UEX Corp

Published : February 28th, 2007

Commences 2007 Winter Exploration Program at Black Lake Uranium Project

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Attention Business Editors:

UEX Commences 2007 Winter Exploration Program at Black Lake Uranium Project

     Trading Symbol: UEX-TSX
     VANCOUVER, Feb. 27 /CNW/ - UEX Corporation ("UEX") is pleased to announce
that the winter 2007 program of Diamond drilling and geophysical surveying has
commenced at the Black Lake Uranium Project ("Black Lake", or the "Project"),
located in the northern Athabasca Basin near Stony Rapids, Saskatchewan,
Canada. Black Lake was the site of a uranium discovery by UEX during 2004 in
drill hole BL-18 (see UEX News Release, October 12, 2004). The Project is a
joint venture between UEX, the operator, holding a 87.2% interest, and AREVA
Resources Canada Inc. ("AREVA"), holding a 12.8% interest, as of December 31,
2006.
     2006 Summer/Fall Exploration Results
     The 2006 summer/fall exploration program consisted of a 23-hole Diamond
drilling program totaling 10,830 metres, with one hole abandoned due to
technical problems. The drilling program tested the extent of mineralization
encountered in discovery hole BL-18, and continued systematic testing of the
graphitic conductors within the Project area that are interpreted to be
prospective for uranium mineralization.
     A ground geophysical survey consisting of 77.0 kilometres of pole-pole
resistivity was carried out along the Black Lake conductive system to outline
areas of potential alteration that could be associated with unconformity-type
uranium mineralization. The use of resistivity surveys in the Athabasca Basin
has proved to be a useful exploration tool for mapping alteration in
sandstone, especially when applied to a known graphitic conductor system like
that at Black Lake. The survey was successful in defining an area encompassing
hole BL-18 that exhibits a significant low resistivity anomaly situated above
a low magnetic and low gravity signature in the basement rocks. Other similar
resistivity lows were detected along strike of the known Black Lake conductor
system.
     A closely-spaced pattern of drill holes identified an alteration zone
striking through the location of hole BL-18 to the northwest, cross-cutting
the alignment of the Eastern Fault zone and its coincident conductor system.
Three holes located within the alteration zone encountered uranium
mineralization at, or immediately above, the Athabasca Group sandstone
unconformity:
     -   BL-109: 0.10% U(3)O(8) over 1.90 metres, from 311.70 to
         313.60 metres
     -   BL-110: 0.79% U(3)O(8) over 2.82 metres, from 309.73 to
         312.55 metres
     -   BL-111: 0.11% U(3)O(8) over 2.90 metres, from 312.50 to
         315.40 metres
     Following the identification of the alteration zone, now called the "No
Red Zone", two drill fences consisting of five holes 200 metres north of BL-18
and four holes 200 metres south of BL-18 were drilled to cordon off the
alteration zone and its associated mineralization. Hole BL-119, located on the
western end of the North Fence, encountered 600 ppm uranium at the
unconformity, with elevated values of arsenic, nickel, copper and cobalt. The
area around BL-119 is interpreted to be near the edge of the low resistivity
anomaly detected by the geophysical survey, and follow-up drilling is planned.
     The other holes drilled in the 2006 summer/fall program did not encounter
significant uranium mineralization, but assisted in mapping the graphitic
conductor system and alteration in the sandstone. Many previous holes drilled
along the Eastern Fault zone over several kilometres of strike length have
encountered faulting with pervasive dravite, pyrite, chlorite and illite
alteration and anomalous uranium, lead and boron enrichment in the sandstone
up to tens of metres above the unconformity. These are alteration features
observed at, or near, unconformity-type uranium deposits. UEX is encouraged by
the latest drilling results and plans to continue an optimized drilling
program in conjunction with resistivity surveys to search for additional
uranium mineralization that may be present along the 20 kilometre-long Black
Lake conductor system.
     To view a map of Black Lake, please access UEX's website at
www.uex-corporation.com
     2007 Winter Exploration Program
     A Diamond drilling program of approximately 7 to 10 holes totaling about
6,000 metres is underway, and is planned to continue until March 31, 2007.
     A program of linecutting and 230 kilometres of ground resistivity and
25�kilometres of detailed magnetic surveys is also underway to better define
the character of geophysical conductors outlined by UEX's previous airborne
and ground geophysical surveys, and to assist in the delineation of sandstone
alteration zones.
     The technical information in this document has been compiled and reviewed
by Sierd Eriks, P. Geo., a qualified person as defined by National Instrument
43-101. True widths of mineralized intervals have not yet been determined. All
core samples were analyzed at Saskatchewan Research Council Geoanalytical
Laboratories by ICP, with additional uranium analyses by fluorimetry.
     To view a map of Black Lake, please access UEX's website at
www.uex-corporation.com
     About the Black Lake Project
     -   Mineralization: UEX's 2004 discovery hole BL-18 discovered
         unconformity-type uranium mineralization in the sandstone,
         immediately above the Athabasca unconformity. The intercept averaged
         0.694 % U(3)O(8) over 4.4 metres between 310.5 and 314.9 metres
         depth, including 1.96% U(3)O(8) 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, and a new intercept in BL-110
         during the summer/fall 2006 program drilled within an alteration
         trend interpreted to be associated with discovery hole BL-18;
     -   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 UEX
     UEX is a Canadian uranium exploration company formed under an agreement
between Pioneer Metals Corporation and Cameco. Cameco, the world's largest
supplier of uranium, is UEX's largest shareholder. UEX began trading on the
Toronto Stock Exchange in July 2002 and is actively involved in the
exploration and development of 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 approximately 386,250 hectares (954,040 acres), are located in the
eastern, western and northern perimeters of the Athabasca Basin, the world's
richest uranium belt, which accounts for approximately 30% of the global
primary uranium production. UEX's exploration budget for 2007 is approximately
$25.0 million and the Company has a cash position of approximately
$77.0�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.
     %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

Data and Statistics for these countries : Canada | Japan | All
Gold and Silver Prices for these countries : Canada | Japan | All

UEX Corp

EXPLORATION STAGE
CODE : UEX.TO
ISIN : CA9026661061
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UEX is an exploration gold and copper company based in Canada.

UEX holds various exploration projects in Canada.

Its main exploration properties are BLACK LAKE, RIOU LAKE, BEATTY RIVER, DOUGLAS, NORTHERN ATHABASCA PROJECTS, WESTERN ATHABASCA PROJECTS, FOND DU LAC, SHEA CREEK, HIDDEN BAY, ALEXANDRA, BRANDER LAKE PROJECTS and JAMES CREEK PROJECTS in Canada.

UEX is listed in Canada and in Germany. Its market capitalisation is CA$ 49.5 millions as of today (US$ 37.3 millions, € 33.7 millions).

Its stock quote reached its lowest recent point on August 15, 2003 at CA$ 0.05, and its highest recent level on November 09, 2007 at CA$ 9.30.

UEX has 319 240 000 shares outstanding.

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