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Uranium Energy Corp Provides Update on Permitting for Goliad, Burke Hollow and Channen Projects in South Texas

May 21, 2012

NYSE MKT Equities Exchange Symbol – UEC

CORPUS CHRISTI, TX, May 21, 2012 /PRNewswire/ – Uranium Energy Corp. (NYSE MKT:
UEC, the “Company” or “UEC”) is pleased to provide an update and
progress report resulting from recent correspondence whereby the
regional EPA requested additional information from the Texas Commission
on Environmental Quality (the “TCEQ”) regarding the Company’s aquifer
exemption at its Goliad in-situ recovery (“ISR”) uranium project
located in Goliad County in South Texas.

The Company has received all of the required permits to begin
construction at the Goliad ISR project. As announced in previous
releases, an aquifer exemption is required before uranium recovery
activities can be initiated. Aquifer exemptions are issued jointly by
the regional EPA and the State (TCEQ). TCEQ has earlier granted the
Goliad project aquifer exemption, and has filed a request for EPA’s
concurrence. With the regional EPA’s concurrence, UEC can initiate
uranium recovery operations at the site.

In past reviews of aquifer exemptions, the EPA has made requests for
additional information as part of its ordinary review process, and, as
noted in its letter to the TCEQ, has issued more than 30 aquifer
exemptions for in-situ uranium mining in Texas. The Company will
continue to work with the TCEQ and the EPA as the review process moves
forward.

Burke Hollow ISR Project in Bee County

The Company is also pleased to report receipt last week of the
exploration permit for the new Burke Hollow project in Bee County.
Exploration drilling will commence here this week. The drilling program
will extend and delineate mineralized zones discovered from historical
drilling by a subsidiary of Total Minerals in 1993, and will also
include a statistical grid covering the entire 17,510-acre property.

Channen ISR Project in Goliad County

By mid-June, UEC also anticipates receipt of the exploration permit for
the Company’s newest project in South Texas, the Channen ISR project in
Goliad County, with initial drilling to commence by the end of June.
The drill program will initially consist of a statistical grid covering
the entire 10,704-acre property.

About Uranium Energy Corp.

Uranium Energy Corp. is a U.S.-based uranium production, development and
exploration company operating North America’s newest emerging uranium
mine.  The Company’s fully licensed and permitted Hobson processing
facility is central to all of its projects in South Texas, including
the Palangana in-situ recovery project, which is ramping up initial
production, and the Goliad in-situ recovery project which has been
granted its Mine Permit and is in the initial stages of mine
construction.  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.

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,
labor 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.

Certain matters discussed in this news release and oral statements made
from time to time by representatives of the Company may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the Federal securities laws. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it
can give no assurance that its expectations will be achieved. 
Forward-looking information is subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected. Many of these factors are beyond the Company’s ability
to control or predict. Important factors that may cause actual results
to differ materially and that could impact the Company and the
statements contained in this news release can be found in the Company’s
filings with the Securities and Exchange Commission. For
forward-looking statements in this news release, the Company claims the
protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995. The Company
assumes no obligation to update or supplement any forward-looking
statements whether as a result of new information, future events or
otherwise.  This press release shall not constitute an offer to sell or
the solicitation of an offer to buy securities.

Contact North America: Investor Relations, Uranium Energy Corp.: 
Toll Free: (866) 748-1030
Fax: (361) 888-5041 
E-mail: info@uraniumenergy.com

Stock Exchange Information:
NYSE-MKT: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103

SOURCE Uranium Energy Corp


Source: PR Newswire