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Uranium Energy Corp Announces Advances in Permitting for the Goliad ISR Project

February 26, 2009

Permit by Rule Issued, Radioactive Material License Advances to Technical Review, Production Area Authorization and Waste Disposal Well Applications Complete First Technical Review

Austin, TX, February 26, 2009 – Uranium Energy Corp (NYSE-Alt: UEC; the ‘Company’) is pleased to announce further progress with the permitting process for the Company’s Goliad In-Situ Recovery Uranium Project in South Texas. After evaluating the Company’s application regarding air quality permitting, the Texas Commission on Environmental Quality (“TCEQ”) has issued a Permit by Rule (“PBR”) for the Goliad Project. According to the rules on air quality permits, facilities that do not produce significant contaminants to the atmosphere qualify for a PBR. The Company filed its application for the permit in early December 2008 and, after undergoing administrative and technical review, the TCEQ issued the permit.

In addition, TCEQ completed the first phase of the technical review of the Company’s first Production Area Authorization Application and, as part of the review process, a request was made for additional information. The Company provided TCEQ with the additional information on February 20, 2009, and TCEQ is expected to complete its review of the supplemental information within the next 20 days. Providing TCEQ is satisfied with the Company’s response, a Draft Production Area Authorization is expected to be issued in the near future.

Lastly, the TCEQ has completed its Administrative Completeness Review of the Company’s Radioactive Material License Application (“RMLA”). The RMLA has now advanced to the Technical Review phase. As with most RMLA technical reviews, TCEQ will likely request the Company to provide additional information and clarification on certain parts of the Application. To expedite the processing of the Application, the Company stands ready to promptly supply any additional information or clarification that may be needed to complete the review.

In related news at the county level, the Commissioners of Karnes County, Texas, the location of the Company’s Nichols Project, recently initiated and passed by a unanimous vote a resolution to support “uranium project development when all environmental, safety and health issues related to uranium solution extraction have been properly addressed.” The Company’s Nichols Project has an NI 43-101-qualified inferred uranium resource of 1.3 million pounds, potentially the first satellite resource for the Company’s flagship Goliad Project (see news, January 21, 2008). The Goliad Project is located just east of Karnes County.

The Commissioners of Jim Hogg and Duval Counties (counties within the Texas Uranium Province), have also recently passed similar resolutions.

Status of Permitting Progress at the Goliad Project

As noted in an earlier press release on December 2, 2008, the Company completed its filing of all required permit applications for In-Situ Recovery of uranium at the Company’s flagship Goliad Project in South Texas. Since that date significant progress has been made in processing the applications, and a brief update of the permit status follows:

  (a) Mine Permit -- The final draft mine permit was issued by TCEQ in June 2008, and is subject to further consideration.
  (b) Production Area Authorization (PA-1) – Issuance of the Draft Authorization is expected in the near future.
  (c) Permit by Rule - As noted above, the proposed Goliad operation was evaluated by TCEQ for an air quality permit and it was determined that since the operation will not produce significant air contaminants, TCEQ issued the Company a Permit by Rule (PBR).
  (d) Radioactive Material License - TCEQ is conducting its technical review of the Radioactive Material License Application (RMLA) and the Company is awaiting a request for additional information and clarification. Upon receiving the request, the Company will respond in a timely manner (typically 30 days) to help expedite the review process.
  (e) Waste Disposal Well Permit - TCEQ has completed the first phase of its technical review of the Company’s Waste Disposal Well Application and sent out a request for additional information and clarification. The Company expects to provide TCEQ with the requested information within the next 30 days. At that point, TCEQ will evaluate the data as it completes the technical review.
  (f) The U.S. Army Corps of Engineers issued the Company a Jurisdictional Determination. Because the project will not impact waters of the U.S., a 404 permit is not required.
  (g) The Cultural Resource Survey and Assessment has been completed and concluded that the Goliad Project will not have any impact on cultural resources in the permit area, and that no further work is required on this matter by the Company.  As required by the rules, the Texas Historical Commission reviewed the assessment and concurred that the project will not have a significant impact on cultural resources.
  (h) Texas Parks and Wildlife has completed its review of the proposed mine plan and has concluded that there will be no significant impact to wildlife.

About Uranium Energy Corp

Uranium Energy Corp. (NYSE - Alt: 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: 
New York Stock Exchange - Alternext Symbol: UEC
Frankfurt Stock Exchange Symbol: U6Z
ISN: US916896103

Forward-Looking Statement Disclaimer

Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning historical mineral resource estimates should be viewed as forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Forward looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statements filed with the United States Securities and Exchange Commission (the “SEC”) (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). 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 SEC. 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.

Any historical mineral resources referred to by the Company in this news release and in any referenced technical report have not been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101, commonly referred to as “NI 43-101”. As a reporting issuer in Canada, we are required by Canadian law to provide disclosure in accordance with NI 43-101. U.S. reporting requirements for disclosure of mineral properties are governed by the SEC Industry Guide 7. NI 43-101 and Guide 7 standards are substantially different, however Guide 7 does allow the disclosure of mineral resources where required to be disclosed by foreign law.