UEX Corp T.UEX

Another P.P. Another 7.0 Mill

[GROG]

Attention Business Editors: UEX Announces Completion of $7.0 Million Private Placement Trading Symbol: UEX-TSX TORONTO, Sept. 15 /CNW/ - UEX Corporation ("UEX") announced today that it has completed its previously announced private placement with Cameco Corporation ("Cameco"), Sprott Asset Management and the Resolute Growth Fund of an aggregate of 7,000,000 common shares at a price of $1.00 per share for gross proceeds of $7,000,000 (CDN). Prior to this offering, Cameco held approximately 26% of the common shares of UEX and will maintain that interest through its purchase of 1,820,000 common shares in this financing. No agent has been involved in this offering. The proceeds of this private placement will be used by UEX to fund exploration on its portfolio of uranium projects in the Athabasca Basin in northern Saskatchewan, Canada, and for general corporate purposes. UEX now has a cash position in excess of $17.5 million. About UEX --------- UEX is a uranium exploration company formed under agreement between Cameco and Pioneer Metals Corporation. UEX began trading on the Toronto Stock Exchange in July 2002 and is an active explorer in the Athabasca Basin. UEX has a total of 13 projects either 100%-owned, joint ventured or under option totaling approximately 228,000 hectares (563,000 acres) located in the eastern, western and northern perimeters of the Athabasca Basin in northern Saskatchewan. UEX operates its 100%-owned Riou Lake Uranium Project, the Black Lake Uranium Project, which is a joint venture with AREVA subsidiary COGEMA Resources Inc. ("COGEMA"), and the Serendipity Lakes Uranium Project, which is under option from D.F. Exploration Uranium Ltd. UEX's 100%-owned Hidden Bay Uranium Project is managed by Cameco. UEX has an additional 8 projects under option from COGEMA and one project under option from the Japan-Canada Uranium Company, Limited, all of which are operated by COGEMA. ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION "signed" Stephen H. Sorensen President & C.E.O. %SEDAR: 00017609E For further information: 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]