with anomalous uranium, lead, and boron geochemistry
        occurs in the sandstone within the Eastern Fault zone. Such
        assemblages are developed along faults associated with uranium
        mineralization in other areas of the Athabasca Basin.

    About the Riou Lake Project

    -   Uranium mineralization associated with the unconformity: 2000 hole
        RLG-D10 intersected alteration straddling the unconformity containing
        mineralization as sooty pitchblende in concentrations up to 0.38%
        U(3)O8 over 0.12 m; 2007 hole RLG-D25 encountered uranium-bearing
        basement rock just below the unconformity grading 0.66% U(3)O8 over
        0.10 metres with accompanying enrichment in nickel, arsenic, cobalt,
        copper, lead, potassium and magnesium.

    -   Boulders: Prospecting in the northern parts of the project has
        identified an east-west boulder train in till of uraniferous
        sandstone boulders grading up to 11.3% U, similar to boulder trains
        that have led to the discovery of several uranium deposits in the
        Athabasca Basin. In addition to the boulders in till, several areas
        of locally derived, radioactive sandstone boulders containing up to
        21% P(2)O5, and highly anomalous uranium and rare earth element
        concentrations occur in central parts of the Riou Lake Project (e.g.,
        W-Zone). Alignment of these apatite-rich zones along northwest-
        trending faults suggests a tectonic-hydrothermal association,
        possibly as distal alteration to uranium mineralization;

    -   Radioactive springs: Uranium-bearing artesian springs are present in
        the southwestern part of the Riou Lake Project. The spring chemistry
        is similar to that of basal brine connate waters at the base of the
        sandstone column at the McArthur River Deposit, and to springs that
        occur near the Shea Creek Deposits (Anne and Colette) south of Cluff
        Lake. These spring waters may reflect the upward migration of deep
        waters along faults, suggesting structural targets in areas where
        basinal waters may have tapped a radioactive source;

    -   Geophysical conductors: Ground electromagnetic surveys have
        identified several prospective, conductive graphitic units beneath
        (PM Conductor), and south of Riou Lake (KC Conductor). South of Riou
        Lake, conductive graphitic units curve from southwest to northwest
        trends progressively to the east, mimicking map and fault patterns,
        and providing favorable structural sites at potential constrictional
        and dilational bends in associated faults. Subsequent drill testing
        has intersected graphitic gneiss in several drill holes within
        basement rocks (holes RLG-D8, D9, D14 and D20);

    -   Structure: Post-Athabasca faults which are developed in the project
        area strike mainly to the northeast, although northwest trending
        faults also occur where basement lithologies have that orientation.
        The most significant fault identified to date, termed the Riou Lake
        fault zone, is a northeast-trending, southeast-south dipping reverse
        fault system that is developed south of Riou Lake. This fault is
        associated with a major upthrust block of basement and sandstone,
        which indicates apparent reverse displacement of at least 200 metres
        on the fault system. Holes RLG-D7 and RLG-D11, both intersected a
        major southwest dipping fault that forms a southerly strand of the
        Riou Lake Fault system. A 60 metre wedge of basement is thrust over
        Athabasca sandstone in hole RLG-D7.

    The technical information in this news release has been compiled and
reviewed by Sierd Eriks, P. Geo., a Qualified Person as defined by National
Instrument 43-101.

    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 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
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 totaled approximately $30.0 million and are estimated at $40 million for

                             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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