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Uranium Energy Corp Completes Acquisition of Past-Producing Uranium and Vanadium Mines on the Colorado Plateau

Exploration Planned to Commence Immediately; New Colorado Plateau Regional Exploration Office to Be Opened

AUSTIN, TX – May 17, 2007 – Uranium Energy Corp announces the completion of the acquisition of past-producing uranium/vanadium properties, consisting of approximately 5,000 acres in the Uravan Mineral Belt of the Colorado Plateau, in the states of Colorado and Utah.  This acquisition was originally announced on April 10 of this year, and is described further in the Company’s news release of that date.  The closing of the acquisition followed a 30-day due diligence period.

The Company’s property holdings in the Colorado Plateau now include the sites of 15 past producing uranium/vanadium mines.  The aggregate production from these mines was approximately 5 million pounds of uranium, and 16 million pounds of vanadium.  Grades of production in all cases were similar to the averages of 0.25% uranium and 1.7% vanadium that were observed for the rest of the mineral belt.

To date, the due diligence has allowed Company geologists to prioritize certain areas for exploration, and the exploration program is expected to commence without delay.  To that end, the Company intends to establish a Colorado Plateau field office by the early summer of 2007.  Exploration activities will include detailed field mapping of the mineralization, and the acquisition of both drilling and mining permits.  The initial objectives of the drilling program will be delineation of resources and expansion of the known mineralized area.

Amir Adnani, the President and Chief Executive Officer of Uranium Energy Corp, stated: "The Colorado Plateau is the oldest uranium mining area in the United States and with the milling opportunities available through Blanding and Shootaring Canyon mills, this region will soon be back on the US uranium mining map.  The recent acquisition by our company positions us as one of the major players in this region, and expands our strategy for growth in the US uranium industry.”

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.