UEX Announces $8.0 Million Underwritten Private Placement of Flow-Through Common Shares

     Trading Symbol: UEX-TSX

     VANCOUVER, March 27 /CNW/ - UEX Corporation ("UEX") is pleased to
announce that it has entered into an agreement with a syndicate of
Underwriters led by Dundee Securities Corporation, and including Cormark
Securities Inc., pursuant to which the Underwriters have agreed to find
purchasers, on an underwritten private placement basis, for 8,000,000
flow-through common shares at a price of $1.00 per flow-through common share
for aggregate gross proceeds to UEX of $8.0 million (CDN).
     Proceeds of the flow-through common shares will be used to accelerate
exploration and development of UEX's uranium deposits at its 100%-owned Hidden
Bay Project located in the eastern Athabasca Basin area of northern
Saskatchewan, Canada. UEX will agree to incur and renounce qualifying Canadian
Exploration Expenditures under the Income Tax Act (Canada) to purchasers of
the flow-through common shares in an amount equal to the subscription price of
such shares.
     The offering is scheduled to close on or about April 15, 2009 and is
subject to certain conditions including the receipt of all necessary approvals
including the approval of the Toronto Stock Exchange.

     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 joint-ventured with AREVA and one under option
from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The
19 projects, totaling 356,088 hectares (879,913 acres), are located in the
eastern, western and northern perimeters of the Athabasca Basin, the world's
richest uranium belt, which accounts for approximately 21% 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 2009 are estimated at approximately
$17.5 million, of which UEX will be responsible for approximately $11.9
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 certain
forward-looking statements. These forward-looking statements are subject to a
variety of risks and uncertainties beyond UEX's ability to control or predict,
which could cause actual events or results to differ materially from those
anticipated in such forward-looking statements. Although UEX believes that the
assumptions inherent in the forward-looking statements are reasonable, undue
reliance should not be placed on these forward-looking statements.

     %SEDAR: 00017609E

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