ASX ANNOUNCEMENT

2 DECEMBER 2011

MINERALISED ZONE EXPANDED ANDFURTHER TARGETS IDENTIFIED AT MKUJU

Results of 221 holes drilled to date have further expanded the mineralised zonealong the 5km target zone at the Likuyu North Prospect, within our 100% ownedMkuju Uranium Project in Southern Tanzania.

Due to the onset of the wet season the 2011 drill program is now completehaving comprised 213 aircore drillholes and 8 diamond drillholes.

The mineralised zone now extends approximately 2.6 km and will form the basisof an initial resource estimate due from CSA Global in Q1 2012.

Several new target zones identified are yet to be drill tested and will form thebasis of a resource expansion program being planned for the 2012 field season.

Drill samples will be dispatched to the laboratories in South Africa and Australiafor laboratory assaying, mineralogical and metallurgical studies.

Australian based exploration and development company Uranex Limited (ASX: UNX) (“Uranex”or “the Company”) is pleased to announce an update from the 2011 drilling program at theLikuyu North Prospect (“Likuyu North”), part of its 100% owned Mkuju Uranium Project, locatedin Southern Tanzania (Figures 1 and 2).

Due to the onset of the wet season, the 221 hole drilling program is now complete, havingcomprised 213 aircore drillholes and 8 diamond drillholes, resulting in a significant newuranium discovery in this emerging uranium district where the Company controls a significantland holding with multiple uranium prospects.

The latest results provided by Terratec Geophysical Services, an external geophysicalconsultant based in Germany, include significant intersections which expand the existing eastand west mineralised zones (Figure 3). These mineralised zones will form the basis of aninitial resource estimate due in Q1, 2012.

Significantly, a series of exploration holes and additional exploration targeting have identifiednew target zones, distant from the existing 5km x 1km radiometric anomaly (Figure 4), and willform the basis of a resource expansion program being planned for the 2012 field season.

Table 1 contains the significant intersections from the latest round of results. Samples havebeen collected from the 8 diamond drillholes for laboratory assaying, mineralogical andmetallurgical studies.

A helicopter borne geophysical survey comprising radiometric and magnetic components hasbeen postponed until Q2 2012 due to the onset of the wet season. This survey will assistexploration targeting for the 2012 program, including the delineation of geological structuresthat control mineralisation at Likuyu North and elsewhere within the Mkuju Uranium Project.

URANEX LIMITED

ABN 26 115 111 763

Level 315 Queen Street

Melbourne VIC 3000Australia

Ph: (03) 9621 1533Fax: (03) 9621 1544

info@uranex.com.auwww.uranex.com.au

ASX Code: UNX

Number of Shares178.6M Ordinary Shares11.65M Unlisted Options

Market CapitalA$51.79 Million (@29c)

Board of Directors

Johann JacobsChairman

Matthew GauciManaging Director

Stephen HuntNon-executive Director

Frank PoullasNon-executive Director

Mark ChalmersNon-executive Director

John NethersoleCompany Secretary

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Mineralised Zone Expanded and Further Targets Identified at Mkuju

Page 2 of 4Telephone: + 61 (0)3 9621 1533 www.uranex.com.au Level 3, 15 Queen StreetFacsimile: + 61 (0)3 9621 1544 ABN 26 115 111 763 Melbourne VIC 3000E-mail: info@uranex.com.au ASX Code: UNX Australia

Figure 1. Southern Tanzania Projects

Figure 2. Mkuju Regional Radiometric Targets

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Mineralised Zone Expanded and Further Targets Identified at Mkuju

Page 3 of 4Telephone: + 61 (0)3 9621 1533 www.uranex.com.au Level 3, 15 Queen StreetFacsimile: + 61 (0)3 9621 1544 ABN 26 115 111 763 Melbourne VIC 3000E-mail: info@uranex.com.au ASX Code: UNX Australia

Figure 3. Likuyu North Completed and Planned Drilling 2011

Figure 4. Initial Target Extension Zones 2012 (Ground Scintillometer)

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Mineralised Zone Expanded and Further Targets Identified at Mkuju

Page 4 of 4Telephone: + 61 (0)3 9621 1533 www.uranex.com.au Level 3, 15 Queen StreetFacsimile: + 61 (0)3 9621 1544 ABN 26 115 111 763 Melbourne VIC 3000E-mail: info@uranex.com.au ASX Code: UNX Australia

Table 1 – New Significant Drilling Intersections

Matthew GauciManaging DirectorUranex NLTelephone: +61 3 9621 1533

Information in this report relating to exploration results is based on data compiled by Mr. Brendan Borg who is a Member of the AustralasianInstitute of Mining and Metallurgy, and who is a full-time employee of the Company. Mr. Borg has sufficient relevant experience to qualify as aCompetent Person as defined by the 2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and OreReserves. Mr. Borg consents to the inclusion of the data in the form and context in which it appears.

Down-hole uranium results are calculated from Spectral Gamma probing conducted by Terratec Geophysical Services of Germany (“Terratec”).All probes were calibrated at the Pelindaba Calibration facility in South Africa, with calibration certificates supplied by Terratec. Corrections to rawdata, for bore diameter, PVC casing and water in bores, have been applied by Terratec. All eU3O8 values reported may be affected by issuessuch as possible disequilibrium, radon gas and uranium mobility, which should be taken into account when interpreting the results. The Companyhas provided Terratec with certified laboratory assay results from the 2010 diamond drilling program, which will be used to assist in calculating adisequilibrium factor for the deposit as a whole. Initial comparisons from the 2010 diamond drilling program indicate that the radiometric eU3O8grade values are equivalent to the certified assay results.

Hole Zone

ARC 1960Easting

(m)

ARC 1960Northing

(m) From (m) To (m)Interval

(m) eU3O8 (ppm)LNAC0094 East 221849 8861250 8.0 14.0 6 247LNAC0127 East 221451 8860946 48.0 50.0 2 237

and 59.0 61.0 2 450LNAC0168 East 222401 8861203 53.0 55.0 2 608LNAC0169 East 222206 8860997 32.5 33.5 1 467

and 81.0 82.0 1 216LNAC0170 East 222100 8861001 48.0 50.0 2 307

and 99.0 101.0 2 226LNAC0171 East 221998 8860990 96.0 98.0 2 258

and 111.0 114.0 3 265LNAC0172 East 221804 8860899 72.0 74.0 2 347

and 75.0 77.0 2 383LNAC0173 East 221903 8860897 73.0 75.0 2 490

and 80.0 82.0 2 786LNAC0182 East 221308 8860991 26.0 27.0 1 374LNAC0184 East 221385 8860797 89.0 90.0 1 220LNAC0187 West 221200 8861000 8.0 10.0 2 206LNAC0190 West 221205 8860889 50.5 51.5 1 293

and 53.0 56.0 3 236LNAC0193 West 221106 8860709 89.0 93.0 4 485

Intercepts included for ≥ 1 m @ ≥ 200 ppm eU3O8

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