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Uranium Energy Corp Announces Progress at Its Cebolleta Uranium Project

November 5, 2007

- NI 43-101 Technical Report Completed and Filed on SEDAR

- Confirmatory Drilling Program Planned For Spring 2008

AUSTIN, TX – November 5, 2007 – Uranium Energy Corp announces that exploration of the Cebolleta Uranium Project is continuing, through the joint venture company, Cibola Resources LLC.  Cibola Resources LLC is a limited liability Company whose owners are Uranium Energy Corp and Neutron Energy Inc.

The Cebolleta Uranium Project is situated in the Laguna mining district, approximately 45 miles west of Albuquerque, New Mexico.  The project is situated on the southeastern portion of the Cebolleta Land Grant, a former Spanish land grant.  Cibola Resources holds a mineral lease covering 6,700 acres of privately owned surface and mineral rights.  The project area is the site of the formerly active St. Anthony and L-Bar uranium mines.  The recently released NI 43-101 Technical Report reports an historic resource of 8,395,000 tons at an average grade of 0.124%, or approximately 20,861,000 pounds of U3O8.

In May 2007, the Company announced that Cibola Resources had acquired an extensive database covering the property.  This database includes 601,486 feet of drilling, drill hole location maps, various geologic and engineering reports, and underground long-hole drilling information.  Since acquisition, this information has been digitally formatted into a database, and can now be utilized to create a three-dimensional model of the mine workings and mineralized zones.  Based on the mine modeling, Cibola Resources will develop a comprehensive confirmation drilling program.  It is anticipated that the model will be completed very shortly, and the drilling program designed by early December 2007.  Drilling permit applications should be submitted to the regulatory authority by the end of 2007, with drilling operations scheduled to begin during the second quarter of 2008.

All resource estimates quoted herein are based on data and reports obtained and prepared by previous operators.  They were calculated using methods and procedures that were standard in the US uranium industry at the time they were prepared.  This historic resource estimate is considered to be relevant based on the amount and quality of historic work completed but should not be relied upon.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Clyde L. Yancey, P.G., Vice President of Exploration for Uranium Energy Corporation, a qualified person under NI 43-101

About Uranium Energy Corp

Uranium Energy Corp (AMEX: UEC) is a US-based junior resource company with the objective of becoming a near-term ISR uranium producer in the United States.  The Company 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: 
American Stock Exchange Symbol: UEC
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.