Uranium Power Corp.
TSX VENTURE : UPC

Uranium Power Corp.

November 14, 2006 13:48 ET

Uranium Power Corp. Completes Five-Hole Core Drilling at Green River South

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - Uranium Power Corp. (TSX VENTURE:UPC) is pleased to announce results from the recently completed five-hole core drilling program on the Green River South project in Emery County, Utah. The project is part of UPC's joint venture with U.S. Energy Corp. ("USEG") and Crested Corp. ("Crested"). Both projects are located in Emery County, Utah. UPC will hold a 50% interest and, USEG and Crested will hold a 50% interest in the projects in accordance with their Mining Joint Venture agreement.

The drilling, which was designed to provide samples for confirmation of previous drilling and for disequilibrium studies on the Sahara deposit, has successfully completed its objectives. All five of the holes had high core recovery (90-99%) and intersected uranium mineralization consistent with results from earlier drilling (1978-79) by Energy Fuels. The best intercept was 5 ft at an average grade of 1.22% eU3O8 in drill hole GR-1002, at a depth of 438.0 - 443.0 feet, which ranks as one of the best intercepts in the deposit.



Summary of Drill Intercepts:

Hole # Total depth (ft) From-To (ft) Thickness (ft) %eU3O8

GR-1001 522.0 458.5-461.0 2.5 0.13

GR-1002 510.0 430.5-434.5 4.0 0.10
and 438.0-443.0 5.0 1.22

GR-1003 510.0 446.5-449.0 2.5 0.10

GR-1004 510.0 429.0-442.0 13.0 0.10

GR-1005 510.0 448.0-452.0 4.0 0.07
and 467.5-472.5 5.0 0.04


Drilling of approximately 12 exploration rotary holes is now under way on the property and will be reported on as results become available.

The Green River South property is located about 90 miles by road from the Shootaring Canyon uranium mill currently owned by UPC joint venture partner U.S. Energy Corp.

Chris M Healey, P. Geo, Vice President - Exploration for UPC, is the Qualified Person as defined in NI 43-101 responsible for the technical information in this release.

Rahoul Sharan, President, UPC commented, "These positive results indicate that our plans to put the Sahara deposit into production at an early date are realistic and attainable."

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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