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Uranium Energy Corp Makes Progress with Permitting at the Goliad ISR Project and Provides Corporate Development Update

October 15, 2008

Austin, TX, October 15, 2008 -- Uranium Energy Corp (AMEX: UEC) is pleased to announce that it has filed two Class I Non-hazardous Waste Disposal Well Applications (WDWA) with the Texas Commission on Environmental Quality (TCEQ) for the Company’s Goliad ISR Uranium Project in South Texas. The on-site wells will be used for the disposal of fluids associated with uranium recovery and aquifer restoration activities. As with the previously filed Mine Permit Application and Production Area Authorization Application, TCEQ will conduct administrative and technical reviews of the Waste Disposal Well Applications.

Corporate Update

The Company is also implementing a series of cost-saving programs by reassessing field personnel and postponing planned expenditures on non-core initiatives,   The Company is postponing planned exploration programs for its Colorado Plateau projects, as one example, and reorganizing resources to adjust to the reduced number of work programs outside of Texas.    

Amir Adnani, president and CEO stated: “As the first public company in over 10 years to receive a draft uranium mine permit in the U.S., the Company’s first and highest priority remains advancing our near-term production efforts in South Texas at our Goliad ISR Project.  However, in light of current uncertain market conditions, the Company is fortunate to have raised $15.3 million in the equity markets this past summer, and will remain vigilant to preserve its strong working capital position.  To this end, UEC is implementing a series of cost-saving programs to conserve its cash position, one of the strongest in the junior uranium sector, while improving our focus on our near-term production potential in South Texas.”

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.  Utilizing its extensive information library of historic uranium exploration and development work, the Company has acquired and is advancing uranium properties throughout the southwestern US. A Draft Mine Permit was recently issued for the Company’s lead project, the Goliad ISR Uranium Project in south Texas. 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)  535-0832
E-mail: [email protected]

Stock Exchange Information: 
American Stock Exchange Symbol: UEC
Frankfurt Stock Exchange Symbol: U6Z
ISN: US916896103

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.