Uranium Energy Corp Completes Filing of Final Permit Applications for the Goliad ISR Project in South Texas

American Stock Exchange Symbol - UEC
    Frankfurt Stock Exchange Symbol - U6ZAUSTIN, TX, Dec. 2 /CNW/ - Uranium Energy Corp (AMEX: UEC) is pleased to
announce that the Company has filed all permit applications for In-Situ
Recovery of uranium at the Company's flagship Goliad Project in South Texas.
On December 1, Uranium Energy filed a Radioactive Material License Application
(RMLA) and a Permit by Rule Application (PBRA) with the Texas Commission on
Environmental Quality (TCEQ), the final two applications that needed to be
filed.
    Because uranium recovery projects require a number of authorizations, a
recap of Uranium Energy's permit applications and the status of each follows:-   Mine Permit - The draft mine permit was issued by TCEQ in June 2008,
        and is subject to further consideration by TCEQ. Approval of the
        other permits is needed before recovery operations can be initiated.

    -   Production Area Authorization (PA-1) - The application was filed
        with TCEQ in September 2008, and is undergoing technical review.

    -   Class 1 Non-hazardous Waste Disposal Well Applications - Two
        disposal well applications were filed with the TCEQ and the Railroad
        Commission of Texas (RCT) in late September. The RCT concluded its
        review of the applications in October 2008, and issued a
        determination that the Company's waste disposal well(s) will not
        injure or endanger any known oil or gas reservoir. The RCT review is
        complete. The applications are presently undergoing technical review
        by the TCEQ.

    -   Radioactive Material License Application - The application was filed
        on December 1, and is undergoing administrative review.

    -   Permit by Rule (PBR) - The application was filed on December 1.
        Because Goliad facilities will have only minimal air emissions, the
        project is expected to qualify for a PBR.The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI 43-101 and
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 (AMEX: 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.Stock Exchange Information:

    American Stock Exchange Symbol: UEC
    Frankfurt Stock Exchange Symbol: U6Z
    WKN: AOJDRR
    ISN: US916896103Forward-Looking Statement Disclaimer

    This news release contains forward-looking statements within the meaning
of Section 27A of the United States Securities Act of 1933, as amended, and
Section 21E of the United States Securities and Exchange Act of 1934, as
amended. Statements in this news release, which are not purely historical, are
forward-looking statements and include any statements regarding beliefs,
plans, expectations or intentions regarding the future. These statements
involve risks and uncertainties which could cause actual results to differ
materially from those in the forward-looking statements contained herein. Such
risks and uncertainties may include, but are not limited to, the impact of
competitive products, the ability to meet customer demand, the ability to
manage growth, acquisitions of technology, equipment or human resources, the
effect of economic and business conditions, the ability to attract and retain
skilled personnel and factors outside the control of the Company. These
forward-looking statements are made as of the date of this news release, and
the Company assumes no obligation to update the forward-looking statements or
to update the reasons why actual results could differ from those projected in
the forward-looking statements. 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
United States Securities and Exchange Commission. 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.

For further information: Contact North America: Investor Relations,
Uranium Energy Corp., Toll Free: [phone], Fax: [phone], E-mail:
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