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Uranium Energy Corp Appoints Uranium Mining Veteran Robert Underdown as Manager of Texas Operations

Uranium Mining Veteran Adds 30 Years of Operational and Regulatory Experience to the Company’s Technical Team

AUSTIN, TX – June 1, 2007 – Uranium Energy Corp (OTCBB: URME)(Frankfurt: U6Z)(Berlin: U6Z) announces the appointment of Robert Underdown as Manager of Texas Operations.  Mr. Underdown has held senior operational positions at ISR uranium mines in Texas since 1978; he has extensive experience designing, managing and reclaiming ISR uranium mines.  Throughout his career, Mr. Underdown has liaised with regulatory bodies in Texas, specifically pertaining to ISR uranium production.  He has also been responsible for managing hundreds of mine personnel, including being responsible for their safety. 

Mr. Underdown has a BSc in Engineering Technology from the Texas A&M University.  In his capacity as mine manager, he received training and accreditation in a multitude of health and safety programs.  Mr. Underdown’s highly specialized experience will be invaluable as the Company progresses towards safe, compliant, and yet efficient ISR mining operations, particularly at the Goliad Project, and its satellite operations.  Mr. Underdown will report directly to Chief Operating Officer, Harry Anthony.

The Company has also promoted Clyde Yancey to Vice President of Exploration, from Chief Geologist.  Mr. Yancey received his BSc in Geology from Trinity University, San Antonio, Texas in 1975, and his MSc in Geology from the South Dakota School of Mines and Technology in 1978.  Mr. Yancey began his professional career with the USGS - Uranium and Thorium Resources Branch in 1978. He continued working in uranium development through 1989 while employed in exploration and in-situ mining production for Wyoming Minerals Corporation, Caithness Mining Corporation, Mobil Oil, and Moore Energy.  During this period, he discovered several uranium deposits including the Weesatche/Goliad and Southeast El Mesquite.  From 1989 to the present, he has concentrated on reclamation investigations at various uranium mill tailings sites throughout the southwest United States for mining companies, government agencies and First Nations.

The Company has also adjusted the daily responsibilities for Randy Reneau for health reasons. Mr. Reneau has served as Chief Exploration Officer, and will now act in the capacity of senior consulting geologist.  He continues as a member of the board of directors.

This new organizational structure will ensure a more efficient chain of command amongst our team of uranium professionals as operations expand.

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.