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URXE News Urex Energy Provides Update on Exploration Activities in Argentina

RENO, Nevada--(BUSINESS WIRE)--Urex Energy Corporation (the “Company” or “Urex”) (OTCBB:URXE) reports that meetings last week with mining officials from Chubut Province, Argentina have cleared the way for start up of exploration on the Company’s Rio Chubut uranium property. It is now expected the seismic refraction survey will start on approximately December 15.

Geophysical Exploration & Consulting S.A. of Mendoza, Argentina is scheduled to conduct a seismic refraction geophysical survey over the Company’s Cerro Solo claim block which is a part of the Rio Chubut Project. The seismic survey is designed to locate buried paleo-river channels about 150 meters below the surface. These channels contain the sandstone and conglomerate rocks that host the uranium mineralization in the Cerro Solo District.

Upon completion of the seismic survey, approximately 30 holes will be drilled in a first phase evaluation program. Patagonia Drilling S.A. of Mendoza, Argentina will be the primary contractor on the Cerro Solo/Rio Chubut drill test.

The Company projects that drilling should commence approximately 15 days after completion of the seismic survey which is now expected in mid to late January 2007.

For more information please visit the Company's website located at www.urexenergy.com.

About Urex Energy Corporation

Urex Energy Corp. is focused on actively exploring and developing uranium properties in Argentina and New Mexico. Urex owns a 99.8% interest in the Rio Chubut property comprised of 170,000 hectares of land which is adjacent to the Cerro Solo Uranium deposit located in Chubut Province within Patagonia of southern Argentina. The Cerro Solo exploration block is approximately 20 km x 50 km, and borders the Cerro Solo Uranium deposit to both the North and the South.

Urex also owns a 100% interest in the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico. The La Jara Mesa Extension property lies adjacent to Laramide Resources Ltd.'s La Jara Mesa and Melrich uranium deposits. Between 1950 and 1978 the Grants Mining District produced 270 million pounds of uranium oxide which ranks it as the most prolific uranium district in the United States.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including any statements that Urex may or will discover uranium deposits through its exploration activities. Actual results relating to, among other things, reserves, results of exploration, capital costs, drilling programs and mine production costs could differ materially from those currently anticipated in such forward-looking statements. Factors affecting forward-looking statements include: the speculative nature of mining exploration and development activities; changes in ore reserve estimates; the productivity of Urex's mining properties; changes in the operating costs; changes in economic conditions and conditions in the precious metals, especially uranium, changes in the demand for precious metals, including uranium, foreign exchange and other financial markets; changes in the prices for uranium, precious metals or other minerals Urex develops or produces; changes in investment and exploration expenditure levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which Urex operates; technological, mechanical and operational difficulties encountered in connection with Urex's mining activities; and labour relation matters and costs. You should refer to the risk disclosures set out in Urex’s periodic reports filed from time-to-time with the Securities and Exchange Commission and available at www.sec.gov.