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Uranium Energy Corp Advances Permitting at Palangana and Goliad ISR Projects

January 11, 2010

AUSTIN TX – January 11, 2010 – Uranium Energy Corp (NYSE-AMEX: UEC, the “Company”) is pleased to announce that the public comment period for the Radioactive Material License (“RML”) for the Company’s Palangana ISR Uranium Project in Duval County, Texas, has closed without receiving any comments. The Company anticipates that the Texas Commission on Environmental Quality (“TCEQ”) will approve the license before the end of this month. When the RML is approved, the Palangana project will have obtained all the permits needed to start operations.

Harry Anthony, Chief Operating Officer, stated, “This will mark a major milestone for the Company.  We are now in the position to plan the critical actions for proceeding to commercial development of Palangana.”

New Satellite Plan for the Goliad Project

In late December 2009, the Company completed the acquisition of the South Texas Mining Venture LLC including the fully licensed Hobson ISR processing facility, located 45 miles from its Goliad project. Because the Company will no longer need to construct a full processing facility at Goliad, it has amended and simplified its permitting details to the TCEQ for Goliad now that only a lower-cost satellite in-situ recovery facility is anticipated.

The remaining hearing regarding the Company’s mine permits at Goliad, which had earlier been scheduled for March 4, 2010, has now been rescheduled for May 3, 2010, to give TCEQ the time to review the simplified production plans at Goliad. 

Mr. Anthony stated, “The additional time needed by TCEQ to review the amended applications before the hearing is routine given the planned changes in production and facilities. The hearing will now also be more limited, only needing to address the development of in-situ recovery facilities at Goliad and not a processing facility. We’re very pleased with the permitting progress to date with both Palangana and Goliad.”

About Uranium Energy Corp

Uranium Energy Corp (NYSE-AMEX: UEC) is a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Goliad and Palangana in-situ recovery uranium projects which are in the final stages of mine permitting for production. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining. The Company is well financed to execute on its key programs. 

Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (512) 535-0832
E-mail: [email protected]

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

Safe Harbor Statement

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.  Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) 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.  Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.