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Uranium Energy Corp to Acquire Past-Producing Ann Lee and Sandstone Uranium Mines in New Mexico

New Acquisition to Yield Significant Historical Uranium Resources, and Prior Mining and Exploration Data

AUSTIN, TX – April 3, 2007 – Uranium Energy Corp has entered into an agreement with Spider Rock Mining, a private company, to acquire 8,500 acres under the administration of the U.S. Bureau of Land Management within the heart of the Ambrosia Lake Mining District, in the state of New Mexico.  As part of the agreement, the Company will also acquire historic production information covering most of the property.  The agreement is subject to a 30-day due diligence period.

The acquisition is the site of over 8.5 million pounds of historical underground uranium production, primarily from the Ann Lee and Sandstone Mines, and is contiguous to the current uranium resource holdings of BHP Billiton.  The Ambrosia Lake District includes some of the largest past-producing uranium mines in the U.S., operated at the time by Kerr McGee (now Andarko Petroleum), Homestake Mining (now Barrick Gold), Phillips Petroleum (now Conoco Phillips), and United Nuclear Corp.  A substantial amount of production, development and exploration work has been completed on this property by these companies.

The Ann Lee Mine was operated by Phillips Petroleum from 1958 to 1963, and by United Nuclear Corp from 1963 through 1980.  Over 5 million pounds of uranium were produced at an average grade of 0.2%.  The Sandstone Mine was operated by United Nuclear Corp from 1959 through 1980.  Over 3.5 million pounds of uranium were produced at an average grade of 0.17%.  The uranium was mined from five ore zones within the Westwater Canyon member of the Morrison Formation, and the ore zones were approximately 6 feet thick with grades up to 0.56%.

Concurrent with the closing of this acquisition and the due diligence period, the Company is pursuing the acquisition of additional uranium production and exploration data covering the property.  Company geologists are also actively reviewing underground “working” maps of the Sandstone and Ann Lee Mines to establish remaining uranium resources.  These findings are anticipated to be ready upon the final closing of the acquisition within a month.  At that time, an estimate of the total historically drill-indicated uranium resources for this acquisition will be announced. 

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.  The operational 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

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.