U3O8 Corp.

U3O8 Corp.

November 18, 2008 17:10 ET

Search Continues for Missing Crew and Plane Conducting Geophysics Survey for U3O8 Corp.

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2008) - U3O8 Corp. (TSX VENTURE:UWE), a Canadian uranium exploration company, reports that intense search efforts continue in Guyana for the three missing crew onboard the aircraft that was undertaking a geophysical survey for Prometheus Resources Limited, a wholly owned subsidiary of U3O8 Corp. The survey area has been repeatedly searched by numerous aircraft, and further aerial searches may be conducted as required.

Thousands of aerial images of the jungle canopy have been taken and continue to undergo analysis. Ground searches continue with field teams covering specific areas of interest, following up on possible leads identified from the air and on the ground.

U3O8 Corp. continues to assist in the search for the three missing men. Our prayers and thoughts remain with the crew and their families, and the search teams during this difficult time.

The last communication from the missing aircraft was on the afternoon of Saturday, November 1, 2008. An extensive search and rescue mission was launched at first light on Sunday, November 2, 2008, and has involved the Guyana Civil Aviation Authority, the Guyana Defence Force, the British Air Force, and local aircraft together with Dynamic Aviation, Terraquest and U3O8 Corp.

U3O8 Corp. contracted Terraquest Limited, a specialist in airborne geophysics based in Markham, Ontario, to conduct a geophysical survey in the interior of Guyana under the permission of the Guyana authorities. Terraquest contracted a twin-engine, turboprop Beechcraft King Air from Dynamic Aviation Inc. of Bridgewater, Virginia to undertake the airborne survey. The missing men are Pilot, Wes Barker, and First Officer, Chris Paris, both with Dynamic Aviation, and Patrick Murphy, an airborne geophysical operator with Terraquest.

About U3O8 Corp.

U3O8 Corp. is a Canadian mineral exploration company based in Toronto, Canada. Currently focused on uranium exploration in the Roraima Basin in Guyana, South America, U3O8 Corp's primary business objective is to explore, develop and acquire uranium projects in the Americas. The company is well funded with over $12 million held solely in cash and Canadian chartered bank-backed Guaranteed Investment Certificates. At current rates of exploration expenditure, the company expects to be funded up until 2010.

U308 Corp. has exclusive uranium exploration rights in an area covering approximately 1.3 million hectares that straddles the edge of the Roraima Basin in Guyana. The company is advancing a two-pronged exploration strategy that focuses on:

- Exploration for multiple uranium-bearing structures within structural systems in the basement adjacent to the Roraima Basin with the concept that the individual veins could potentially aggregate to a significant total resource; and

- Exploration for unconformity-style uranium deposits at the base of the Roraima Basin, which are similar to those of the prolific Athabasca Basin in Saskatchewan.

For further information on the company's properties, please refer to the technical report prepared for the company by Dahrouge Geological Consulting Ltd. and dated September 15, 2006 as amended and restated December 12, 2006, available on SEDAR at www.sedar.com and on the company's website 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, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. 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.

Basic shares outstanding: 23,057,700

Fully diluted shares outstanding: 25,472,250

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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