UEX / AREVA Announce $3.1 Million Budget for Shea Creek Spring/summer 2013 Exploration Program

The 2013 program will be focused on the highly prospective Saskatoon Lake Conductor ("SLC") which continues to the south of the Anne Deposit, the latter which is the southernmost of the four Shea Creek deposits. The SLC represents a faulted graphitic unit beneath the overlying Athabasca sandstone and is spatially associated with the Colette, 58B, Kianna and Anne deposits all of which occur along and adjacent to this conductor over a three-kilometre strike length in the northern parts of Shea Creek.  Outside of the immediate area of the deposits, the continuation of this conductor is sparsely tested by isolated, widely-spaced drill holes.  The few drill holes in this area include several mineralized intersections which have not been followed up, including drill hole SHE-2 drilled in 1992. This drill hole intersected a shallow-dipping brecciated fault zone just beneath the unconformity in association with the SLC and returned 0.342% U₃O₈ over 0.4 metres in an area located approximately two kilometres southeast of the Anne Deposit.  Other drill holes in this area have also intersected narrow intervals of mineralization along with very favourable structures and hydrothermal alteration.

Since geological information is limited in areas to the south of Anne, the 2013 exploration program will commence with a geophysical Tensor Magnetotelluric ("MT") survey to further refine the position and potential areas of offset along northeast-trending faults crosscutting the SLC (see Figure 1).  Steeply dipping faults of this orientation are associated with the significant mineralization at the Kianna and Anne deposits where they intersect the SLC. These structures can be inferred from the 2008 MT survey conducted on the northern parts of the property.  A total of 50.4 line-kilometres will be surveyed which will extend the previous MT coverage for approximately six kilometres southeast of Anne, and infill two additional lines to the north.  In conjunction with previous geophysical data, the survey will allow refinement of the drill hole placements in this sparsely tested area.

Drilling totaling approximately 5,000 metres is planned south of the Anne Deposit (see Figure 2) and is anticipated to commence in June. There are only four previous drill holes in this area, including drill hole SHE-24 which intersected mineralization grading 0.074% U₃O₈ over 2.3 metres in the basement rocks approximately 20 metres below the unconformity. The drilling will assess untested gaps between existing drill holes, some of which are more than 800 metres apart, and also test areas where initial drill holes intersected only the margins of the prospective corridor.  This area is geologically similar to that associated with the Shea Creek deposits and previous holes here have also intersected anomalous radioactivity and favourable clay alteration.

Further information regarding UEX's projects, including maps and cross sections, is available on UEX's website www.uex-corporation.com.

To view Figure 1 (2013 Shea Creek Geophysical Program) and Figure 2 (2013 Shea Creek Drilling Program), please access this news release on UEX's website at www.uex-corporation.com.

This news release has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX's Vice-President of Exploration, and Erwin Koning, P.Geo., AREVA's Technical Advisor, Exploration, who are each Qualified Persons as defined by National Instrument 43-101.

Shea Creek Project

Shea Creek hosts the Kianna, Anne, Colette and 58B deposits, and is the most advanced of the nine 49%-owned Western Athabasca uranium projects joint-ventured with the project operator, AREVA Resources Canada Inc. The Shea Creek deposits form part of a world-class uranium system in which mineralization has been defined over a strike length exceeding three kilometres along the Saskatoon Lake graphitic conductor in the northern part of the project. Most areas of mineralization continue to be open and have high potential for both expansion and discovery of new zones.

Effective December 31, 2009, UEX reported a combined National Instrument 43-101 ("N.I. 43-101") compliant mineral resource estimate for the Kianna, Anne and Colette deposits of 63.6 million pounds U₃O₈ in the Indicated Mineral Resource category and an additional 24.5 million pounds U₃O₈ in the Inferred Mineral Resource category at a cut-off of 0.3% U₃O₈ (see UEX news release dated May 26, 2010). The Company has engaged an independent consultant who is updating the mineral resource estimates for the Colette and Kianna deposits at Shea Creek, incorporating the drilling results from the 2010, 2011 and 2012 drilling campaigns. In addition, an initial mineral resource estimate is being prepared for the 58B Deposit. UEX anticipates that the updated mineral resource estimates will be completed by the end of the first quarter of 2013.

About UEX

UEX is a Canadian uranium exploration and development company actively involved in 17 uranium projects, including six that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, as well as nine joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 17 projects, totaling 264,363 hectares (653,255 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 15% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne, Colette and 58B deposits at its 49%-owned Shea Creek Project, and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project. UEX currently has a cash position of approximately $11.1 million.

UEX's two major projects have mineral resource estimates as follows:

About AREVA Resources Canada Inc.

AREVA, a uranium exploration, mining and milling company, is a subsidiary of AREVA group, the global nuclear industry leader with an expanding presence in the renewable energies field, and 48,000 employees worldwide to help supply safer, cleaner and more economical energy to the greatest number of people. AREVA group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the McClean Lake, Midwest and Shea Creek deposits operated by AREVA, as well as the McArthur River and Cigar Lake deposits operated by Cameco Corporation. AREVA also holds a majority interest in the Kiggavik deposits in Nunavut.

Forward-Looking Information

This news release may contain statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding UEX's mineral resource and mineral reserve estimates, outlook for our future operations, plans and timing for exploration activities, 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 information. Such forward-looking information is based on certain factors and assumptions and is 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 information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, additional drilling results, continuity and grade of deposits, participation in joint ventures, reliance on other companies as operators, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other laws affecting uranium exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is 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 information. 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.

SOURCE UEX Corporation