Re: Friday, December 16, 2011
Title: Comments by David Talbot on UEX Corporation in the Energy Report

Dear Shareholders and Friends,

In a recent interview with Streetwise Reports, Senior Mining Analyst David Talbot commented on UEX. The Fukushima disaster cast a shadow on the uranium mining industry, but Dundee Capital Markets Vice President David Talbot sees very strong fundamentals, especially in the absence of substitutes for nuclear generation. Such a premise suggests that uranium use will rise with growing populations and needs. In this exclusive interview with The Energy Report, Talbot lays out the demand picture in detail and shares the names of his best uranium mining prospects.

David worked for nine years as a geologist in the gold exploration industry in northern Ontario. His field experience included three years with Placer Dome and six years managing projects for Franco-Nevada Corp. and its successor, Newmont Capital. Talbot joined Dundee's research department in May 2003; in the summer of 2007 he took over the role of analyzing the fast-growing uranium sector, and has since launched the lithium sector.

We thought you'd be interested in reading David Talbot's comments on UEX Corporation. Scroll down to see these comments.

Regards,

Graham C. Thody
President & CEO

David Talbot 's Comments:

"We would also recommend UEX Corp. as a Buy, and we have a $2.50 target price on this one. This has long been one of our favorite companies. Its growth potential is tremendous, particularly in the West Athabasca at its 49%-owned, 88 Mlb-Shea Creek deposit. This is a JV with AREVA. We have suggested that Rio Tinto is looking for other AREVA projects, and this might be one of them. Shea Creek has several areas that host over 20% U3O8, and more exploration is really needed to determine where the best potential mining area will occur. The company just last week announced a $6M-exploration program for 2012. It will target probably three areas, but right now we already assume that this project is beyond the 100 Mlb-level and likely to grow further following that drill program.

UEX also has an interesting project in the eastern Athabasca called Hidden Bay. It totals about 40 Mlb. A PEA assumes toll milling right next door at Cameco's Rabbit Lake mill located about 4km away. Cameco already owns about 23% of UEX, and Cameco has also avoided replacing its retired UEX board nominee despite its right to do so." View Article

UEX Corp

	EXPLORATION STAGE
	CODE : UEX.TO
	ISIN : CA9026661061

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UEX is a gold and copper exploration 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$ 158.0 millions as of today (US$ 126.3 millions, € 110.7 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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