Uranex Limited hereby advises shareholders of the exploration activities planned for 2013. The 2012 exploration on the Likuyu North uranium deposit successfully identified the extension of the mineralisation down dip, to the south of the deposit, and also indicated the possibility of the deposit being suitable for in-situ leaching. The emphasis this year will therefore be on testing the proposition of in-situ leach as it could have a significant impact on the capital and operating costs of a future operation.

Perhaps of more significance, were the exploration activities on the regional tenements undertaken in the latter half of 2012. The geology team identified several new mineral anomalies in commodities including the exciting graphite occurrence on the Nachu tenement along with gold, base metals, coal and REE on tenements that are external to the main project areas of Mkuju and Manyoni. Accordingly, the company will focus its exploration activities for 2013 on the next phase of exploration on the regional tenements but will also continue limited initial exploration on the remainder of our least explored uranium tenements not covered during 2012.

Regional Tenement Exploration
The regional tenements to be further explored this year include:

1. Nachu in SE Tanzania - where the recently announced graphite discovery was made, along with further investigation around the areas where artisanal mining of gold is occurring (Reference 1).
2. Rutamba North in SE Tanzania – determining the extent of the coal outcrop that was discovered in December 2012 and is relatively close to the Port of
Mtwara (Reference 2).
3. Sipuka (Mkalama area) and Lisitu (Songea area) and Lihehe (Makonde area) that have been referred to in an announcement previously.
4. Other tenements which were not completed in the 2012 programme.

The intended exploration will include:
- More detailed geological mapping on each tenement.
- Ground or airborne geophysics to help delineate the graphite schist mineralisation as well as potential massive sulphides.
- Trenching and auger sampling programmes.
- Potentially, follow-up drilling on highly promising areas.

This year Uranex will utilise Consultant geologists and specialists in the relevant mineralisation to assist the Uranex geologists based in Tanzania. Apart from any follow-up drilling activities, the planned activities are relatively low cost. Initial on-ground activities will commence in May after the wet season finishes in most areas. The schedule for activity on each individual tenement will be determined by the ability to access the tenement and density of vegetation following the wet season along with avoiding disturbance to crop harvesting
activities.

Uranium
The company has several tenements with uranium anomalies, both in the Mkuju and Manyoni areas that have not been fully explored for uranium potential. This year we intend to have a limited programme of ground based geological mapping and scintillometer surveys on these tenements. To advance the Likuyu North uranium project, the company aims to have an appropriate consultancy conduct a preliminary review of the suitability of in-situ leaching for this deposit.