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Uranium Energy Corp Establishes Land Position in Historic Red Basin Uranium District in New Mexico

December 5, 2007

The Red Basin Project is the Location of Historic Kerr-McGee High-Grade Uranium Discovery

AUSTIN, TX – December 5, 2007 – Uranium Energy Corp announces that it has established a strategic land position of approximately 1,800 acres, consisting of 73 lode claims, in the Red Basin Uranium District, located in Catron County, New Mexico.  The acquisition of this project, which the Company has named the Red Basin Project, was driven by the Company’s evaluation of its Brenniman Database.  (For more information about this database, please see the Company’s news release dated January 9, 2007.) 

The Red Basin Project covers an area of high-grade uranium mineralization reportedly drilled by Kerr-McGee in the Tertiary de Baca Formation, immediately above the contact with the Cretaceous Mesaverde Group.  An internal memo by Kerr-McGee states that mineralization is reported to be at a depth of between 200 and 400 feet. This has not been verified through drilling by the Company.  Historic production grades, as reported by the New Mexico Bureau of Mines and Mineral Resources in the Red Basin District averaged 0.17% U3O8.  The disclosure related to the historic production grades has not been independently verified. The statement is considered relevant, but cannot be relied upon without verification.

The Red Basin is approximately 100 miles west of Socorro, New Mexico, and is positioned on the margin of two physiographic provinces, the Colorado Plateau and Basin and Range Province.  The Tertiary and Cretaceous formations outcrop along this provincial margin trend, from just north of Magdalena, west to the Arizona state line.  This uranium trend was the subject of intense exploration activity during the previous uranium cycle in the 1970s, from companies such as Kerr-McGee, Pioneer Nuclear, Gulf Minerals, Occidental Minerals, Energy Reserves Group, United Nuclear Corp, and Teton.

The Company is further evaluating data on this prospective uranium play, and plans to increase its land position in this trend, which will encompass both New Mexico, and to the west in Arizona.

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. 

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]

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.