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Uranium Energy Corp Receives Disposal Well Permits for the Goliad ISR Project in South Texas

May 27, 2010

Goliad Permitting Advances Following Conclusion of Hearing

Corpus Christi, TX, May 27, 2010 – Uranium Energy Corp (NYSE AMEX: UEC, the “Company”) is pleased to announce that the Texas Commission on Environmental Quality (TCEQ) has issued both Class I Non-hazardous Waste Disposal Well Permits for the Company’s Goliad in-situ recovery uranium project in South Texas. This follows the Company’s news release dated September 23, 2009, which reported that the final draft permits for the two disposal wells had been issued.

The Company is also pleased to report that the public question-and-answer portion of the remaining hearing process regarding the issuance of final permits for the Goliad project has now been concluded. The administrative judge who presided over the hearing will provide non-binding recommendations to the TCEQ Commissioners who will make a final determination later this year.

In June 2009, the TCEQ approved the Company’s draft Mine Permit and draft Production Area Authorization for the Goliad project. The TCEQ has sole discretion and authority to grant the Company its Mine Permit and PAA, and, when issued, would allow the Company to install the initial wellfield and commence production at Goliad.

In Texas, uranium producers and near-term producers deal with one agency, the TCEQ, for all required and related permits and licenses. Significant progress has been made in processing the applications, and a brief update of the permit status follows:

Status of Permitting Progress at the Goliad Project

  1. Class 1 Non-hazardous Waste Disposal Well Permits – Both Class I Non-hazardous Waste Disposal Well Permits for the Company’s Goliad in-situ recovery uranium project in South Texas have been issued.
  2. Production Area Authorization (PA-1) - The Company received a draft authorization and the TCEQ Commissioners will make a final determination later this year.
  3. Mine Permit – The final draft mine permit has been issued and TCEQ Commissioners will make a final determination later this year.
  4. Permit by Rule - 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
  5. Radioactive Material License - TCEQ is conducting its technical review of the Radioactive Material License Application. The Company stands ready to promptly respond to TCEQ’s request for additional information that may be needed to complete the technical review of the application.
  6. The U.S. Army Corps of Engineers issued the Company a Jurisdictional Determination in August 2008.  Because the project will not impact waters of the U.S., a 404 permit is not required.
  7. A Cultural Resource Survey and Assessment was completed by an independent expert. The Survey 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, in July 2008, that the project will not have a significant impact on cultural resources.
  8. Texas Parks and Wildlife has completed its review of the proposed mine plan and concluded in May 2008 that there will be no significant impact to wildlife.

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 fully-permitted Palangana in-situ recovery project, and the Goliad in-situ recovery project which is 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.   

Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
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.