A URANIUM EXPLORATIONAND DEVELOPMENT COMPANY

www.uex-corporation.com

FORWARD-LOOKING INFORMATION AND STATEMENTS:Certain statements and other information contained in this presentation may constitute “forward-looking information” within the meaning of applicable Canadian securitieslegislation or constitute “forward-looking statements” within the meaning of applicable United States securities legislation. Such information and statements are based onUEX'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 exploration activities, and other expectations, intentions 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 arebased on certain factors and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future resultsexpressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from UEX's expectations include uncertaintiesrelating to interpretation of drill results and geology, additional drilling results, continuity and grade of deposits, participation in joint ventures, reliance on other companiesas operators, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other lawsaffecting uranium exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable securitiescommissions in Canada. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made herein are qualified by this cautionarystatement 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 placeundue reliance on such forward-looking statements. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-lookinginformation, whether as a result of new information, future events or otherwise.

NOTICE TO U.S. PERSONS:The information in this publication has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United Statessecurities laws. Information, including scientific or technical information, has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure forMineral Projects (“N.I. 43-101”). N.I. 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makesof scientific and technical information concerning mineral projects. Canadian standards, including N.I. 43-101, differ significantly from the requirements of the SEC. Forexample, the terms “indicated mineral resources” and “inferred mineral resources” are used in this publication to comply with the reporting standards in Canada. Whilethose terms are recognized and required by Canadian regulations, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a“reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination ismade. Readers should understand that “indicated mineral resources” and “inferred mineral resources” have a great amount of uncertainty as to their existence and as totheir economic and legal feasibility. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineralreserves. In accordance with Canadian rules, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies. In addition, thedefinitions of proven and probable mineral reserves used in N.I. 43-101 differ from the definitions in the SEC Industry Guide 7. Disclosure of “contained ounces” is permitteddisclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves as in place tonnage andgrade without reference to unit measures. Accordingly, information contained in this publication describing the Company's mineral properties may not be comparable tosimilar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules andregulations thereunder.

QUALIFIED PERSON:Technical information in this presentation has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX’s Vice-President of Exploration who is a Qualified Person as definedby N.I. 43-101.

2

Graham C. Thody, CA – President & Chief Executive OfficerMr. Thody was a Partner of Nemeth Thody Anderson, Chartered Accountants from 1979 until his retirement from public practice in2007. He was a Director of Pioneer Metals Corporation at the time of the adoption of the Plan of Arrangement which created UEXCorporation and has been a Director of UEX since its inception. He served as Chairman of the Board of UEX until June 2010.

Ed Boney, CA – Chief Financial OfficerMr. Boney held the position of Corporate Controller at a Canadian junior gold mining company with producing mines in Canada and Peruprior to joining UEX. He has also held the position of manager with Deloitte where he supervised the audits of public companies in themining and natural resource sector and was involved in the asset valuations of several companies in the Canadian oil and gas sector.

R. Sierd Eriks, P.Geo. – Vice-President, ExplorationMr. Eriks, B.A. (Geology), has worked in mineral exploration for over thirty years. From 1979 to 1998, he gained geological andmanagerial experience with SMDC (now Cameco Corporation), Falconbridge Limited, Noranda Exploration Co. Ltd. and CogemaResources Inc. (now AREVA Resources Canada Inc.) in base metals, gold, PGE and uranium exploration.

Nan H. Lee, M.Sc., P.Eng. – Vice-President, Project DevelopmentMs. Lee has worked as a Mining and Project Engineer on several projects in Canada and has also worked with Kilborn Engineering whereshe assisted with project feasibility studies. As an independent consultant she has coordinated, or assisted with the preparation ofEnvironmental Impact Statements for several uranium mine developments in Canada. Most recently Ms. Lee has been managing thepreliminary feasibility studies for tailings management facilities for two uranium operations in northern Saskatchewan.

Walter Segsworth, P.Eng. – Management Advisory BoardMr. Segsworth previously served on the Board of Directors of UEX from 2002 to 2008. He has managed three large Canadian mines. In1990 he was appointed President and Director of Westmin Resources Ltd. Upon the takeover of Westmin by Boliden in 1998, Mr.Segsworth joined Homestake Mining Company of California where he was subsequently appointed President, Director and ChiefOperating Officer and served until its merger with Barrick in early 2002. He is currently Lead Director of Alterra Power Corporation.

David Rhys, M.Sc., P.Geo. – Management Advisory BoardMr. Rhys is a consulting structural geologist specializing in structural controls on mineral deposits and their application to exploration,mining and mine site grade control. He has had a long association with UEX, and has provided technical consulting and guidance to theCompany since its inception. He has also been involved in exploration advisory roles to several other junior mining companies.

3

Mark P. Eaton, B.A.Chairman of the BoardMr. Eaton is an experienced investment professional with over 20 years of experience in equity capital markets specializing in theresource sector. He has held the position of Managing Director of Global Mining Sales, a division of CIBC World Markets of Toronto,Canada and Manager of U.S. Equity Sales for CIBC World Markets. He was a Partner and Director of Loewen Ondaatje McCutcheon Ltd.,a Toronto-based investment dealer, until March 2008. He is currently President and CEO of Belo Sun Mining Corp.

Colin C. Macdonald, M.Sc.Mr. Macdonald held the position of Vice-President, Exploration, for Cameco Corporation until his retirement on June 30, 2011. He hadworked for Cameco Corporation and its predecessor companies since 1981 and was responsible for Cameco's worldwide uraniumexploration activities.

Suraj P. Ahuja, M.Sc., P.Geo.Mr. Ahuja's career as a geologist in the design and management of mineral exploration programs spans over 40 years. From 1978 to1988 he was employed by Cameco as a Project Geologist and a Senior Geologist. From 1988 to 2001 he was employed by PNCExploration (Canada) Co. Ltd., a Japanese-owned uranium exploration company. Mr. Ahuja consults for several major and junioruranium exploration companies through his own mineral exploration consulting company.

Emmet McGrath, CAMr. McGrath, a member of the Canadian Institute of Chartered Accountants, was an audit partner with KPMG from 1981 to 2002. Hehas a thorough understanding of the regulatory and statutory reporting requirements of publicly listed companies and is well versed incorporate governance matters. He has extensive experience in mergers and acquisitions, and currently sits on the Board of Directors ofseveral publicly listed companies in the mining industry. He is a Director and former Chairman of the Board of Westminster CreditUnion, the sixth largest credit union in British Columbia.

Graham C. Thody, CA

4

UEX Corporation is an industry leader in the discovery and advancement of new uranium resources in Canada’s Athabasca Basin.

UEX’s enduring success in uranium exploration is enhanced by:

Early acquisition of highly prospective land positions in the prolific Athabasca Basin

Strong relationships with Cameco Corporation and AREVA, the world’s largest uranium companies

Progress continues on our advanced resource development projects at Shea Creek and Hidden Bay, placing UEX among a select peer group of companies capable of delivering superior results over the coming years.

The Athabasca Basin is located in northernSaskatchewan, Canada and yields approximately17% of the world’s mined uranium.

5

6

As at August 31, 2012

Shares Issued and outstanding 221,488,679 Fully diluted 242,259,379

Significant shareholder Cameco Corporation 22.58%

2012 Budgets Approved Exploration C$ 5.0 million(1)

Development 2.0 million Administration 1.7 millionTotal C$ 8.7 million

Cash position C$ 14.7 million

(1) Budgeted number includes C$1.5 million for a drilling program at Hidden Bay which has been postponed.

I

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UEX Major Assets

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58B Deposits (Areva/UEX)

JAMES CREEK

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HIDDEN BAY''... I. {Areva 51% / UfX 49%} Cigar Lake (CamecojArevajOthers)

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Horseshoe & Raven Deposits (U X)

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,. , - ( JUramum Mme Site (operatmg) .....-, ,, 6

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UEX Project Boundaries

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kilometres

8

Project

UEX total U3O8 (lbs) by Resource Category

Indicated Inferred

Shea Creek 31,150,770 12,017,250

Hidden Bay 36,622,500 2,715,000

Total 67,773,270 14,732,250

N.I. 43-101 Mineral Resource Estimates

Resources by Deposit(millions of lbs U3O8 at recommended† cut-off)

Resources by DepositUEX Equity Holdings

40 (% of UEX total U O at recommended† cut-off)3 8

35302520 Kianna15 24%

Anne17%

Colette11%

Horseshoe29%

1050 West Bear

2%

Raven17%

UEX Corporation - Indicated Resources

UEX Corporation - Inferred Resources

AREVA Resources Canada Inc.

* Joint venture with 49% UEX / 51% AREVA ownership † Hidden Bay 0.05% U3O8 cut-off / Shea Creek 0.30% U3O8 cut-off

9

As at December 31, 2011

UEX 2011 Expenditures(C$ millions)

6

5$0.46M

4

3$4.98M

2 $4.34M

UEX CumulativeExpenditures

(C$ millions)

70

60 $5.1M

50

40 $7.4M

30 $58.5M

1

$0.55M0

20 $36.8M

10

0

$38.1M

Shea Creek Hidden Bay Other

Exploration Development

Shea Creek Hidden Bay Other

Exploration Development

10

As at December 31, 2011

Annual Drilling 2009-2011(thousands of metres)

454035302520 40.1

15

500

400

300

200

Historical Drilling(thousands of metres)

279.1

129.8

10 22.6

5

19.9 21.124.0

6.5

10099.3

205.0

0 2009 2010 2011 2009 2010 2011Shea Creek* Hidden Bay

2009 2010 2011

0Shea Creek* Hidden Bay

Pre-UEX UEX

* Utilizing directional drilling, whereby several wedge cuts are made from a single pilot hole, has significantly reduced the total number of drilling metres required to attain the desired number of unconformity impacts.

• Located in northwest Saskatchewan, the Shea Creek property hosts the largest undeveloped uranium resource in the Athabasca Basin.

• Access is provided year-round by Provincial Highway 955 and by an airstrip maintained by AREVA.

Cluff Lake Camp

• Field exploration is conducted fromAREVA’s former Cluff Lake mine camp.

• The Cluff Lake mine, now decommissioned, produced over 62 million lbs(1) of U3O8

during its successful 22 years of operation.(1) Source: Saskatchewan Mining Association

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• High-grade uranium is distributed along a3-kilometre strike length at the northend of the 33-kilometre long SaskatoonLake Conductor.

• Multiple N.I. 43-101 deposits.

• Strong joint venture partner in AREVA and experienced drilling contractors.

• The resources at Shea Creek are open in almost every direction and have excellent potential for substantial expansion as exploration continues.

• UEX has significant involvement and input into the planning of exploration programs.

12

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The Shea Creek Project is a joint venture49% owned by UEX Corporation and 51%owned by AREVA Resources Canada Inc.,the project operator.

The Shea Creek Project contains the largest undeveloped uranium resource in the Athabasca Basin.

UEX Cumulative ExpendituresAs at December 31, 2011

Exploration C$36.8 million Development C$ 7.4 million

2012 Joint Venture Budget Exploration C$ 6.0 million

14

Results from the May 2010 N.I. 43-101 mineral resource estimate prepared by Golder Associates Ltd. are shown in the table below. These results are based on drilling information up to December 31, 2009. Mineralization encountered during the 2010 and 2011 programs is not included. No resource has yet been estimated for the 58B Deposit.(This resource is included in a technical report on the Shea Creek property with an effective date of May 26, 2010 available online underUEX’s profile at www. s edar.c om .)

This estimate confirms that Shea Creek contains the largest undeveloped uranium resource in the Athabasca Basin, exceeded in size only by McArthur River and Cigar Lake.

The resources at Shea Creek are open in almost every direction and have excellent potential for significant expansion as exploration continues.

Deposit

Indicated Resources at 0.30% U3O8 cut-off Inferred Resources at 0.30% U3O8 cut-off

Tonnes U3O8 (%) U3O8 (lbs) Tonnes U3O8 (%) U3O8 (lbs)

Kianna* 713,000 1.442 22,665,000 573,100 1.360 17,184,000Anne* 484,500 2.368 25,295,000 299,300 0.674 4,448,000

Colette* 675,100 1.049 15,613,000 196,500 0.668 2,893,000

Total 1,872,600 1.540 63,573,000 1,068,900 1.041 24,525,000

* Joint venture with 49% UEX / 51% AREVA ownership

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The Shea Creek Project contains four known uranium deposits: Kianna Anne

Colette 58B

The deposits are distributed along a strike length of over 3 kilometres at the north end of the 33-kilometre long Saskatoon Lake conductor .

58B is an emerging new deposit located between Kianna and Colette which displays the same stacking of basement, unconformity and perched mineralization as is seen at Kianna.(UEX news release of September 21, 2010)

Mineralization is largely open and large parts of the Saskatoon Lake conductor remain untested; the potential for resource expansion is extremely high.

The uranium mineralization in adeposit can occur in three styles:

Perched (P) mineralization is found in sandstone at shallower depths.

Unconformity (UC) mineralization is found at the contact of the sandstone and the underlying basement rock.

Basement (B) mineralization is found in the gneissic rock beneath the unconformity.

A vertical cross section of the Kianna Deposit is shown at left. 58B displays the same stacked mineralization style.

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Kianna SHE-114-05

Perched (P)mineralization grading27.7% eU3O8 over 7.6 m

Kianna SHE-115-03

Unconformity (UC)mineralization grading21.2% U3O8 over 4.3 m

Kianna SHE-115-11

Basement (B)mineralization grading13.2% U3O8 over 4.5 m

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Kianna

Selected High-Grade Drilling ResultsColette

SHE-114-19(P) 33.6% eU3O8 over 1.3 m

SHE-115-10(B) 24.3% U3O8 over 2.5 m

SHE-123-06(UC) 32.3% U3O8 over 1.1 m

Anne SHE-087

(B) 34.7% U3O8 over 1.9 m SHE-096-03

(UC) 29.2% U3O8 over 3.4 m SHE-099

(UC) 60.6% U3O8 over 1.2 m

SHE-111-06(B) 23.9% U3O8 over 0.5 m

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SHE-114-09: GT 1444.64% eU3O8/22.2 m Perched Unconformity

SHE-114-11: GT 2544.09% eU3O8/45 .0 m SHE-114-20: GT 145

1.02% eU3O8/141 m SHE-114-07: GT 707.37% U O /9.5 m3 8

SHE-114-19: GT 715.94% eU3O8/12.0 m SHE-115-04: GT 48

2.55% U3O8/19.0 m

SHE-115-11: GT 885.36% U3O8/16.5 m SHE-115-03: GT 114

9.34% U3O8/12.2 m

SHE-118: GT 506.30% U3O8/7.9 m

Basement

SHE-115-18: GT 1158.42% eU3O8/12.6 m

SHE-115-05: GT 737.83% U3O8/7.2 m

SHE-114-05: GT 22420.7% eU3O8/10.2 m

SHE-115-08: GT 916.17% U3O8/6.7 m

SHE-115-10: GT 1448.58% U3O8/15.0 m

GT is presented for the entire drill hole along with the Grade/Thickness of the major intercept.

New BasementZone (2011)

Kianna Deposit: 3D Model Side view facing east: perched, unconformity and

basement mineralization are clearly visible.

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SHE-109-06: GT 404.51% U3O8/8.9 m Unconformity Perched

SHE-122-05: GT 753.64% U3O8/20.5 m

SHE-109-05: GT 797.24% U3O8/8.7 m

SHE-095-03: GT 864.41% U3O8/14.9 m

SHE-101-02: GT 323.75% U3O8/8.6 m

SHE-122-01: GT 1634.21% U3O8/36.0 m

SHE-096-03: GT 1435.42% U3O8/19.0 m

SHE-100-01: GT 1103.32% U3O8/25.1 m

SHE-099-03: GT 362.61% U3O8/13.6 m

Basement

SHE-016: GT 394.32% U3O8/9.1 m

SHE-087: GT 7011.6% U3O8/6.0 m

SHE-099-02: GT 1015.65% U3O8/17.9 m

SHE-099: GT 8410.0% U3O8/8.4 m Anne Deposit: 3D Model

GT is presented for the entire drill hole along with the Grade/Thickness of the major intercept.

Side view facing NE: perched, unconformity and basement mineralization are clearly visible.

20

SHE-066-2: GT 331.28% eU3O8/26.0 m

58B KIANNA ANNE

COLETTE

SHE-066-3: GT 341.22% eU3O8/27.9 m

SHE-059: GT 274.10% U3O8/6.6 m

SHE-065: GT 211.73% U3O8/11.9 m

Basement

SHE-052: GT 392.34% U3O8/16.8 m Unconformity

SHE-111-06: GT 263.23% U3O8/8.0 m

Perched

GT is presented for the entire drill hole along with the Grade/Thickness of the major intercept.

Colette Deposit: 3D ModelView from above the unconformity facing SE with

58B, Kianna and Anne visible in the distance.

21

GT is presented for the entire drill hole along with the Grade/Thickness of the major intercept.

SHE-133-5: GT 19.5

58B

KIANNA ANNE

6.53% eU3O8/1.6 m SHE-133-7: GT 22.72.13% eU3O8/10.6 m

SHE-133-3: GT 20.21.81% eU3O8/7.6 m

SHE-133-4: GT 21.26.55% eU3O8/2.4 m

SHE-133-6: GT 11.86.17% eU3O8/1.6 m

Mineralization at 58B has now been traced over a strike length of 400 metres and occurs over a width of up to 110 metres in plan view.

Broad areas of the highly prospective structuralUnconformity

Basement

corridor hosting 58B remain sparsely tested and will be explored in subsequent drilling programs.(UEX news release of September 21, 2010)

58B Deposit: 3D ModelView from above the unconformity facing SE with

Kianna and Anne visible in the distance.

22

• Located in northeast Saskatchewan, the Hidden Bay property hosts the sixth largest undeveloped uranium resource in the Athabasca Basin.

• The two main known deposits areHorseshoe and Raven.

Horseshoe-Raven Camp

• The N.I. 43-101 Preliminary Assessment Technical Report recommended that the Company complete a pre-feasibility study on the Hidden Bay Project.

• A base case scenario of $60 (US) per lb of U3O8 would yield an estimated C$246M(1)

in earnings before interest and taxes.(1) These results are included in a technical report on the Hidden Bay property with an effective

date of February 15, 2011 available online under UEX’s profile at www .s ed a r .c o m .

23

• Horseshoe and Raven are approximately4 km from Cameco’s Rabbit Lake Mill and22 km from AREVA’s McClean Lake Mill.This proximity creates the opportunity fortoll milling arrangements.

• The principal hydroelectric transmission lines that service both of these facilities pass 3 km to the north of the deposits.

• The Rabbit Lake Mine Road branches off from Provincial Highway 905 and provides access to the deposits, as well as the local uranium mills.

• The Raven pit has the potential for use as a regional tailings facility due to the competent rock which hosts the Raven Deposit.

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25

The Hidden Bay Project is 100% owned by UEX and contains three known uranium deposits: Horseshoe Raven West Bear

The Hidden Bay Project contains the sixth largest undeveloped uranium resource in the Athabasca Basin.

Cumulative ExpendituresAs at December 31, 2011

Exploration C$58.5 million Development C$ 5.1 million

2012 Budget Exploration C$ 2.0 million(1)

Development C$ 2.0 million(1) Budgeted number includes C$1.5 million for a drilling program at

Hidden Bay which has been postponed.

Price U3O8(per lb)

Pre-Tax (Base Case)

EBIT(C$ millions)

NPV5%(C$ millions)

IRR(%)

$60 (US) 246 163 42

26

The February 2011 N.I. 43-101 Preliminary Assessment Technical Report (“PA”) prepared by SRK Consulting (Canada) Inc. finds the economics of mining the Horseshoe and Raven deposits to be very robust.(These results are included in a technical report on the Hidden Bay property with an effective date of February 15, 2011 available online under UEX’s profile at www. s edar.c om .)

The PA recommends that the project be advanced to a preliminary feasibility level, and thatthis next phase of study also include UEX’s West Bear Deposit.

The PA was conducted utilizing cut-off grades calculated on the basis of $60 (US) per lb of U3O8 in the mine optimization plan under which 16.6 million lbs of U3O8 would be extracted over a seven-year mine life. This “Base Case” scenario at $60 (US) per lb of U3O8 is shown below.

300

200

Pre-Tax Earnings (Base Case) ( C $ mi l lio n s )

$246M

100

$163M

0“EBIT” Earnings before interest and taxes “IRR” Internal rate of return“NPV5%” Net present value (5% discount rate)

EBIT NPV (5%)

27

Uranium processing and tailings management, as envisioned in the PA, would be conducted through a toll arrangement* at one of two milling facilities located near Horseshoe and Raven:

The Rabbit Lake Mill within 4 km, operated by Cameco The McClean Lake Mill within 22 km, operated by AREVA

The PA has focused on Cameco’s Rabbit Lake Mill as it hasexcess capacity and is the closer of the two facilities.

The Hidden Bay Project has numerous opportunities for the improvement of economics, including:

Expansion of mineable tonnes due to an increase in U3O8 price or a reduction in operating costs which would result in a lower cut-off grade and thus the conversion of a higher proportion of the existing resource base to reserves;

Expansion of mineable tonnes through discovery of additional resources and potential inclusion of Raven underground mineralization in the mine plan;

Potential use of the Raven pit as a regional toll tailings management site and potential use oftailings as underground backfill thereby further increasing regional tailings capacity; and

Inclusion of UEX’s West Bear Deposit in the overall project mine plan and economics.

* Toll milling utilizes the excess capacity of an existing mill to process uranium ore, and is often a cost-effective alternative to constructing a new milling facility.

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UEX is focused on advancing the deposits at Horseshoe and Raven through pre-feasibility and ultimately to feasibility level to assess the potential economics and viability of mining the deposits.

Results from the July 2009 N.I. 43-101 mineral resource estimate prepared by Golder Associates Ltd. are shown in the table below.(This resource is included in a technical report on the Hidden Bay property with an effective date of February 15, 2011 available online under UEX’s profile at www .s ed a r .com .)

Deposit

Indicated Resources at 0.05% U3O8 cut-off Inferred Resources at 0.05% U3O8 cut-off

Tonnes U3O8 (%) U3O8 (lbs) Tonnes U3O8 (%) U3O8 (lbs)

Horseshoe 5,119,700 0.203 22,895,000 287,000 0.166 1,049,000Raven 5,173,900 0.107 12,149,000 822,200 0.092 1,666,000

Total 10,293,600 0.155 35,044,000 1,109,200 0.111 2,715,000

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The Horseshoe and Raven Deposits lie in overall competent and impermeable quartzite, arkosic quartzite and calc-arkosic gneiss host rocks with no overlying Athabasca sandstone cover, highly favourable conditions for mining in the Athabasca Basin.

Vertical cross sections of the Horseshoe and Raven Deposits are shown above.

HU-16 high grade intercept: 12.35 m @ 4.53% U3O8

Nodular pitchblende rimmed by boltwoodite

Pitchblende in hematite-clay

Late yellow boltwoodite- uranophane

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Results from the January 2009 N.I. 43-101 mineral resource estimate for the West BearDeposit prepared by Golder Associates Ltd. are as follows:

78,900 tonnes grading 0.908% U3O8 in the Indicated category containing 1,579,000 pounds U3O8 at a cut-off grade of 0.05% U3O8.

(This resource is included in a technical report on the Hidden Bay property with an effective date of February 15, 2011 available online under UEX’s profile at www. s edar.c om .)

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The West Bear Deposit is a classic, unconformity-hosted uranium deposit which is developed under shallow Athabasca sandstone cover above a conductive graphitic gneiss unit.

The near-surface nature of the mineralization, all of which occurs at depths of under 35 metres, is amenable to shallow open-pit mining.

A vertical cross section of the West Bear Deposit is shown at left.

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Shea Creek Hidden Bay Largest undeveloped uranium resource

in Canada’s Athabasca Basin.

49% owned by UEX in partnership withAREVA Resources Canada Inc.

Kianna, Anne, Colette and 58B contain in excess of 63.5 million lbs U O

Sixth largest undeveloped uranium resource in the Athabasca Basin.

100% owned by UEX Corporation.

Very robust economic outlook with an estimated EBIT of C$246 million based on a U3O8 price of $60 (US)/lb.

3 8indicated and 24.5 million lbs U3O8inferred.

Shea Creek resources are open in almost every direction and have excellent potential for significant expansion as exploration continues.

The Hidden Bay Project is ready to beadvanced to a pre-feasibility level.

Horseshoe, Raven and West Bear are host to 36.6 million lbs U3O8 indicated and 2.7 million lbs U3O8 inferred.

Infrastructure near Hidden Bay is well developed, with two operating uranium ore processing facilities in the local area.

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Our primary objectives:

To continue the exploration and development work required to delineate and develop economic uranium resources at the Shea Creek Project;

To advance the development process at the Horseshoe, Raven andWest Bear uranium deposits to a production decision;

To maintain, explore and advance to discovery our other uraniumprojects; and

To pursue a diversified portfolio of uranium projects from earlyexploration through to development and production.

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Shea CreekExpansion of mineral resources

into deposits of global significance

Hidden BayAdvancing toward a production decision

35

For more information:UEX Corporation

Suite 1007 – 808 Nelson StreetVancouver, BC V6Z 2H2

TSX: UEX

I n t er n a t ional O T C M ar k e t s

UEXCF.PK

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