UWE U3O8 Corp

U3O8 Corp. (TSX VENTURE:UWE) a Canadian-based company focused on exploration and resource expansion of uranium and associated commodities in South America, reports assays from a further 17 bore holes in the 19,000 metre ("m") infill drilling program completed in the southern part of the Berlin Project, Colombia, as well as from additional trenching in the northern part of the mineralized trend. These data are being incorporated into the first National Instrument 43-101 ("NI 43-101") resource estimate undertaken on the property since the historic resource1 of 12.9 million tonnes at an average grade of 0.13% U3O8 (38 million pounds ("mlb") U3O8). The historic resource was estimated on the southernmost 4.4 kilometres ("km") of a 10.5km long mineralized trend and did not include estimates for other commodities that occur with the uranium.

(1) The Berlin resource estimate is historical and is reported in Castano, R. (1981), Calcul provisoire des reserves geologiques de Berlin, sur la base des resultants des sondages, unpublished Minatome report, 15p. There has been insufficient exploration work completed to verify the historic estimate and it should not be considered a NI 43-101 compliant resource. As the 38mlb U3O8 historic estimate is based on only 11 widely-spaced drill holes, 20 trenches and three adits, it is regarded by U3O8 Corp. as merely an indication of the uranium resource potential of the southernmost 4.4km of a 10.5km long syncline (Figure 1). U3O8 Corp. has now completed an infill drilling program with the aim of defining a mineral resource at Berlin.

"U3O8 Corp's drilling has shown remarkable consistency of the uranium-bearing layer in the southern part of the Berlin Project, and we have intersected excellent intervals including 8m at 0.12% U3O8 and 6.7m at 0.13% U3O8. Not only are the uranium grades predictable, but the same can be said for the suite of potential by-products including phosphate, vanadium, rare earths and other metals," said Dr. Richard Spencer, President and CEO of U3O8 Corp. "The infill drilling program has now been completed towards our aim of generating a maiden, interim NI 43-101 resource estimate on the southernmost 3km of the Berlin Project by the end of 2011. In addition, further trench results from the northern part of the 10.5km mineralized trend highlight the potential of the Berlin Project to contain a resource substantially in excess of the historic resource."

Table 1 - Assay Results from Drilling in the Southern Part of the Berlin Project

To view Table 1, visit the following link: http://media3.marketwire.com/docs/UWE_Table1_Assay_Results.pdf

Table 2 - Assay Results from Trench TB37 and TB38 of the Berlin Project

Summary results for trench TB37 and TB38 excavated in the northern and southern parts, respectively, of the Berlin Project2 (Figure 1)

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Trench                       Vana-    Phos-                                 
Intercept        Uranium     dium    phate Molybdenum Rhenium Silver Yttrium
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         True     U3O8        V2O5    P2O5         Mo      Re     Ag    Y2O3
Trench  Width --------------------------------------------------------------
Number    (m)      % lbs/st      %       %        ppm     ppm    ppm     ppm
----------------------------------------------------------------------------
TB37     2.10  0.130   2.86   1.12    11.2        317    0.05    0.6   2,317
----------------------------------------------------------------------------
TB38     1.60  0.104   2.28   0.91    16.4         67    0.04    0.8     603
----------------------------------------------------------------------------

(2) Assay results - lbs/st Is an abbreviation for pounds per short ton. 1 short ton = 2,000lbs or 0.907 metric tonnes. Potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a mineral resource at the Berlin Project to date and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

U3O8 Corp. has now completed the planned exploration and infill drilling program of 82 bore holes (18,547m) that was designed to define an initial NI 43-101 resource on the southern part of the Berlin Project. Assays from the 58 drill holes press released so far confirm excellent continuity of mineralization in the fertile layer at Berlin as illustrated in the uranium grade-thickness map (Figure 6).

The mineralized layer in the Berlin Project occurs as a canoe-shaped fold that, in cross-section, has an asymmetric "U"-shape (Figures 3, 4 and 5). In order to visualize the distribution of mineralization, the layer is shown as an "unfolded", flat sheet in Figure 6. This diagram shows the distribution of each pierce point, the point at which each bore hole intersected the mineralized layer, as well as the distribution of trenches that were excavated where the layer comes to surface. The uranium grade-thickness value (the grade of the mineralized interval multiplied by its thickness) of each pierce point and trench location was used to generate a contour map that illustrates the continuity of grade through the project area.

Quality Assurance and Quality Control ("QAQC")

QAQC are incorporated by reference to the press release dated February 24, 2011, available on U3O8 Corp's web site at www.u3o8corp.com and on SEDAR at www.sedar.com.

Dr. Richard Spencer, President & CEO of U3O8 Corp., a Qualified Person within the definition of that term in NI 43-101 of the Canadian Securities Administrators, has supervised the preparation of, and verified the technical information in this release.

About U3O8 Corp.

U3O8 Corp. is a Toronto-based exploration company focused on exploration and resource expansion of uranium and associated commodities in South America - a promising new frontier for exploration and development. U3O8 Corp. has one of the most advanced portfolios of uranium projects in the region comprising NI 43-101 compliant resources in Guyana and Argentina to significant historic resources in Colombia.

For further information on U3O8 Corp's Berlin Project, refer to the technical report entitled "Review of Historic Exploration Data from the Unaniferous Black Shales of the Berlin Project and Chaparral Concession, Colombia: A guide to future exploration" prepared by Richard Spencer and Richard Cleath dated March 23, 2010 and available at www.sedar.com. Additional information on U3O8 Corp. is available on the company's web site at www.u3o8corp.com.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economic conditions, industry conditions, the timing of laboratory results, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the Berlin Project will add to U3O8 Corp's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

To view Figure 1, visit the following link: http://media3.marketwire.com/docs/UWE_Figure1_102711.pdf

To view Figure 2, visit the following link: http://media3.marketwire.com/docs/UWE_Figure2_102711.pdf

To view Figure 3, visit the following link: http://media3.marketwire.com/docs/UWE_Figure3_102711.pdf

To view Figure 4, visit the following link: http://media3.marketwire.com/docs/UWE_Figure4_102711.pdf

To view Figure 5, visit the following link: http://media3.marketwire.com/docs/UWE_Figure5_102711.pdf

To view Figure 6, visit the following link: http://media3.marketwire.com/docs/UWE_Figure6_102711.pdf

To view the photo associated with this release, please visit the following link: http://www.marketwire.com/library/20111026-BerlinProject_102611.jpg

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: U3O8 Corp. Nancy Chan-Palmateer Vice President, Investor Relations (416) 868-1491nancy@u3o8corp.com U3O8 Corp. Richard Spencer President & CEO (416) 868-1491richard@u3o8corp.comwww.u3o8corp.com