Mr. Graham Thody reports

UEX TERMINATES SHAREHOLDER RIGHTS PLAN

UEX Corp. has terminated the shareholder rights plan adopted on Dec. 6, 2011. All rights issued thereunder have been cancelled. Accordingly, the rights plan will not be put forward for approval at the annual meeting of shareholders of UEX to be held on June 5, 2012 (the annual meeting).

Cameco Corporation, directly and through its legal counsel, advised UEX that it believed the adoption of the rights plan and its potential operation in certain circumstances breached the pre-emptive rights granted to Cameco under the agreement among Pioneer Metals Corporation, UEX and Cameco dated Oct. 23, 2001. While UEX does not agree with Cameco's position, UEX's board of directors has concluded that it would not be in the best interests of UEX at the present time to pursue adoption of the rights plan at the AGM and to potentially engage in a legal dispute with its largest shareholder concerning these matters. The board will continue to consider these matters and may, in the future, adopt a shareholders rights plan if it is believed to be appropriate at such time.

We seek Safe Harbor.