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Uranium Energy Corp: Initial Production Area Authorization (PAA) Development Completed at Goliad ISR Uranium Project

June 16, 2008

Company also announces the hiring of Andrew Kurrus, with over 30 years experience in South Texas uranium exploration and production, as Senior Geologist

June 16, 2008, Austin, Texas - Uranium Energy Corp (AMEX:UEC), a US-based resource company with the objective of near-term uranium production, is pleased to report that all of the area monitoring wells have been completed for the Company’s first production area.

Following protocol, Uranium Energy Corp formally invited the Texas Commission on Environmental Quality (TCEQ) to observe the sampling procedure and to split water samples with the Company. Analyses of the water will be used to define the baseline quality of the groundwater in the first production area. Analyses will also be used to establish restoration table values for the initial area. All wells have been sampled, with samples having been sent to a qualified laboratory for analysis.

Pumping wells (wells inside the monitor well ring) have also been completed, and they will be used for a required pumping test which is scheduled to take place the week of June 16th. Test results will be used to analyze various site-specific aquifer parameters including: permeability, drawdown, recovery rate and storage properties, and to demonstrate that the monitor wells are hydrologically connected to the interior mineralized zone. The test will also verify the continuity of the confining zone above the ‘B’ Sand. Data from the water quality sampling and the pumping test will provide the key elements for the Production Area Authorization (PAA) application that the Company plans to file with TCEQ later this summer. This is one of several permits to be issued by the TCEQ that are needed to commence production.

During production and restoration, the monitor wells will be tested on a routine basis (every two weeks, as required by the regulations) to verify that water quality outside the production zone is being protected.

To date, a total of 247 drill hole tests have been completed in the ‘B’ Sand mineralized zone, and a total of 116 drill hole tests completed in the ‘A’ Sand mineralized zone. Overall, since the Company initiated its drilling program in summer of 2006, a total of 801 test holes have been drilled for a total of 271,689 feet of drilling.

In additional news, the Company is pleased to report the hiring of Andrew Kurrus, an experienced uranium exploration and mining geologist as Senior Geologist. Mr. Kurrus is a professional geologist specializing in the discovery of economic uranium deposits in South Texas.  He has an impressive 30-year career in South Texas which began with Intercontinental Energy Corp (IEC) in 1978, and was followed by other notable uranium mining companies: Pioneer Nuclear, Tenneco, Malapai Resources, Total Minerals Corporation, and COGEMA Mining Inc.  While at COGEMA Mining (now Areva), and most recently at Mesteña Uranium LLC (owner of the Alta Mesa ISR uranium mine), he discovered previously unknown ore body extensions at existing ISR operations that contributed significantly to the economics of those projects.  Mr. Kurrus is registered as a Professional Geologist; he received his BSc and MSc in Geology from the University of Arkansas.

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.