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Uranium Energy Corp. Appoints Doug Norris as ISL Engineering Manager

February 23, 2006

AUSTIN, TEXAS--(CCNMatthews - Feb. 23, 2006) - Uranium Energy Corp. ("UEC") (OTCBB:URME) announces the appointment of James Douglas (Doug) Norris as the Company's ISL Engineering Manager.

Mr. Norris is a professional engineer with twenty-five years aggregate experience, the majority of his career, twenty years, being spent designing and constructing uranium mining facilities. Having held senior engineering, as well as operational positions for uranium producers Rio Algom (now BHP Billiton) and Power Resources (now Cameco), Mr. Norris has been responsible for all phases of mine development, from the grass roots, through to operations management. He was integral to the development of well-known US uranium mines, Smith Ranch and the Highland, both ISL mines, and both located in Wyoming. The Smith Ranch continues to be in production today.

Mr. Norris joins the Company after having recently completed his role as the coordinator of plant development of the Alta Mesa uranium mine for Mestena Uranium LLC in South Texas. He will be instrumental in the design and construction process of UEC's proposed ISL mine in Goliad County, Texas, known as the Goliad Project, as well as assisting the Company in developing its Wyoming assets.

Doug Norris is a Registered Professional Engineer, chartered in the state of Oklahoma. He received his BSc in Chemical Engineering from Louisiana State University. Mr. Norris has also been ISO certified to prepare health and safety risk analyses and mitigation techniques during the plant design, construction and operational phases.

Amir Adnani, President and CEO stated, "We are excited to welcome Mr. Norris to our team. The most significant challenge facing the uranium sector is the shortage of qualified uranium experts, and Mr. Norris brings exceptional technical depth to the Company. The addition of Mr. Norris to Uranium Energy Corp.'s leading ISL uranium mining team will be essential to executing the Company's core objective of developing ISL uranium production in the US."

Chief Operating Officer, Harry Anthony, says of Mr. Norris, "Having worked with Doug over the years on various uranium projects, I am impressed with his outstanding professional achievements in the uranium industry, as well as his uncanny consistency in delivering substantial cost-savings and efficiencies to every project he has been involved with. Doug fulfills an essential element of our strategy of near-term ISL uranium production in the United States."

About Uranium Energy Corp.

Uranium Energy Corp. (OTCBB:URME) is a US-based junior resource company with the near-term objective of uranium production in the United States. The company has a mandate to acquire historical uranium resources that can quickly be developed into producing uranium mines. Its management is comprised of veteran mining and exploration professionals eminent in the field of uranium, whose collective experience in the mining industry, and specifically in the uranium mining sector, gives the Company over 150 years of uranium mine-finding and uranium mine development expertise. UEC is well positioned to capitalize on the world's first significant alternative energy boom. See www.uraniumenergy.com for more information.

Stock Exchange Information: Symbol: OTCBB - URME

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.