Uranium Power Corp.
TSX VENTURE : UPC

Uranium Power Corp.

June 05, 2006 11:33 ET

Uranium Power Corp Announces New Uranium Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 5, 2006) - Uranium Power Corp. ("UPC") (TSX VENTURE:UPC) is pleased to announce the acquisition of a 100% interest in the Red Seep Uranium Project in Emery County, Utah. UPC has acquired 94 federal lode mining claims covering over 1900 acres or approximately three square miles on the prospect. The Red Seep project is situated on the northwestern flank of the San Rafael Swell, approximately 10 miles east of Ferron, Utah.

The Red Seep project is believed to have the potential to host a high tonnage, low-grade uranium deposit in the Brushy Basin member of the Jurassic Morrison Formation. A report published by the U.S. Department of Energy in October 1977 (USDE report) states that "uranium-bearing mudstone near the middle of the Brushy Basin member has been exposed by trenching.....Most of the uranium is in a 34-ft thick zone of carbonaceous...mudstone."

Outcrop sampling reported in the USDE report assayed up to 570 ppm U3O8 (0.057%). The mineralization is contained in an outcropping area covering 1000 x 800 feet. Chloritic alteration is pervasive over this outcrop. The report also indicates that drilling done in the late 1970s by a private company, then holding the area under claim, intersected higher-grade mineralization. Research is ongoing to locate these drill records.

Outcrop sampling and mapping undertaken by UPC has taken place and shows that uranium mineralization exists over a widespread area of the project. In addition, the uranium bearing units of the middle Brushy Basin formation plunge under cover to the west and north, and the mineralized trend is open in a wide arc in these directions. Chloritic alteration that appears to be associated with the uranium is readily traceable into the open ground along fracture systems that outcrop in the Cedar Mountain formation above the uranium bearing units. Results of this initial sampling program are pending.

Chris M. Healey, P. Geo, a Director of Uranium Power Corp, is the qualified Person responsible for the technical information in this release.

URANIUM POWER CORP.

Rahoul Sharan, President

WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

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