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Uranium Energy Corp Announces Results of Metallurgical Testing at Its Goliad Uranium Project

May 3, 2007

Extraction Efficiency of 86% To 89% Uranium from Goliad Ore Indicates Favorable Amenability to ISR Mining

AUSTIN, TX – May 3, 2007 – Uranium Energy Corp announces results of Recovery Amenability and Oxidant Requirement Tests that were conducted by Energy Laboratories Inc. of Casper, Wyoming.  The tests were conducted on uranium core samples recovered by Uranium Energy Corp during its 2006/07 drill program at the Goliad Uranium Project in South Texas.  These metallurgical test results indicate that Goliad Project mineralized material is amenable to a high degree of uranium recovery.

Recovery Amenability studies demonstrate that a uranium ore can be leached by using conventional in-situ recovery (ISR) chemistry.  The tests do not approximate in-situ conditions (permeability, porosity, and pressure) but provide an indication of an ore’s reaction rate and the potential uranium recovery.

The results of the 4 bottle roll leach tests indicate that the recovery efficiencies for the Goliad Project’s “A” Sand were in the range of 86 to 89%. The ore is easily dissolved and the extraction efficiency is only slightly dependent on the amount of oxygen used during the leaching process.  Of 4 tests conducted, 2 were conducted with a "standard strength oxidizer" or 0.5 g/L H2O2, while the other 2 tests were conducted with ½ the "standard strength oxidizer" or 0.25 g/L H2O2.  Results of the four leach tests are summarized below:

Core Sample

Ore Grade
% U

% U – Extraction Efficiency

Oxidant Strength H2O2 Added- g/ L

106 – 107’




107 - 108’




111 – 112’




114 – 115’




Test Conditions

Company geologists selected 4 core interval samples for sequential leach amenability and oxidant requirement studies.  The first 2 intervals represented relatively high grade ore, in the range of 0.08% uranium, and the second pair of samples represented lower grade ores.  Ore grade on the splits used for the leach test was chemically verified on a whole ore basis.

Split sections of one foot of core were placed in 2-liter, wide-mouth plastic containers and a lixiviate comprised of 2.0 g/L HCO3 (NaHCO3) and either 0.50 g/L H2O2 or 0.25 g/L H2O2 was added at a 5 pore-volume (5PV) liquid-to-solid ratio.  One pore-volume of the selected core samples should, at roughly 30% porosity, equal 100ml.  Five hundred milliliters of the lixiviate was added to the 333 cm3 core samples and the reaction vessel was rotated on a TCLP extractor for 16 hours at 30 RPM.

This step was repeated 5 more times with fresh lixiviant representing a total of 30 pore volumes of contact. Uranium recoveries ranged from 86.4% to 88.9% indicating favorable amenability to ISR processing.

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.