UEX reports the second best hole from the Horseshoe Deposit to date: HU-134 intersects 0.75% U(3)O(8) over 31.7 metres including 3.00% U(3)O(8) over 6.1 metres. UEX plans early January start-up of the 2008 winter drill program at Hidden Bay.

    Trading Symbol: UEX-TSX

    VANCOUVER, Jan. 2 /CNW/ - UEX Corporation ("UEX") is pleased to announce
the results from an additional 23 diamond drill holes which were recently
completed during the summer/fall 2007 program at the Horseshoe Deposit
("Horseshoe") adjacent to the Raven Deposit ("Raven") located within UEX's
100% owned Hidden Bay Project in the eastern Athabasca Basin area of northern
    The drill results represent a continuing combination of infill and
stepout drill holes, the latter which have extended mineralization further
beyond and beneath the limits of the historical drilling conducted by Gulf
Minerals Canada ("Gulf") at Horseshoe.
    November 30th marked the end of the summer/fall 2007 drill program with
nearly 40,000 metres completed at the Raven and Horseshoe Deposits, including
30,696 metres in 89 holes drilled at Horseshoe, and 8,767 metres in 33 holes
drilled at Raven.
    The first 45 holes at Horseshoe have now been released, including this
disclosure. UEX also completed 5,973 metres of drilling at the Wolf and
Tent-Seal target areas. Results from these areas, an additional 44 holes from
Horseshoe and 33 holes from Raven will be released as they are received from
the analytical laboratory.

    Horseshoe Deposit Results

    Results have now been received for holes HU-113 to HU-134, and HU-137.
Those composited to grades of at least 0.05% U(3)O(8) with a grade-thickness
product of greater than 0.1 are listed in Table 1. The most significant of
these intercepts includes the following:

    -   0.73% U(3)O(8) over 15.4 metres in hole HU-113 (BE zone, section
    -   0.16% U(3)O(8) over 65.0 metres in hole HU-117 (BE zone, section
    -   0.34% U(3)O(8) over 16.1 metres in hole HU-118 (A zone, section
    -   0.22% U(3)O(8) over 56.4 metres in hole HU-119 (BE zone, section
    -   0.26% U(3)O(8) over 32.0 metres in hole HU-123 (BE zone, section
    -   0.65% U(3)O(8) over 23.1 metres in hole HU-126 (A zone, section
    -   0.64% U(3)O(8) over 16.0 metres in hole HU-130 (BW zone, section
    -   0.25% U(3)O(8) over 17.0 metres in hole HU-131 (BE zone, section
    -   0.28% U(3)O(8) over 43.8 metres in hole HU-133 (BE zone, section
    -   0.75% U(3)O(8) over 31.7 metres in hole HU-134 (BW zone, section
        4724N) including 3.0% U(3)O(8) over 6.1 metres
    -   0.25% U(3)O(8) over 5.9 metres in hole HU-137 (BW zone, section

    "These results continue to support our belief that Gulf's historical
resource estimate for Horseshoe of 13.2 million pounds of U(3)O(8) grading
0.17% U(3)O(8) has understated the pounds and especially the grade of the
deposit," said Stephen Sorensen President and CEO of UEX.
    Sorensen went on to say that "the investment community when looking at
our 100% owned Horseshoe, Raven and West Bear Deposits and their immediate
proximity to electricity, roads, tailings and milling facilities might
consider the following question:
    What is the value of a UEX pound of uranium when compared to a pound of
uranium in other parts of Canada and the rest of the world that lack this
infrastructure? When one takes into account the costs and time associated with
permitting and building the infrastructure required to take a deposit to
production, it is in this context that I wish to emphasize that not all pounds
are created equal - we like where we are."
    The central portions of the Horseshoe deposit have now been drilled at 15
to 30 metre hole spacing, with some at 7.5 metres in areas where higher grade
mineralization required tighter definition, which should enable much of the
resource to be placed into an indicated category. Once all drill results are
fully received and in house modeling of mineralization is completed, it is
anticipated that a National Instrument 43-101 ("N.I. 43-101") compliant
resource estimate for Horseshoe should be completed during 2008 by Golder
Associates Ltd. ("Golder") of Saskatoon, SK.
    As announced previously, the UEX drilling programs have been encountering
higher grades, wider intersections, better continuity and an overall greater
extent of mineralization at Horseshoe than the mineralized areas outlined by
Gulf in the 1970's. Drill core axis angles and continuity of mineralization
between drill holes suggest that the vertical to steep drill holes cross the
shallow-dipping mineralized zones at a high angle, so intersections should
approximate true thickness.
    Mineralization at Horseshoe comprises shallow dipping zones of
hematization with disseminated and veinlet pitchblende-boltwoodite-uranophane
mineralization that are hosted by folded arkosic quartzite gneiss.
Mineralization defined to date occurs in five dominant zones termed A, BW, BE,
A1 and A2, which define two different styles that comprise: a) disseminated
pitchblende-chlorite-hematite, and b) narrower, higher grade nodular and
veinlet pitchblende in hematite-clay alteration. Many of the intercepts
reported here are broad zones intersected in the BE and BW zones which are
mainly of the disseminated style, and which demonstrate the consistent grades
over broad widths of these zones. To view maps and cross sections of Raven and
Horseshoe, please access UEX's website at www.uex-corporation.com under
"Projects - Hidden Bay".

    Winter 2008 Drilling Program

    UEX has planned an aggressive 45,000 metre winter 2008 drilling program
on the Hidden Bay property. At Raven and Horseshoe, approximately 33,000
metres of drilling is planned with at least four drills to 1) further advance
resource definition at Raven and areas of open mineralization in the southern
Horseshoe Deposit, 2) test historical intercepts in widely spaced Gulf holes
which may define additional pods to the northeast of Horseshoe, and 3) test
multiple, extensive gravity and resistivity targets that are associated with
areas of clay alteration in historical Gulf drill holes. The winter drilling
at Raven will enable calculation of a 43-101 resource calculation there during
the summer of 2008. Elsewhere on the Hidden Bay property approximately 12,000
metres of drilling is proposed in the Shamus and Telephone target areas,
testing for unconformity and basement hosted mineralization in areas where low
grade mineralization and alteration were intersected in recent drilling
programs. These targets lie along the Telephone Lake fault system, which at
its northern end is spatially associated with the McClean Lake and Sue
deposits on the adjacent McClean Lake property that is operated by AREVA. UEX
has recently received its exploration permits for the winter 2008 programs at
Raven-Horseshoe, Telephone and Shamus, and drilling is anticipated to commence
in early January, 2008, with drilling to be performed by Britton Bros. Diamond
Drilling Ltd. of Smithers, B.C.

    About the Raven and Horseshoe Deposits

    Horseshoe and the adjacent Raven Deposit are located less than
5 kilometres south of Cameco Corporation's Rabbit Lake operations, and 12
kilometres southeast of AREVA Resources Canada Inc.'s ("AREVA") McClean Lake
operations. Both deposits are hosted by competent basement rocks that could be
amenable to both open-pit and conventional underground ramp access mining
methods, pending a positive feasibility study. Using widely spaced drill
holes, in 1980 Gulf estimated a total resource at Raven and Horseshoe of
6.7 million tonnes at an average grade of 0.16% U(3)O(8), representing
approximately 22.82 million contained pounds of U(3)O(8) (13.2 million pounds
grading 0.17% U(3)O(8) at Horseshoe, and 9.62 million pounds grading 0.14%
U(3)O(8) at Raven). These historical resource estimates were not calculated
using current Canadian Institute of Mining, Metallurgy and Petroleum
standards. As a result, they are not compliant with N.I. 43-101, and should
not be relied upon.

    Raven and Horseshoe Potential Future Tailings Management Facilities

    Given the competent host rocks and depths to mineralization at the
Horseshoe and Raven deposits, UEX has requested that Golder also assess the
economic benefit of an assumption that following open-pit mining of the Raven
and Horseshoe Deposits, the final pits could be used as tailings management
    "There are considerable costs associated with the construction of
tailings facilities. We believe the pits left from future open pit mining at
Raven and Horseshoe could be a strategic asset by providing decades of
tailings capacity for operators in the region," said Sorensen.

    Sample Handling and Quality Assurance

    Drill core geochemical samples are selected with the aid of a hand-held
scintillometer to identify areas of above-background radioactivity. Samples
are split, with half remaining in the core box, and the remainder shipped to
Saskatchewan Research Council Geoanalytical Laboratories ("SRC") where they
are crushed and ground to minus 106 microns. The pulp is digested in aqua
regia leach and analyzed by ICP for uranium and other elements. In addition to
the geochemical analyses, down-hole probe radiometric results, obtained for
all drill holes on completion of drilling, provide an independent check of the
geochemical data. Probe results can be used for grade calculations where poor
ground conditions occur and drill core recoveries are low, although at Raven
and Horseshoe recoveries are generally at, or close to, 100%. UEX routinely
inserts sample blanks and uranium standards of several grades into the sample
stream. In addition, repeat analyses are routinely performed, laboratory
standards are inserted by SRC, and selected sample pulps have been submitted
to other independent laboratories for check analyses to assess sample
repeatability and accuracy of the SRC results.
    The technical information in this news release regarding Raven and
Horseshoe has been compiled by David Rhys, P. Geo., a Qualified Person as
defined by N.I. 43-101.

    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
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, Kianna and Colette 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 $30.0 million and are estimated at $40 million for
2008. The Company has a cash position of approximately $51.0 million.


                             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.
                 Summer/Fall 2007 Horseshoe Drilling Program
         Intersections from Drill Holes HU-113 to HU-134, and HU-137
     Only intervals with composite grades greater than 0.05% U(3)O(8) and
         agrade-thickness product greater than 0.1 arelisted below.
        All analyses were performed by SRC by ICP. Results are still pending
        for holes HU-135 and HU-136. No intervals greater than 0.05% and a
       grade thickness product higher than 0.1 were intersected in holes
                                 HU-125,127 or 128.

                           Depth                                        Avg.
            Section      of Hole         From     To       Length      Grade
    Hole    (North)      (metres)     (metres)  (metres)  (metres)(%U(3)O(8))
    HU-113    4665                411   256.5     271.9      15.4      0.725
                     including          256.5     259.0       2.5      1.784
                     including          266.4     271.9       5.5      1.195
                     including          270.2     271.6       1.4      3.330
    HU-114    4682                287   225.8     227.5       1.7      0.076
                                        230.2     235.5       5.3      0.278
    HU-115    4740                437   299.7     302.0       2.3      0.103
                                        311.4     312.9       1.5      0.078
    HU-116    4607                335   139.7     140.3       0.6      0.259
                                        304.7     310.0       5.3      0.201
    HU-117    4665                430   264.7     329.7      65.0      0.156
                     including          264.7     266.2       1.5      0.593
                     including          273.2     286.8      13.6      0.269
                     including          319.4     327.0       7.6      0.365
    HU-118    4626                227   170.9     187.0      16.1      0.341
                     including          180.2     187.0       6.8      0.684
                                        192.0     195.0       3.0      0.074
    HU-119    4740                440   246.0     248.3       2.3      0.224
                                        273.3     274.2       0.9      0.111
                                        290.0     346.4      56.4      0.217
                     including          291.8     302.3      10.5      0.357
    HU-120    4626                230   131.6     132.8       1.2      0.390
                                        172.2     174.7       2.5      0.077
                                        178.2     179.0       0.8      0.140
                                        194.6     195.9       1.3      0.231
                                        207.1     207.5       0.4      0.295
    HU-121    4740                530   266.0     269.0       3.0      0.088
                                        345.0     347.3       2.3      0.223
    HU-122    4635                284   199.4     199.9       0.5      0.248
    HU-123    4665              452.7   285.0     317.0      32.0      0.264
                     including          296.7     308.6      11.9      0.512
    HU-124    4638                386   208.2     208.7       0.5      0.248
    HU-126    4644                257   190.5     213.6      23.1      0.648
                     including          199.9     205.0       5.1      1.892
    HU-129    4644                242   187.2     190.4       3.2      0.358
    HU-130    4724                338   288.9     304.8      15.9      0.643
                     including          298.4     304.1       5.7      1.149
    HU-131    4682                338   252.5     269.5      17.0      0.253
                                        277.0     279.0       2.0      0.096
                                        290.0     290.6       0.6      0.177
                                        300.0     307.0       7.0      0.101
    HU-132    4650                395   272.6     274.6       2.0      0.142
                                        290.0     291.3       1.3      0.080
                                        314.7     319.3       4.6      0.141
    HU-133    4682                350   254.2     298.0      43.8      0.275
    HU-134    4724                342   136.4     138.2       1.8      0.078
                                        211.0     213.4       2.4      0.139
                                        225.0     226.8       1.8      0.155
                                        243.9     281.5      37.6      0.648
                     including          248.6     280.3      31.7      0.753
                     including          272.2     278.3       6.1      3.000
    HU-137    4724                306   225.8     231.7       5.9      0.253
                                        259.3     260.7       1.4      0.673

    %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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