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URXE News Urex Energy Reports on Latest Advances at La Jara Mesa Uranium Prospect

RENO, Nev.--(BUSINESS WIRE)--Urex Energy Corporation (the “Company” or “Urex”) (OTCBB:URXE) is making significant progress towards the exploration of its La Jara Mesa uranium prospect in the Grants Mining District of New Mexico. Urex Energy’s claims straddle the uranium deposits of La Jara Mesa and Melrich in the Grants Mining District, the most prolific uranium-producing district in the United States.

Thus far, Urex has made advances laying the groundwork for exploration of its highly promising La Jara Mesa project and expects to begin a drill testing program early in the New Year due to the upcoming holiday season. The permitting process for the drill testing is nearing completion. The Company engaged Lone Mountain Archaeological Services to prepare an archeological survey of its 21 drill sites to screen for cultural resources - one of the final steps required for permit approval. The field work has been completed and the report has been prepared and submitted. Urex has contracted with Gochnour & Associates to direct and streamline the process, leveraging Mr. Gochnour’s 25+ years of exploration, development and mine permitting experience.

Urex is also working on identifying potential uranium resource opportunities in the Grants Mining District. The Company completed a comprehensive district-wide geological evaluation which projected mineralization trends into new areas based on historical data. Urex's technical team has developed a new uranium mineralization model for the area which will play an integral role in its ongoing acquisition program.

Urex Energy is highly encouraged by the increasing demand for uranium in nuclear power generation and its effect on prices. The price of uranium has risen exponentially in the last six years, surging from $7.10 in 2000 to today’s spot price of $63 per pound. Global warming, significant increases in the cost of producing electricity due to escalating fossil fuel prices and concerns over energy supply security are increasing international interest in and utilization of nuclear power, bringing demand for uranium to new levels. The United States and international nuclear agencies report that more than 50 nuclear plants are planned or under construction in twelve countries. On October 30, 2006 uranium oxide spot prices broke through the $60 per pound level for the first time in the spot market’s 38-year history. The month-end spot price as of November 27, 2006 is $63.00.

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

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.