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Uranium Energy Corp announces progress at the Cebolleta Uranium Project, Cibola County, New Mexico

February 20, 2008

AUSTIN, TX – February 20, 2008 – Uranium Energy Corp announces that engineering and environmental studies are progressing and are on schedule on the Cebolleta Uranium Project, through the joint venture company, Cibola Resources, LLC.  Cibola Resources, LLC is a limited liability company whose owners are Uranium Energy Corp (49%) and Neutron Energy, Inc. (51%).

The joint venture has designed a confirmation drilling program to verify historic information and provide additional information for a geologic model and development plan.  The drilling program is planned to commence in early summer, 2008.  The joint venture is also conducting environmental baseline evaluations in the project area including fish & game inventories and archeological studies.  Six to eight full-time scientists, geologists and engineers, employees of the joint venture, are assigned to the project, and specialized environmental consulting firms have been contracted.

The Cebolleta Uranium Project is situated in the historic 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 Spanish land grant.  Cibola Resources, LLC holds a mineral lease covering approximately 6,700 acres of privately owned surface and mineral rights.  The project area is the site of the formerly active L-Bar uranium mine, and is adjacent to the formerly active St. Anthony uranium mine.

The Cebolleta Land Grant is a private entity managed by a board of trustees whereby the trustees have the authority to approve the use of assets and natural resources within the grant boundary. Historically, the Cebolleta Land Grant has leased portions of their land for uranium mining, and continues to support the development of uranium resources. Under the Treaty of Guadalupe Hidalgo, which ended the Mexican-American War in 1848, the United States agreed to honor private property within land grants in the territory ceded by Mexico to the U.S.

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.