UEX/AREVA Report Final Results from 2012 Drilling Program at Shea Creek

UEX/AREVA Report Final Results from 2012 Drilling Program at Shea Creek 
Trading Symbol: UEX-TSX 
VANCOUVER, Dec. 20, 2012 /CNW/ - UEX Corporation ("UEX") is pleased to 
announce the results from the final two holes of the 2012 exploration program 
at the Shea Creek Project ("Shea Creek"). Shea Creek hosts the Kianna, Anne, 
Colette and 58B deposits (see Figure1) and is one of ten 49%-owned Western 
Athabasca Uranium Projects joint-ventured with AREVA Resources Canada Inc. 
("AREVA"), the project operator. 
The new results reported are from two step-out directional drill holes, 
SHE-118-25 and SHE-135-15, which were drilled to test the northwest extensions 
and up dip projection of the previous drilling in the Kianna East Zone 
("Kianna East"). Kianna East is a newly discovered mineralized body that 
dips shallowly to the southwest and lies to the east of, and below the main 
zone of Kianna basement mineralization. Drill hole SHE-135-15 significantly 
expands Kianna East mineralization approximately 40 metres to the northwest. 
Results from this drill hole are: 
Upper Kianna East Zone (B)  0.41% eU(3)O(8) over 9.3 metres, including 

                              1.40% eU(3)O(8) over 1.8 metres, and
     Kianna East Zone  (B)  0.19% eU(3)O(8) over 23.7 metres, including
                              0.50% eU(3)O(8) over 5.0 metres and
                              0.47% eU(3)O(8) over 3.4 metres.

Complete results from drilling in Kianna East that have been intersected to 
date are reported in Table 1.

Although SHE-135-15 did not intersect higher grades as previously obtained in 
other drill holes which lie to the southeast, the mineralization in this drill 
hole maintains a substantial width, and the position of the drill hole 
suggests that the zone continues to the northwest of the previously reported 
drilling. Mineralization is open in most directions around this drill hole 
and there is potential for the still open, thick, higher-grade areas seen in 
previous drilling to extend into this area.

In addition, drill hole SHE-135-15 intersected 9.3 metres grading 0.41% 
eU(3)O(8), including 1.8 metres grading 1.40% eU(3)O(8), located approximately 
20 metres above the Kianna East mineralization. This intersection, when 
modelled in conjunction with previous results, indicates that a second, 
parallel, narrower mineralized zone ("Upper Kianna East") is located 
approximately 20 to 50 metres above the Kianna East mineralization (see 
Figure2). This mineralized zone displays continuity between several holes 
and includes previously reported intercepts such as 14.6 metres grading 0.18% 
eU(3)O(8), including 0.8 metres grading 2.64% eU(3)O(8) in drill hole 
SHE-118-23, 6.2 metres grading 0.26% eU(3)O(8) in drill hole SHE-135-13, and 
11.0 metres grading 0.17% eU(3)O(8) in drill hole SHE-135-14.

Drill hole SHE-118-25 did not intercept any mineralization above the 0.1% 
eU(3)O(8) cut-off utilized in Table 1, but did intersect sections exhibiting 
lower-grade mineralization. In addition, the hole intersected a fault zone 
with strongly tectonized and brecciated graphitic pelitic gneiss from 995.2 
metres to 1004.1 metres approximately 50 metres up dip to the northeast of 
mineralization in drill hole SHE-118-24. This fault zone is present in all 
of the Kianna East drill holes and represents the controlling structure to the 
mineralization.  Although no significant mineralization was intersected at 
this location, the drill hole provides important geological information to 
continue future tracing of the mineralized structure.

The results reported here conclude the 2012 drilling program at Shea Creek. A 
total of 29 directional holes were completed for the year. The program was 
very successful in identifying new mineralization as seen at Kianna East, as 
well as expanding the footprint of mineralization at the Colette and 58B 
deposits. Planning for the 2013 exploration program at Shea Creek is 
currently underway, and the plan and budgets will be reported when they are 
finalized. The Kianna East Zone will be included in an upcoming mineral 
resource update for Shea Creek which will be reported in early 2013.

Kianna East Mineralization

The Kianna East mineralization is a southwest-dipping zone of mineralization 
which lies approximately 80 to 110 metres below and east of the main Kianna 
basement resource and about 200 metres below the unconformity (see Figure2). 
Previous results from Kianna East include 16.0 metres grading 3.59% eU(3)O(8 
)in drill hole SHE-135-11 and 18.1 metres grading 3.70% eU(3)O(8) in drill 
hole SHE-135-13 (see UEX's news release dated October 15, 2012) as well as 
1.55% eU(3)O(8) over 19.9 metres in drill hole SHE-118-24 and 7.0 metres 
grading 2.36% U(3)O(8) in hole SHE-135-12 (see UEX's news release dated 
November 14, 2012). Full results of drilling from the Kianna East Zone in 2012 
are reported in Table 1.

This high-grade zone occurs parallel to and along the top of a 
southwest-dipping graphitic unit which forms an electromagnetic (EM) anomaly 
to the east of, and parallel to, the Saskatoon Lake Conductor (see Figure1 
inset). Given the orientation of the drill holes, the Kianna East intercepts 
may lie at or close to true thickness. The new zone is open to the northwest, 
southeast and up dip to the northeast. Future drilling will test for the 
potential of the new basement zone to extend upward along the graphitic unit 
to the unconformity and for new mineralized zones along this parallel 
conductive graphitic unit.

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 (2012 Shea Creek (Kianna East) Drill Results: SHE-118-25 and SHE-135-15), 
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 Technical 
Advisor, Exploration, who are each Qualified Persons as defined by National 
Instrument 43-101.

Uranium grades (U(3)O(8)) reported for the 7.0-metre intersection in SHE 
135-12 were obtained from geochemical analysis. All other equivalent uranium 
grade (eU(3)O(8)) results referenced 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. True widths of mineralized intervals have not 
yet been determined. All intervals are also analyzed geochemically at the 
SRC Geoanalytical Laboratories in Saskatoon, SK to support the probe data.

The primary geochemical analytical methods used for uranium analysis on the 
Shea Creek samples are ICP-MS (Inductively Coupled Plasma Mass Spectroscopy) 
for samples with grades lower than 1,000 ppm U, and U(3)O(8) uranium assay by 
ICP-OES (Inductively Coupled Plasma Optical Emission Spectroscopy) for samples 
determined by ICP-MS to contain uranium concentrations higher than 1,000 ppm U.

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.

UEX intends to update its mineral resource estimate for Shea Creek in early 
2013 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, and the Horseshoe, Raven and West Bear deposits 
located at its 100%-owned Hidden Bay Project. UEX currently has a cash 
position of approximately $12.1 million.

UEX's two major projects have mineral resource estimates as follows:

UEX Corporation - Indicated Mineral Resources ((1) (2) (3))

|      Project  |   Tonnes |   Grade    |    Total     |   UEX's share|
|               |          |U(3)O(8) (%)|U(3)O(8) (lbs)|U(3)O(8) (lbs)|
|  Shea Creek ( |1,872,600 |     1.540  |    63,572,000|    31,150,280|
|      (4))     |          |            |              |              |
|  Hidden Bay ( |10,372,500|     0.160  |    36,623,000|    36,623,000|
|      (5))     |          |            |              |              |
|TOTAL INDICATED|12,245,100|     0.371  |   100,195,000|    67,773,280|

UEX Corporation - Inferred Mineral Resources ((1) (2) (3) )

|      Project   |  Tonnes |   Grade    |    Total     | UEX's share  |
|                |         |U(3)O(8) (%)|U(3)O(8) (lbs)|U(3)O(8) (lbs)|
|Shea Creek ((4))|1,068,900|       1.041|    24,525,000|    12,017,250|
|Hidden Bay ((5))|1,109,200|       0.111|     2,715,000|     2,715,000|
|TOTAL INFERRED  |2,178,100|       0.567|    27,240,000|    14,732,250|


(1)    The mineral resource estimates follow the requirements of
       National Instrument 43-101 - Standards of Disclosure for Mineral
       Projects and classifications follow CIM definition standards.

(2)    The Shea Creek mineral resources were estimated at a cut-off of
       0.30% U(3)O(8).

(3)    The Hidden Bay mineral resources were estimated at a cut-off of
       0.05% U(3)O(8).

(4)    The Shea Creek mineral resource estimates are included in the
       Shea Creek Technical Report with an effective date of May 26,
       2010 which was filed on SEDAR at
       www.sedar.com on July 9,

(5)    The Hidden Bay mineral resource estimates are included in the
       Hidden Bay Technical Report with an effective date of February
       15, 2011 which was filed on SEDAR at
       www.sedar.com on February 23,

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.
                                                            TABLE 1
                                 2012 Shea Creek (Kianna East) Drill Results

 Results are reported with a grade of greater than 0.1% eU(3)O(8) and a grade-thickness
                              product of greater than 0.2
      Hole    Total    Depth to       From       To     Length  Avg. Grade   Type†
             Depth of Unconformity  (metres)  (metres) (metres) Within the
                        (metres)                                Intersection
              Hole                                               (% eU(3)O
             (metres)                                               (8))

SHE-118-22*   1003.5       745.0        737.5    755.2    17.7        0.22         UC
                                   including     746.2    6.4         0.49         UC
                                        946.4    978.7    32.3        0.24          B
                                   including     975.6    7.5         0.52          B

SHE-118-23**  1013.0       749.4        743.5    749.7    6.2         0.36         UC
                                   including     745.2    1.7         0.43         UC
                                   including     749.7    1.5         0.68         UC
                                        941.6    942.4    0.8         2.64          B
                                        953.6    956.2    2.6         0.19          B
                                        962.1    962.9    0.8         0.26          B
                                        969.7    972.4    2.7         0.23          B
                                        982.5    983.5    1.0         1.10          B

SHE-118-24**  1041.0       755.1        750.6    756.4    5.8         0.13         UC
                                        943.7    963.6    19.9        1.55          B
                                   including     947.8    4.1         3.09          B
                                   including     950.1    1.2         0.57          B
                                   including     963.6    3.0         5.73          B
                                        987.5    988.3    0.8         1.58          B

 SHE-118-25   1080.0       769.0   No significant results

SHE-135-10*    765.0       749.2        746.8    749.7    2.9         0.13         UC
                                   including     749.7    1.6         0.20         UC
                 NOTE:  Before reaching the depth of the new mineralized zone, hole
                                    SHE-135-10 was terminated at
              765.0 m due to excessive deviation and was re-drilled as hole SHE-135-11.

SHE-135-11*   1074.6       756.6        807.7    808.9    1.2         0.22          B
                                        979.2    995.2    16.0        3.59          B
                                   including     987.4    8.2         6.39          B
                                   including     995.0    4.0         1.25          B

SHE-135-12*   1029.0       755.0        888.7    899.9    11.2        0.22          B
                                   including     889.8    1.1         0.33          B
                                   including     899.9    3.9         0.35          B
                                        990.5    997.5    7.0      2.36***          B
                                   including     997.5    3.5      4.06***          B

SHE-135-13*   1065.0       758.7        948.6    954.8    6.2         0.26          B
                                   including     952.0    2.4         0.60          B
                                        985.5   1003.6    18.1        3.70          B
                                   including     989.1    3.6         2.62          B
                                   including     996.5    4.8        11.28          B
                                   including    1003.6    4.8         0.66          B

SHE-135-14**  1042.0       748.1        745.4    749.0    3.6         0.11         UC
                                        938.6    949.6    11.0        0.17          B
                                        984.7    993.5    8.8         1.29          B
                                   including     987.4    2.7         2.84          B
                                   including     992.3    3.2         0.99          B

 SHE-135-15   1041.0       749.2        843.7    844.3    0.6         0.43          B
                                        953.6    962.9    9.3         0.41          B
                                   including     957.7    1.8         1.40          B
                                        974.6    998.3    23.7        0.19          B
                                   including     979.6    5.0         0.50          B
                                   including     991.7    3.4         0.47          B

*Previously reported hole - (see UEX news release dated October 15, 2012)
**Previously reported hole - (see UEX news release dated November 14, 2012)
***Corrected geochemical results in %U(3)O(8)

†UC - Unconformity mineralization
B - Basement mineralization

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

Graham C. Thody President & CEO (604) 669-2349

SOURCE: UEX Corporation

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CO: UEX Corporation
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