Last updated on April 16, 2014 at 5:20 EDT

Uranium Energy Corp Reports an Inferred Resource of 4.6 Million Pounds U3O8 Grading 0.296% at the Company’s Slick Rock Project in Colorado

January 8, 2013

NYSE MKT Equities Exchange Symbol – UEC

CORPUS CHRISTI, TX, Jan. 8, 2013 /PRNewswire/ – Uranium Energy Corp (NYSE MKT:
UEC, the “Company”) is pleased to announce that the Company has
received an independent CSA National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101″) inferred resource estimate for its Slick Rock Project
located in San Miguel County, Colorado (the “Slick Rock Project”). The
inferred resource estimate was produced by Bruce Davis, of BD Resource
Consulting, Inc., and Robert Sim, of Sim Geological, Inc., both
Qualified Persons within the meaning of NI 43-101. The inferred mineral
resource at various cutoff grades is shown below:

    |Cut-off Grade|        |        | Contained |
    |    U3O8%    |k tonnes|U3O8 (%)|U3O8 (Mlbs)|
    |                                           |
    |       0.1   |  4,192 |  0.187 |     15.7  |
    |      0.15   |  2,545 |  0.228 |     11.6  |
    |       0.2   |  1,646 |  0.255 |      8.4  |
    |      0.25   |   775  |  0.296 |      4.6  |
    |       0.3   |   274  |   0.34 |      1.9  |
    |      0.35   |    71  |  0.415 |      0.6  |
    |       0.4   |    69  |  0.417 |      0.6  |

This resource estimate is based on a total of 207,900 feet of drilling
in 284 holes. It was generated from drill hole sample radiometric
assays and the interpretation of a geologic model which relates to the
spatial distribution of uranium in the deposit. Grade estimates are
made using ordinary kriging with nominal blocks measuring 50 feet by 50
feet. The inferred resources have been classified relative to their
proximity to sample locations and are reported in accordance to the CIM
Definition Standards for Mineral Resources and Mineral Reserves.

An NI 43-101 compliant technical report detailing this inferred mineral
resource estimate will be filed on SEDAR (www.sedar.com and the Company’s website www.uraniumenergy.com) within 45 days from this news release.

The Slick Rock Project also hosts a vanadium Exploration Target of 9 to
62 million pounds, as noted in the following table:

    |           |  Tonnes |   Pounds |Grade % V2O5|
    |                                             |
    |Lower Limit| 274,000 |9,000,000 |      1.49  |
    |Upper Limit|4,192,000|62,000,000|      0.67  |

The exploration target tonnage is based on tonnage estimates for uranium
at 0.1% U(3)O(8) and 0.3% U(3)O(8 )cutoff grades. The estimated grade range is the result of reviewing
vanadium grades in holes in and around the area of interest and from
grades mined historically from the Slick Rock deposit. There are a very
limited number of drill holes in which analyses were conducted for
vanadium content and, in some of these drill holes, the measured
vanadium intervals do not exactly correspond with the uranium intervals
in the same hole. Note the values for tonnage, grade, and contained
metal in the table are separate ranges of potential. For example, the
grade may range over the values from 0.67% V(2)O(5) to 1.49% V(2)O(5) and the highest grade is not directly associated with the lowest

All tonnages, grades, and contained pounds of vanadium should not be
construed to reflect a calculated mineral resource (inferred,
indicated, or measured). The potential quantities and grades, as
stated, are conceptual in nature, and there has been insufficient work
to date to define a NI 43-101 compliant resource. Furthermore, it is
uncertain if additional exploration will result in the discovery of an
economic vanadium mineral resource on the Slick Rock Project.

Vanadium is a rare specialty metal that is used to strengthen steel and
to make it more resistant to corrosion and abrasion. World production
is only approximately 60,000 tonnes annually. A recent price for
vanadium pentoxide was $5.75 per pound or $12,650 per tonne.

The Slick Rock Project is located in San Miguel County, southwest
Colorado, approximately 23.9 miles north of the town of Dove Creek. The
general area is east of the Dolores River in the Slick Rock District of
the Uravan mineral belt. All claims are contiguous. The entire claim
block (293 mineral lode claims) encompasses an area of approximately
4,858.5 acres or 7.6 square miles.

Slick Rock Project History

Surficial to shallow uranium/vanadium mineralization has been known in
the Slick Rock area since the early 1900s (then called the McIntyre
district). First mined for uranium, then radium, until 1923 numerous
companies sporadically operated small-scale mining and processing
facilities along the Dolores River. In 1931 a mill was constructed by
Shattuck Chemical Co. for the processing of vanadium ore. Beginning in
1944, the area was worked by the Union Mines Development Corp. for
uranium ore. The uranium was used in the development and construction
of the first atomic bombs.

Between November 1948 and March 1956, the U.S. Geological Survey
(“USGS”) drilled 2,641 holes in the Slick Rock district to explore for
uranium and vanadium-bearing deposits. The drilling was part of a
program of exploration conducted on behalf of the U.S. Atomic Energy
Commission (OFR70-348). Fifty-two of these drill holes were located
within the boundaries of the Company’s Slick Rock project area. The
first phase of the USGS’s exploration was for geological data and to
delineate areas of favorable ground. This widely spaced drilling was
done on approximately 1,000-foot centers. The second phase was drilled
with more moderate spacing, 100-300 foot centers, to discover deposits.
The third phase was drilled on closely spaced, 50-100 foot centers, to
extend and outline any deposits discovered by earlier drilling (Weir,
1952). Private industry was also actively exploring the district.
District-wide, an estimated 212,000 feet of drilling was completed by

By December 1955, Union Carbide Nuclear Corp. (UCNC) had drilled out a
sufficient resource on the north side of Burro Canyon to commence the
sinking of three shafts. Shaft sinking was completed by December 1957
on the Burro #3, #5, and #7 mines to total depths of 408 feet, 414
feet, and 474 feet respectively. Initial shipments of ore to UCNC’s
concentrating mill at Slick Rock were also made in 1957. Final
processing of the concentrated ore was done at the UCNC mill in Rifle,

As of 1971, the last year that the Atomic Energy Commission reported
production figures, the Burro mines had produced 404,804 tons of ore at
a grade of .25% U(3)O(8) yielding 1,992,898 lbs U(3)O(8) and 1.5% V(2)O(5) yielding 12,149,659 lbs V(2)O(5). According to the records of the Colorado Bureau of Mines annual
reports, the Burro mines produced an additional 243,825 lbs U(3)O(8) at an average grade of .20% and 1,791,798 lbs V(2)O(5) at an average grade of 1.4% up until 1983 when depressed uranium prices
forced the cessation of mining activities. The total production of the
Burro mines was 2,236,723 lbs U(3)O(8) and 13,941,457 lbs V(2)O(5), summarized below.

    |Production years|lbs U3O8 | lbs V2O5 |
    |                                     |
    |     1957-1971  |1,992,898|12,149,659|
    |     1971-1983  | 243,825 |1,791,798 |
    |        Total   |2,236,723|13,941,457|

The Company’s Slick Rock project has received more recent exploration
activities by U.S. Energy, Energy Fuels Resource Corp, and Homeland
Uranium. In 2006, U.S. Energy drilled 17 boreholes. All were completed
to target except one. The results of the drilling are tabulated in the
table below.

                                                  U.S. ENERGY DRILLING
    |Borehole| Grade  |Thickness|              |         |Elevation|  Base   |
    |        |        |         |              | Member/ |         |Elevation|
    |   ID   |(%eU3O8)|  (ft)   |Classification|Formation|  (ft)   |  (ft)   |
    |        |        |         |              |         |         |         |
    |SR-1001 |  0.026 |    2.5  |  Mineralized |Salt Wash|5875.888 |  5043.4 |
    |SR-1002 |  0.038 |    2.5  |  Mineralized |Salt Wash| 5869.36 |  5012.4 |
    |SR-1003 |        |         |      Barren  |Salt Wash|5862.356 |         |
    |SR-1004 |        |         |      Barren  |Salt Wash|5868.901 |         |
    |SR-1005 |        |         |   Anomalous  |Salt Wash|5827.551 |         |
    |SR-1006 |  0.046 |    4.5  |  Mineralized |Salt Wash|5848.692 |  4857.2 |
    |SR-1007 |  0.091 |      5  |  Mineralized |Salt Wash|5834.572 |  4883.1 |
    |SR-1008 |        |         |   Anomalous  |Salt Wash|5853.003 |         |
    |SR-1009 |        |         |      Barren  |Salt Wash|5843.766 |         |
    |SR-1010 |  0.015 |         |              |   Burro |5836.449 |  5467.4 |
    |        |        |      2  |   Anomalous  |  Canyon |         |         |
    |SR-1011 |        |         |   Abandoned  |         |5750.323 |         |
    |SR-1012 |  0.094 |      2  |  Mineralized |Salt Wash|5733.503 |  4587.5 |
    |SR-1013*|   0.55 |    3.5  |  Mineralized |Salt Wash|5717.735 |  4571.9 |
    |SR-1013*|   0.19 |    5.5  |  Mineralized |Salt Wash|5707.707 |  4561.7 |
    |SR-1014 |        |         |      Barren  |Salt Wash|5725.494 |         |
    |SR-1015 |        |         |      Barren  |Salt Wash|5743.665 |         |
    |SR-1016 |  0.058 |    1.5  |  Mineralized |Salt Wash|5727.591 |  4532.6 |
    |SR-1017 |   0.29 |      4  |  Mineralized |Salt Wash|5750.502 |  4566.5 |

               *Two intercepts 10.5 feet apart vertically.

    The information contained in the table was obtained by the
                 Company in a 2011 claim purchase


In 2008, Homeland drilled 4 boreholes in an attempt to “twin”
mineralized boreholes drilled by the Atomic Energy Commission in the
1950′s. All were completed to target depth and the results are
tabulated in the table below.

                                                HOMELAND DRILLING
    |         |        |         |              |         |         |  Base   |
    |Borehole | Grade  |Thickness|              |         |Elevation|         |
    |         |        |         |              | Member/ |         |Elevation|
    |   ID    |(%eU3O8)|  (ft)   |Classification|Formation|  (ft)   |  (ft)   |
    |         |        |         |              |         |         |         |
    |SR-08-001|  0.764 |      1  |  Mineralized |Salt Wash|5725.066 |   4800  |
    |SR-08-002|  0.046 |    3.8  |  Mineralized |Salt Wash|5846.457 |   4950  |
    |SR-08-003|   0.12 |      2  |  Mineralized |Salt Wash|5761.155 |   4675  |
    |SR-08-004|  0.033 |      1  |   Anomalous  |Salt Wash|5748.031 |   4775  |

    The information contained in the table was obtained from public
    information published by Homeland Uranium

Current Status

The Slick Rock Project will most likely be produced through underground
mining methods following rehabilitation and development of existing
shafts, portals and workings.  The Company is in possession of much of
the historical data including drill maps, drill logs, mine workings
maps, partial assay reports, and miscellaneous exploration and
production reporting. Additional work is planned by the Company to
verify and further quantify the vanadium mineralization.

The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI
43-101 and was 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 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 mine, which has recently expanded its
initial production, and the Goliad in-situ recovery project, which is
now fully permitted and in 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.

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

Notice to U.S. Investors

The mineral resources referred to herein have been estimated in
accordance with the definition standards on mineral resources of the
Canadian Institute of Mining, Metallurgy and Petroleum referred to in
NI 43-101 and are not compliant with U.S. Securities and Exchange
Commission (the “SEC”) Industry Guide 7 guidelines.  In addition,
measured mineral resources, indicated mineral resources and inferred
mineral resources, while recognized and required by Canadian
regulations, are not defined terms under SEC Industry Guide 7 and are
normally not permitted to be used in reports and registration
statements filed with the SEC. Accordingly, we have not reported them
in the United States. Investors are cautioned not to assume that any
part or all of the mineral resources in these categories will ever be
converted into mineral reserves. These terms have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. In particular, it should be noted that
mineral resources which are not mineral reserves do not have
demonstrated economic viability. It cannot be assumed that all or any
part of measured mineral resources, indicated mineral resources or
inferred mineral resources will ever be upgraded to a higher category.
In accordance with Canadian rules, estimates of inferred mineral
resources cannot form the basis of feasibility or other economic
studies. Investors are cautioned not to assume that any part of the
reported measured mineral resources, indicated mineral resources or
inferred mineral resources referred to herein are economically or
legally mineable.

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

SOURCE Uranium Energy Corp

Source: PR Newswire