UEX / AREVA Drilling Continues to Outline Thick Unconformity Mineralization at the Colette Deposit: Drill Hole She-66-4 Intersects 19.0 Metres Grading 0.98% eU(3)O(8)

The mineralized intersections in holes SHE-66-4 to SHE-66-6 confirm the continuity of high-grade unconformity mineralization in the northern portion of the Colette Deposit. Further drilling is in progress to test to the north and east of the SHE-66-4 intercepts where the mineralization remains open.

Significant mineralization was intersected perched above the unconformity ("P") and straddling the unconformity ("UC"). Highlights of the drill results include:

Drill holes SHE-66-4 to SHE-66-6, as identified in Figure 2, are the first directional drill cuts that were planned for the 2012 drilling program at the Colette Deposit which is part of a larger, $6.0-million exploration program on the Shea Creek Project. Currently, there are two drills operating on the project, one at the Colette Deposit and one at the 58B Deposit.

Drill hole SHE-66-4 was designed to follow up on successful drilling results from the SHE-66 series drill holes at Colette obtained during the 2011 program. These included intervals of 1.28% eU₃O₈ over 26.0 metres in drill hole SHE-66-2 and 1.22% eU₃O₈ over 27.9 metres in drill hole SHE-66-3 (see UEX news release dated October 31, 2011). Drill hole SHE-66-4 lies between and 15 metres from each of drill hole SHE-66-2 and drill hole SHE-52, which intersected 2.34% U₃O₈ over 16.8 metres at the unconformity. These results continue to confirm the thick nature of the unconformity mineralization in this area.

Drill holes SHE-66-5 and SHE-66-6 were designed to test the western portions of the Colette unconformity mineralization. These results expand the known extent of mineralization up to 40 metres westward from previous drill intercepts.

These drill holes continue to define a thick flat-lying lens of mineralization at the unconformity which, on the basis of its overall morphology, suggests that the new intercepts are within 90% of true thickness. Mineralization is open northward in the direction of UEX and AREVA's Douglas River Project and to the east. Additional drilling is in progress to further test the extent of this zone and for higher grade areas of mineralization within it.

In addition to the unconformity mineralization, drill hole SHE-66-4 intersected perched mineralization grading 0.27% eU₃O₈ over 5.0 metres, including 0.45% eU₃O₈ over 2.5 metres. This intercept may be linked to perched mineralization found in pilot holes SHE-66 grading 0.72% eU₃O₈ over 4.7 metres and SHE-74 grading 0.73% eU₃O₈ over 4.5 metres and which are located approximately 80 metres to the northwest.

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

To view Figure 1 (Northern Shea Creek Area - 2012 Drilling Program) and Figure 2 (Colette Deposit - 2012 Drilling), please access this news release on UEX's website at www.uex-corporation.com.

Qualified Persons and Data Acquisition

Technical information in this news release has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX's Vice-President of Exploration, David Rhys, P.Geo., UEX Advisory Board member and Erwin Koning, P.Geo., AREVA's District Geologist, West Athabasca Region, who are each Qualified Persons as defined by National Instrument 43-101.

Equivalent grade results reported here were obtained using a DHT27-STD gamma probe which collects continuous readings along the length of the drill hole. Probe results are calibrated using an algorithm calculated from the comparison of probe results against geochemical analyses in previous drill holes in the Shea Creek area.

About Shea Creek

Effective December 31, 2009, UEX reported a combined mineral resource estimate for the Kianna, Anne and Colette deposits as tabulated below in "About UEX." This mineral resource estimate is based on drilling information up to December 31, 2009. Subsequent results, which include the identification of the 58B Deposit and the expansion of the Kianna and Colette deposits, are not incorporated in this mineral resource estimate.

This estimate confirmed Shea Creek as the largest undeveloped uranium resource in the Athabasca Basin. Shea Creek also ranks as the third largest uranium resource in the Basin, exceeded in size only by McArthur River and Cigar Lake. Resources at Shea Creek are largely open and have excellent potential for both expansion of known areas of mineralization and discovery of new zones.

At the conclusion of the 2012 exploration program, UEX intends to update its mineral resource estimate for Shea Creek to include the results from the 2010, 2011 and 2012 drilling campaigns.

About UEX

UEX is a Canadian uranium exploration and development company actively involved in 18 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 ten joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 18 projects, totaling 308,320 hectares (761,875 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 17% of the global primary uranium production. UEX is currently advancing several uranium deposits at its two major projects which include the Kianna, Anne, Colette and 58B deposits at its 49%-owned Shea Creek Project, a joint venture with AREVA in the western Athabasca Basin, and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project in the eastern Athabasca Basin. With a cash position of approximately $16.5 million at May 31, 2012, UEX is well-financed to carry out its remaining 2012 exploration and development programs.

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.

Note: Uranium grades are calculated from gamma probe logging. True widths of mineralized intervals have not yet been determined.

SOURCE UEX Corporation