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ENG GER

2008

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Uranium Energy Corp Completes Filing of Final Permit Applications for the Goliad ISR Project in South Texas

December 2, 2008

Austin, TX, December 2, 2008 -- Uranium Energy Corp (AMEX: UEC) is pleased to announce that the Company has filed all permit applications for In-Situ Recovery of uranium at the Company’s flagship Goliad Project in South Texas. On December 1, Uranium Energy filed a Radioactive Material License Application (RMLA) and a Permit by Rule Application (PBRA) with the Texas Commission on Environmental Quality (TCEQ), the final two applications that needed to be filed. 

Because uranium recovery projects require a number of authorizations, a recap of Uranium Energy’s permit applications and the status of each follows:

  • Mine Permit -- The draft mine permit was issued by TCEQ in June 2008, and is subject to further consideration by TCEQ. Approval of the other permits is needed before recovery operations can be initiated.
     
  • Production Area Authorization (PA-1) -- The application was filed with TCEQ in September 2008, and is undergoing technical review.
     
  • Class 1 Non-hazardous Waste Disposal Well Applications -- Two disposal well applications were filed with the TCEQ and the Railroad Commission of Texas (RCT) in late September. The RCT concluded its review of the applications in October 2008, and issued a determination that the Company’s waste disposal well(s) will not injure or endanger any known oil or gas reservoir. The RCT review is complete. The applications are presently undergoing technical review by the TCEQ.
     
  • Radioactive Material License Application -- The application was filed on December 1, and is undergoing administrative review.
     
  • Permit by Rule (PBR) -- The application was filed on December 1. Because Goliad facilities will have only minimal air emissions, the project is expected to qualify for a PBR.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed by Clyde L. Yancey, P.G., Vice President-Exploration for the Company, a QP 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.  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
WKN: AØJDRR
ISN: US916896103

Forward-Looking Statement Disclaimer

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.