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Uranium Energy Corp: Draft Mine Permit Issued For Goliad ISR Uranium Project In South Texas

June 5, 2008

First Draft Permit to be Issued in over Ten Years to a Publicly Listed Company in the U.S.

Austin, Texas – Uranium Energy Corp, a U.S.-based resource company with the objective of near-term uranium production, is pleased to report that the Texas Commission on Environmental Quality (TCEQ) has issued a Draft Mine Permit for the Company’s Goliad ISR Uranium Project in South Texas. The issuance of the draft mine permit follows an intensive nine-month technical review of the mine permit application by the TCEQ.

The permitting of uranium mining in Texas is administrated at the state level. The U.S. Nuclear Regulatory Commission (NRC) has delegated its authority to the state regulatory agencies, and companies deal directly with the state agencies in Texas rather than the NRC. Texas is known as an “Agreement State.” In 2007, Texas further streamlined the permitting process by putting the TCEQ in control of the entire permitting process. Uranium producers and near-term producers deal with one agency, the TCEQ, for all required and related permits and licenses. As it has done for decades with oil and gas production, Texas is the state that is giving priority to uranium permitting and production directly.

This is the first draft permit to be issued in over 10 years to a publicly listed company in the United States. A private company, Mestena Uranium LLC, also based in south Texas, was issued such a draft permit eight years ago and is producing approximately one million pounds of U3O8 annually using in-situ recovery.

Commenting on this milestone, Harry Anthony, Chief Operations Officer, stated, “We are very pleased with the rapid progress we are making with the Goliad project. Receiving the Draft Mine Permit for Goliad after a nine-month period of review validates the detailed technical understanding that company staff are developing about the project area.”

Notice of the draft permit will be published in project-area newspapers for public comment for thirty days. TCEQ will prepare a response to comments, and the draft permit will be placed on the Commissioners’ agenda for completion. Uranium Energy Corp is on schedule to file the remaining applications this summer for starting ISR production at the Goliad Project, which include applications for a Production Area Authorization, a Disposal Well Permit and a Radioactive Material License.

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.