Urex Energy Provides Progress Report on Its Uranium Prospects.

RENO, Nev. -- Urex Energy Corporation (the "Company" or "Urex") (OTCBB:URXE) is pleased to provide a corporate update on its progress acquiring and exploring uranium mining properties to meet the growing demand for uranium in nuclear power generation. To date, Urex Energy has appointed a South American Manager to direct a comprehensive geologic review and drill program at the Company's Rio Chubut Project, has moved forward with drill test programs at its uranium properties in New Mexico and Argentina, and has begun trading on the Frankfurt Stock Exchange.

The demand for uranium is projected to increase by 2.8% through 2010 and double by 2020. Nuclear power is back in demand as a relatively cheap, reliable and emissions-free solution to the world's rapidly increasing need for energy. More than 50 nuclear plants are planned or under construction in a dozen countries, according to U.S. and international nuclear agencies. This resurgence has driven the price of uranium to record levels, reaching a month-end spot price of $54.00 as of September 25, 2006. Over the last six years prices have risen by $38.40 per pound, from $7.10 in 2000.

Urex Energy is working to meet this growing need by developing two prospective uranium projects that it has acquired in Argentina and New Mexico. The Company expects to commence drill testing at both sites in mid-November as permit approvals are obtained.

The Company has appointed Mr. Oscar Yoshitaka Yoko to act as its South American Manager. Mr. Yoko will lead exploration and development efforts at Urex Energy's Rio Chubut Project, where the Company owns a 98.8% interest. He will direct a drill test program on the Cerro Solo Block, which includes a seismic refraction geophysical survey and a 30-hole drill program. Mr. Yoko will also manage a comprehensive geologic review of the entire Rio Chubut Property's 170,000 hectares to identify uranium anomalies for future drill testing. Mr. Yoko has more than 29 years of mining and mineral exploration experience, having worked for BP Minerals, Brascan, Homestake Mining Company, Votorantim and JOGMEC and consulted for CVRD, Placer Dome, and Meridian Gold.

Urex Energy's Rio Chubut property borders the 10-million-pound Cerro Solo Uranium Deposit. More than 2,300 radiometric anomalies were defined in the Chubut Basin by airborne geophysical surveys conducted by Comision Nacional de Energia Atomica ("CNEA") of Argentina (CNEA, 1997). The Chubut Basin offers permissive geology and is under-explored, representing an excellent opportunity to find and develop new uranium deposits.

Urex Energy is also moving forward with exploration of its La Jara Mesa Uranium Project, which straddles the uranium deposits of La Jara Mesa and Melrich in the Grants Mining Belt of New Mexico and is located within the most prolific uranium-producing district in the United States. The company has acquired a 100% interest in the project and has filed an application with the Mining and Minerals Division of the New Mexico - Energy Minerals and Natural Resources Department for a Minimal Impact Uranium Exploration Permit. Urex Energy has proposed drilling 21 exploration holes to test the Brushy Basin Member of the Jurassic Morrison Formation, which hosts uranium mineralization in the area and potential permissive stratigraphic horizons below the Brushy Basin Member for uranium content. Stewart Drilling of Milan, New Mexico, will conduct the test program as lead contractor.

Urex Energy has also begun trading its shares on the Frankfurt Stock Exchange, the world's third largest securities exchange. Its Frankfurt Stock Exchange trading symbol is G6C, German securities code (WKN) is A0KFH8 and ISIN number is US9172481064. Listing on the exchange enables Urex Energy to establish an international presence, access the global capital markets and attract a new base of European investors.

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.