UEX Corporation

Drill Program to Commence at Christie Lake

VANCOUVER, BC--(Marketwired - January 29, 2018) - UEX Corporation (TSX: UEX) ("UEX" or the "Company") is pleased to announce the 2018 drilling program on the Christie Lake Project (the "Project") is set to commence.

Winter Program Underway

The winter 2018 exploration program is underway, with the goal of expanding the uranium resources on the Yalowega Uranium Trend (the "Trend"). The $1.5 million program consists of approximately 4,500 m of drilling in 9 holes. The program will focus on testing targets located along strike and northeast of the Ōrora Deposit (see Figure 1).

The Ōrora Deposit was discovered during the winter 2017 exploration campaign. Highlights from the 2017 winter discovery program includes hole CB-109, which intersected 22.81% U₃O₈ over 8.6 m from 475.1 to 483.7 m, and hole CB-116A, which returned 20.00% U₃O₈ over 8.5 m from 471.0 to 479.5 m. The 2017 summer drill program expanded the length of the Ōrora Zone to at least 150 m and mineralization remains open along strike both to the southwest and to the northeast.

The winter program will test unconformity targets located northwest and up-dip of modest basement-hosted uranium mineralization drilled by the previous operator in the 1990s (Figure 1). Testing up-dip of similarly mineralized holes by UEX in 2017 led to the discovery of the Ōrora Zone.

I continue to be very optimistic about the opportunity to make additional discoveries along the Trend. The 2017 exploration program at the Christie Lake Project brought great success with the Ōrora Zone discovery. I am excited about the targets we will be testing this winter and eagerly look forward to seeing what the exploration team will achieve in the coming months.

• Roger Lemaitre, President & CEO

UEX has mobilized a crew to re-open the camp, confirm the thickness of lake ice in the planned drilling areas, and if required take steps to thicken the ice. Drilling operations are expected to commence by the end of the week.

The winter program will be a major step towards UEX earning a 60% interest in the Christie Lake Project. The Company continues to work with a consulting firm to complete the maiden NI 43-101-compliant resource estimate for the Christie Lake Project.

About the Christie Lake Project

UEX currently holds a 45% interest in the Christie Lake Project and is working under an option agreement to earn up to a 70% interest. The Project is located approximately 9 km northeast and along strike of Cameco's McArthur River Mine, the world's largest uranium producer. The P2 Fault, the controlling structure for all of the McArthur River deposits, continues to the northeast beyond the mine. UEX believes that through a series of en-echelon steps the northeast strike extension of the P2 Fault not only crosses the Project but also controls the three known uranium deposits on Christie Lake, the Ōrora, Paul Bay and Ken Pen Deposits.