U3O8 Corp. Advancing Drill Program that Aims to Show the Large Size Potential of the Berlin Project, Colombia

U3O8 Corp. (TSX VENTURE:UWE)(OTCQX:UWEFF), a Canadian-based company focused on
exploration and resource expansion of uranium and associated commodities in
South America, today reports that a 20,000 metre ("m") drill program is underway
on the Berlin Project in Colombia (Figure 1) with the goals of:




--  outlining the overall size potential of the Berlin deposit; and 
--  infill drilling a target of potentially 20-25 million pounds ("mlb") of
    uranium(1) plus phosphate, vanadium, rare earths and other metals, that
    lies immediately north of the current National Instrument 43-101 ("NI
    43-101") resource at Berlin. 



(1) U3O8 Corp. has defined a NI 43-101 resource of 1.5mlb uranium Indicated (0.6
million tonnes ("Mt") at 0.11% U3O8) and Inferred resources of 19.9mlb uranium
(8.1Mt at 0.11% U3O8), 97mlb vanadium (8.7Mt at 0.5% V2O5) and 0.8Mt phosphate
(8.7Mt at 9.3% P2O5) on 3km of the Berlin trend. See the March 2, 2012 NI 43-101
technical report: "Berlin Project, Colombia - National Instrument 43-101 Report"
available on U3O8 Corp's web site at www.u3o8corp.com and on SEDAR at
www.sedar.com. 


Based on the above NI 43-101 resource, there may be a conceptual uranium target
of 9-10Mt at a grade of 0.09% to 0.11% U3O8 (approx. 20-25mlb U3O8) on an
additional 2km of the Berlin trend and a potential target of 32-36Mt at a grade
of 0.09% to 0.11% U3O8 (approx. 70-80mlb U3O8) on the entire 10.5km trend.
Potential quantity and grades are conceptual in nature. There has been
insufficient exploration to define a mineral resource north of the current
Berlin resource area, and it is uncertain if further exploration will result in
additional mineral resources being delineated on the property. 


"The Berlin Project is developing into a company-maker for U3O8 Corp. due to the
deposit's large size potential and the value of the mix of commodities that it
contains," said Dr. Richard Spencer, President & CEO of U3O8 Corp. "Having
defined a maiden, multi-commodity resource on just 3km of the uranium-bearing
trend, our current program aims to demonstrate the project's size by drilling
very widely spaced bore holes along the remainder of the 10.5km long mineralized
zone. Of key importance is the value of the commodities that occur with the
uranium, which our metallurgical test work has shown, in multiple tests, can be
efficiently extracted from the ore. By applying a simple process adapted from
existing technology previously used in Ontario's uranium mining industry, we
have achieved extraction of 97% of the contained uranium and phosphate, 79% of
the vanadium, 96% of the yttrium and 82% of the neodymium." 


"Our drilling of over 80 bore holes has shown that mineralization at Berlin is
consistently located in a limestone and sandstone unit and not in the overlying
shale as previously thought (Figure 2). The misconception from historical
information was that Berlin is a black shale deposit - a kind of deposit from
which the extraction of metals can be difficult. The recognition that Berlin is
not a black shale hosted deposit was recently corroborated in a Master of
Science study undertaken by Andres Caceres at Queen's University in Canada under
the direction of renowned uranium expert, Professor Kurt Kyser. Prof. Kyser has
now classified Berlin as a Stratabound, Remobilized Uranium Deposit," added Dr.
Spencer.


Exploration Program

Exploration Drilling: The initial focus is on exploration drilling of
approximately 5,000m to test the 7.5km mineralized trend that lies to the north
of the resource area (Figure 1). This regional drilling aims to confirm that
mineralization encountered in trenches in the northern part of the Berlin
property extends to depth and provide further evidence that there could be a
conceptual target of 70-80mlb of uranium(1) on the entire Berlin trend. Two rigs
are currently drilling from platforms 600m and 1,300m along trend to the north
of the initial resource area, and drilling is planned from another four sites,
up to 2km apart, to complete the exploration program.


Resource Drilling: Tighter-spaced drilling, totaling approximately 15,000m for
resource estimation purposes, is planned to start on completion of the
exploration drilling. The objective is to cover another 2km of the mineralized
trend, which has a potential target of 20-25mlb of uranium(1) with the goal of
increasing the size of the Berlin resource (Figure 1). Subsequent infill
drilling campaigns will ultimately aim to extend the resource to cover the
balance of the 10.5km mineralized zone at Berlin. 


The upcoming resource estimate will be undertaken by Coffey Mining Pty Ltd.
Bateman Engineering N.V., an international company with extensive experience in
the design and construction of uranium, vanadium, phosphate and rare earth
plants, has been engaged to conduct a preliminary economic assessment on Berlin
with completion targeted for the end of 2012. 


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 uranium 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, Argentina and Colombia.


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 actual result of current drilling and exploration
activities, the impact of general economic conditions, industry conditions, the
timing of laboratory results, the actual results of independent scoping studies
and subsequent metallurgical testing, 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
further exploration on 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 - Map Shows the Location of Previous and Planned Drilling in
the Berlin Project, please visit the following link:
http://media3.marketwire.com/docs/Figure1uwe_607.pdf.


To view Figure 2 - Photos of Drill Core in the Berlin Project, please visit the
following link: http://media3.marketwire.com/docs/Figure2uwe607.pdf.