UEX Corp T.UEX

New

[thatmare]

UEX Begins 2006 Winter Exploration Program at Riou Lake Uranium Project Trading Symbol: UEX-TSX UEX Corporation ("UEX") announced today that a $680,000 (CDN) 2006 winter exploration program has commenced at its 100%-owned Riou Lake Uranium Project ("Riou Lake", the "Project", or the "Property"). Riou Lake is in the northeastern Athabasca Basin area of Saskatchewan, Canada. UEX is the operator of the Project, which is 33,283 hectares (82,209 acres) in size, and is located near the town of Stony Rapids, Saskatchewan. 2006 Winter Exploration Program 2006 Winter Geophysical Surveys A program of 52.3 kilometres of UTEM III moving loop electromagnetic surveys and linecutting is underway to better define the geophysical conductors outlined by the 2005 airborne MEGATEM(R) survey and previous ground electromagnetic surveys. A ground gravity survey is also scheduled to identify potentially prospective areas of low density associated with alteration along the Riou Lake and other faults. The 2006 geophysical surveys planned for the area between the Radioactive Springs and the W-Zone uraniferous boulder field on the southeastern shore of Riou Lake are designed to further define basement conductors identified in previous fixed-loop EM survey programs. This new data, when integrated with the results of both the MEGATEM(R) airborne survey and the recently-completed airborne Falcon(R) Gravity Gradiometer and radiometric survey, will assist greatly in the selection of new drill targets for future drilling programs, including a summer 2006 drilling program. 2005 Summer/Fall Exploration Program Results 2005 Summer/Fall Diamond Drilling Program One pilot hole and three directional holes totaling 1,917.5 metres were drilled during the 2005 summer/fall program to test targets within the Radioactive Springs area at Riou Lake. The drilling program was designed to intersect an altered fault zone identified by previous drilling at the unconformity where it intersects a known graphitic conductor. Hole RLG-D21-1, the first directional hole from Winter 2005 hole RLG-D21, was intended to test for the presence of the basement conductor interpreted to lie to the south of RLG-D21. Due to ground conditions, the navigational drilling system was unable to achieve sufficient southward deflection of the directional hole to test the target. A new pilot hole (RLG-D24) was eventually drilled to test this target. Hole RLG-D21-2, was the second directional hole from Winter 2005 hole RLG-D21. The hole was intended to test for the presence of a fault to explain the greater than 30 metre vertical offset of the unconformity in the relatively short distance (40 metres) between RLG-D21 and Pioneer Metals Corporation's 2000 hole RLG-D15. The hole encountered zones of bleached, brecciated and faulted sandstone and a sample taken at 774.9 metres, at a point approximately one metre above the unconformity, graded 0.44% U(3)O(8) over 0.10 metre, with accompanying anomalous values of arsenic, nickel, cobalt, and copper. Hole RLG-D24, was an angled pilot hole intended to test the basement conductor, which was the target of RLG-D21-1. The hole was abandoned at a depth of 894.5 metres when the drill rods became jammed in an area of highly brecciated sandstone and drilling was unable to advance any further. Hole RLG-D24-1, the first directional hole from RLG-D24, intersected the unconformity at 769.35 metres, but was stopped short of its intended target, due to the technical limits of the drill rig on site. Intense bleaching, fracturing and faulting were noted in the sandstone over much of the length of the hole, suggesting that RLG-24-1 was drilled parallel to and either within or in close proximity to a major fault zone. Although no significant uranium mineralization was found in the hole, samples just above and below the unconformity showed some enrichment in uranium and base metals values. The casing was left in the hole and an attempt will be made to continue the hole with a more powerful drill rig at a later date, or drill an additional cut to test the interpreted basement conductor. The 2005 summer drilling program has confirmed the presence of a major fault system in the Radioactive Springs area and further drilling is planned for the summer of 2006 using a more powerful navigational drilling rig. 2005 Summer/Fall Geochemical Survey A Mobile-Metal Ion ("MMI") geochemical soil sampling program was carried out on the Riou Lake East and West grids to seek anomalous responses from potential buried mineralization. A total of 767 samples were collected at 25 metre spacings, and analyzed at SGS Laboratories of Toronto, ON. A multi- element anomaly measuring 1,200 metres long by 200 metres wide was outlined on the Riou Lake East grid, corresponding with the surface projection of the Riou Lake Fault. Within this trend, strongly elevated uranium "hot spots" are present that represent follow-up exploration targets. Similar anomalous trends are observed on the Riou Lake West Grid, although the uranium responses were lower. Follow-up sampling is planned for the summer of 2006 and integration of the results of the MMI survey with existing geological and geophysical data is ongoing to assist in prioritizing drill targets for UEX's 2006 and 2007 drilling programs. 2005 Summer/Fall Airborne Geophysical Surveys To complement the 2005 airborne MEGATEM(R) survey, an airborne Falcon(R) Gravity Gradiometer survey of approximately 1,770 line kilometres was completed late in 2005 at a cost of approximately $235,000 to assist in identifying favorable structures and alteration in the sandstone. The contractor is currently processing the data. All core samples were analyzed at Saskatchewan Research Council Geoanalytical Laboratories by ICP, with additional uranium analyses by fluorimetry. The technical information in this document has been compiled and reviewed by Sierd Eriks, P. Geo., a qualified person as defined by National Instrument 43-101. To view a map of Riou Lake, please access UEX's website at www.uex-corporation.com About UEX UEX is a Canadian uranium exploration company formed under an agreement between Cameco and Pioneer Metals Corporation. 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 ventured with COGEMA that is operated by UEX, ten under option from COGEMA and one under option from Japan- Canada Uranium Company, Limited, which are operated by COGEMA. 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 global primary uranium production. ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION Stephen H. Sorensen President & C.E.O. Forward looking statements: This news release contains certain forward- looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond UEX's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although UEX believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements. %SEDAR: 00017609E SOURCE: UEX Corporation UEX CORPORATION, BOX 12151, NELSON SQUARE, SUITE 1007 - 808 NELSON STREET, VANCOUVER B.C., CANADA, V6Z 2H2, PH: [phone], FAX [phone], Website: www.uex-corporation.com, e-mail: [e-mail] -------------------------------------------------------------------------------- UEX:TSX at 1:25PM ET on February 14, 2006 is: Last: $4.63 CDN Change: +0.28 Today's High: $4.77 CDN Volume: 386,386 Today's Low: $4.35 CDN P/E Ratio: N/A To edit your alerts or to trade UEX, sign in to BMO InvestorLine. Unsubscribe to this Alert. © 2006 BMO InvestorLine Inc. All rights reserved. Quotes and other data sent to you as an alert are provided as a service by Reuters Limited. Market data is delayed by at least undefined minutes. BMO InvestorLine cannot be held liable or guarantee the accuracy, timeliness, or the delivery of the information. News provided by Comtex: