U3O8 Corp. Announces $10 Million Bought Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES 


U3O8 Corp. (TSX VENTURE:UWE) (the "Company") is pleased to announce that it has
entered into an agreement with Dundee Securities Ltd. (the "Lead Underwriter")
on behalf of a syndicate of underwriters including Clarus Securities Inc. and
PowerOne Capital Markets Limited (the "Underwriters") under which the
Underwriters have agreed to purchase on a bought deal private placement basis
16,700,000 units (the "Units") at a price of $0.60 per Unit for total gross
proceeds of $10,020,000 (the "Offering"). The Underwriters have been granted the
option to purchase up to an additional 15% of the Offering, exercisable in whole
or in part at any time up to 48 hours before the Closing Date (the "Option"). 


Each Unit shall consist of one common share of the Company ("Share") and
one-half of one common share purchase warrant ("Warrant"). Each whole Warrant
shall entitle the holder thereof to acquire one Share of the Issuer at a price
of $0.80 for a period of 24 months following the Closing Date. The Warrants will
not be listed for trading. 


In connection with the Offering, the Underwriters will receive a cash commission
equal to 6.0% of the gross proceeds raised under the Offering (inclusive of the
Option) and that number of non-transferable broker warrants equal to 6.0% of the
number of Units sold (inclusive of the Option). Each Broker Warrant will be
exercisable into one Unit of the Company for a period of 24 months from the
Closing Date at a price of $0.60 per Unit. 


The Closing Date of the Offering is scheduled on or about February 9, 2012. All
securities issued will be subject to a four month hold period. The Offering is
subject to a number of conditions, including, without limitation, receipt of all
regulatory approvals. 


The net proceeds will be used to advance the exploration and development of the
Issuer's projects in Colombia, Argentina and Guyana, and for general corporate
purposes.


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, Argentina and Colombia.


Additional information on U3O8 Corp. is available on the Company's web site at
www.u3o8corp.com or on SEDAR at www.sedar.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, risks of completing the financing and with respect to the
closing date of the financing, the impact of general economic conditions,
industry conditions, the timing of laboratory results and preparation of
technical reports, 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, the Kurupung
Project and the Laguna Salada 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.