UEX Announces Completion of $9 Million Private Placement

Trading Symbol: UEX-TSX

VANCOUVER, Nov. 26 /CNW/ - UEX Corporation ("UEX") announced today that it has completed its previously announced private placement of 5,500,000 flow-through common shares at $1.65 per share for total gross proceeds of $9,075,000 through Dundee Securities Corporation and Middlefield Capital Corporation on an underwritten basis.

Proceeds from the sale of the flow-through common shares will be used to fund exploration and development budgets for UEX's present and future projects, including its projects in the western Athabasca Basin and its 100%-owned Hidden Bay Project located in the eastern Athabasca Basin. These activities will be eligible for Canadian exploration expenses and renounced in favour of the subscribers of the flow-through common shares effective on or before December 31, 2010.

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 Resources Canada Inc. ("AREVA") that is operated by UEX, ten joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 18 projects, totaling 338,972 hectares (837,618 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 22% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne, Colette and 58B Deposits at its 49%-owned Shea Creek Uranium 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.

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 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 are 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, 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.

For further information:

Graham C. Thody, President & CEO, [phone]