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Uranium Energy Corp Announces 2008 Uravan Mineral Belt Exploration and Development Program

May 22, 2008

Plans include near-term drilling and bulk sampling of two historic mines

Austin, TX – Uranium Energy Corp (AMEX:UEC), a US-based resource company with the objective of near-term ISR uranium production, is pleased to announce progress with exploration and development of the Company’s Colorado and Utah properties in the Uravan Mineral Belt of the Colorado Plateau. In this historic uranium mining area, the Company controls approximately 12,000 acres of mining claims covering 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.

Following extensive geologic evaluations and corporate prioritization of these properties, Uranium Energy Corp has selected two properties which offer favorable production factors, and is proceeding with exploration permitting.

The Company has received authorization on two Notices of Intent to Conduct Prospecting Operations for Uranium and Vanadium in the Uravan Mineral Belt in Montrose County, Colorado from the Division of Reclamation, Mining and Safety, Colorado Department of Natural Resources. The notices were also submitted to the US Bureau of Land Management (BLM), Colorado. The applications are for Uranium Energy Corp’s Paradox Project and the Bull Canyon Project west of Naturita, Colorado.

The Paradox Project application covers 15 claims (the Gotcha claims) located approximately 10 miles west of Naturita on the west flank of the Paradox Valley adjacent to the Cotter Open Pit Uranium Mine, presently on standby status, at an approximate elevation of 5,950 feet. The Bull Canyon Project covers 13 claims (the Boo claims) in the historic Bull Canyon mining area, about 11 miles west of Naturita at an elevation of 6,244 feet. Both projects are located in the Salt Wash Member of the Morrison Formation on BLM-administered lands. The purpose of the exploration programs is to expand existing information on uranium and vanadium mineralization along the existing trends of the historically mined deposits within these claim blocks.

Thirty drill holes are planned for the Paradox Project to depths averaging 250 feet. In addition, bulk sampling will be performed from previously mined stockpiles at the workings.

Thirty drill holes at depths ranging from 180-220 feet are also planned for the Bull Canyon Project. An existing adit will be stabilized and samples will be taken in the workings for assays.

The data collected from these exploration programs will be integrated with historic drilling and mining information in the area, and evaluated in accordance with the Company’s development and production design model. In addition, the Company has contracted with a local consulting firm to conduct environmental baseline and archeological studies on these two properties as part of the development of applications for mining permits. Concurrent with the permitting work, Uranium Energy Corp has opened a field office in Naturita to facilitate expeditious site development.


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-Exploration for Uranium Energy Corp, a qualified person under NI 43-101.


About Uranium Energy Corp

Uranium Energy Corp (AMEX: UEC) is a US-based 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 this industry gives the Company ongoing uranium mine-finding and mine development expertise.

Contact North America: Investor Relations, Uranium Energy Corp
Toll Free: (866) 748-1030
Fax: (512) 233-2531
E-mail: [email protected]

Stock Exchange Information:
American Stock Exchange Symbol: UEC
Frankfurt 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.