Uranium Energy Corp Announces Advances in Permitting for the Goliad ISR Project



    
    Permit by Rule Issued, Radioactive Material License Advances to Technical
    Review, Production Area Authorization and Waste Disposal Well
    Applications Complete First Technical Review

    NYSE Alternext - UEC
    Frankfurt Stock Exchange Symbol - U6Z
    

    AUSTIN, TX, Feb. 26 /CNW/ - Uranium Energy Corp (NYSE-Alt: UEC; the
'Company') is pleased to announce further progress with the permitting process
for the Company's Goliad In-Situ Recovery Uranium Project in South Texas.
After evaluating the Company's application regarding air quality permitting,
the Texas Commission on Environmental Quality ("TCEQ") has issued a Permit by
Rule ("PBR") for the Goliad Project. According to the rules on air quality
permits, facilities that do not produce significant contaminants to the
atmosphere qualify for a PBR. The Company filed its application for the permit
in early December 2008 and, after undergoing administrative and technical
review, the TCEQ issued the permit.
    In addition, TCEQ completed the first phase of the technical review of
the Company's first Production Area Authorization Application and, as part of
the review process, a request was made for additional information. The Company
provided TCEQ with the additional information on February 20, 2009, and TCEQ
is expected to complete its review of the supplemental information within the
next 20 days. Providing TCEQ is satisfied with the Company's response, a Draft
Production Area Authorization is expected to be issued in the near future.
    Lastly, the TCEQ has completed its Administrative Completeness Review of
the Company's Radioactive Material License Application ("RMLA"). The RMLA has
now advanced to the Technical Review phase. As with most RMLA technical
reviews, TCEQ will likely request the Company to provide additional
information and clarification on certain parts of the Application. To expedite
the processing of the Application, the Company stands ready to promptly supply
any additional information or clarification that may be needed to complete the
review.
    In related news at the county level, the Commissioners of Karnes County,
Texas, the location of the Company's Nichols Project, recently initiated and
passed by a unanimous vote a resolution to support "uranium project
development when all environmental, safety and health issues related to
uranium solution extraction have been properly addressed." The Company's
Nichols Project has an NI 43-101-qualified inferred uranium resource of 1.3
million pounds, potentially the first satellite resource for the Company's
flagship Goliad Project (see news, January 21, 2008). The Goliad Project is
located just east of Karnes County.
    The Commissioners of Jim Hogg and Duval Counties (counties within the
Texas Uranium Province), have also recently passed similar resolutions.

    Status of Permitting Progress at the Goliad Project

    As noted in an earlier press release on December 2, 2008, the Company
completed its filing of all required permit applications for In-Situ Recovery
of uranium at the Company's flagship Goliad Project in South Texas. Since that
date significant progress has been made in processing the applications, and a
brief update of the permit status follows:

    
     (a)   Mine Permit -- The final draft mine permit was issued by TCEQ in
           June 2008, and is subject to further consideration.

     (b)   Production Area Authorization (PA-1) - Issuance of the Draft
           Authorization is expected in the near future.

     (c)   Permit by Rule - As noted above, 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 (PBR).

     (d)   Radioactive Material License - TCEQ is conducting its technical
           review of the Radioactive Material License Application (RMLA) and
           the Company is awaiting a request for additional information and
           clarification. Upon receiving the request, the Company will
           respond in a timely manner (typically 30 days) to help expedite
           the review process.

     (e)   Waste Disposal Well Permit - TCEQ has completed the first phase of
           its technical review of the Company's Waste Disposal Well
           Application and sent out a request for additional information and
           clarification. The Company expects to provide TCEQ with the
           requested information within the next 30 days. At that point, TCEQ
           will evaluate the data as it completes the technical review.

     (f)   The U.S. Army Corps of Engineers issued the Company a
           Jurisdictional Determination. Because the project will not impact
           waters of the U.S., a 404 permit is not required.

     (g)   The Cultural Resource Survey and Assessment has been completed and
           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 that the project will not have a significant impact on
           cultural resources.

     (h)   Texas Parks and Wildlife has completed its review of the proposed
           mine plan and has concluded that there will be no significant
           impact to wildlife.
    

    About Uranium Energy Corp

    Uranium Energy Corp. (NYSE - Alt: 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:

    New York Stock Exchange - Alternext Symbol: UEC
    Frankfurt Stock Exchange Symbol: U6Z
    WKN: AØJDRR
    ISN: US916896103
    

    Forward-Looking Statement Disclaimer

    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. In particular, statements concerning historical
mineral resource estimates should be viewed as forward-looking statements to
the extent that they involve estimates of the mineralization that will be
encountered if the property is developed. Any statements that express or
involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance 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. Forward looking statements are made based
on management's beliefs, estimates and opinions on the date the statements are
made and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other circumstances
should change, except as required by applicable law. Such forward-looking
statements reflect our current views with respect to future events and are
subject to certain risks, uncertainties and assumptions, including, the risks
and uncertainties outlined in our most recent financial statements and reports
and registration statements filed with the United States Securities and
Exchange Commission (the "SEC") (available at www.sec.gov) and with Canadian
securities administrators (available at www.sedar.com). 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 SEC. 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.
    Any historical mineral resources referred to by the Company in this news
release and in any referenced technical report have not been estimated in
accordance with the definition standards on mineral resources of the Canadian
Institute of Mining, Metallurgy and Petroleum referred to in National
Instrument 43-101, commonly referred to as "NI 43-101". As a reporting issuer
in Canada, we are required by Canadian law to provide disclosure in accordance
with NI 43-101. U.S. reporting requirements for disclosure of mineral
properties are governed by the SEC Industry Guide 7. NI 43-101 and Guide 7
standards are substantially different, however Guide 7 does allow the
disclosure of mineral resources where required to be disclosed by foreign law.





For further information:

For further information: Contact North America: Investor Relations,
Uranium Energy Corp., Toll Free: (866) 748-1030, Fax: (512) 535-0832, E-mail:
info@uraniumenergy.com


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