Wednesday, August 23rd 2006

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 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 30% of the global primary uranium production. UEX’s exploration budget for 2006 is $19.0 million and the Company has a cash position of approximately $84.0 million.

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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