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Uranium Energy Corp Announces Progress on Mine Permitting and Development at Its 100%-Owned Goliad Uranium Project

January 25, 2007

Cultural Resources Assessment Completed, and Baseline Groundwater Studies are Proceeding Ahead of Schedule

Austin, Texas, USA – January 25, 2007 – Uranium Energy Corp announces its progress on various aspects of ISR mine permitting and development at its 100%-owned Goliad Uranium Project in south Texas.  The Company has completed the Cultural Resource Survey and Assessment, which was an important licensing requirement.  The Company has also expedited baseline groundwater studies, which are an integral part of obtaining a mine permit from the Texas Commission on Environmental Quality (TCEQ).

The Cultural Resource Survey and Assessment has concluded that the Goliad Project will not have any impact on cultural resources in the permit area, and that no further work is required on this matter by the Company. The assessment will undergo a review by the Texas Historical Commission.

According to state regulation, all water wells within a one kilometer area around the project site are required to be located and sampled.  The Company has now satisfied this requirement.  Laboratory analyses from the sampling effort are being processed, and an evaluation of the water quality is being written as part of the mine permit application.  The first set of permit area baseline wells is nearing completion.  The baseline wells provide geologic, hydrologic and water quality data for the Texas Commission on Environmental Quality (TCEQ) mine permit application.

Mine plan development, process facility design, and waste disposal well location evaluation are also proceeding on schedule.  The Company expects work to begin on the baseline radiological, socioeconomic, ecological, and soil assessments in the next few weeks.

About Uranium Energy Corp

Uranium Energy Corp (URME: OTCBB) is a US-based junior resource company with the objective of becoming a near-term ISR uranium producer in the United States.  The Company is developing its advanced-stage Goliad Project in South Texas, with ISR uranium production projected to begin in 2009.  Uranium Energy Corp controls one of the largest historical uranium exploration and development databases in the US.  Through the use of these databases, the Company has acquired advanced uranium properties throughout the southwestern US.  Operations management is comprised of pre-eminent uranium mining and exploration professionals, whose collective experience in the uranium mining industry gives the Company ongoing uranium mine-finding and uranium mine development expertise.  Uranium Energy Corp is well positioned to capitalize on the current alternative energy boom.  For more information, please visit www.uraniumenergy.com.

Contact North America:  Investor Relations, Uranium Energy Corp
Toll Free: (866) 748-1030
Phone: (604) 682-9775
Fax: (604)  682-3591
E-mail: [email protected]
Website: www.uraniumenergy.com

Contact Europe:  International Market Trend AG
Phone:  +41.43.888.67.00
Fax:  +41.43.888.67.09

Stock Exchange Information: 
Frankfurt Stock Exchange Symbol: U6Z
Berlin Stock Exchange Symbol: U6Z
ISN: US9168961038

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended.  Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.  These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.  Such risks and uncertainties may include, but are 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, the ability to attract and retain skilled personnel and factors outside the control of the Company.  These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.  Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate.  Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the United States Securities and Exchange Commission.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.