Uranium Energy Corp Makes Progress with Permitting at the Goliad ISR Project and Provides Corporate Development Update



    
    American Stock Exchange Symbol - UEC
    Frankfurt Stock Exchange Symbol - U6Z
    

    AUSTIN, Oct. 15 /CNW/ - Uranium Energy Corp (AMEX:   UEC) is pleased to
announce that it has filed two Class I Non-hazardous Waste Disposal Well
Applications (WDWA) with the Texas Commission on Environmental Quality (TCEQ)
for the Company's Goliad ISR Uranium Project in South Texas. The on-site wells
will be used for the disposal of fluids associated with uranium recovery and
aquifer restoration activities. As with the previously filed Mine Permit
Application and Production Area Authorization Application, TCEQ will conduct
administrative and technical reviews of the Waste Disposal Well Applications.

    Corporate Update

    The Company is also implementing a series of cost-saving programs by
reassessing field personnel and postponing planned expenditures on non-core
initiatives. The Company is postponing planned exploration programs for its
Colorado Plateau projects, as one example, and reorganizing resources to
adjust to the reduced number of work programs outside of Texas.
    Amir Adnani, president and CEO stated: "As the first public company in
over 10 years to receive a draft uranium mine permit in the U.S., the
Company's first and highest priority remains advancing our near-term
production efforts in South Texas at our Goliad ISR Project. However, in light
of current uncertain market conditions, the Company is fortunate to have
raised $15.3 million in the equity markets this past summer, and will remain
vigilant to preserve its strong working capital position. To this end, UEC is
implementing a series of cost-saving programs to conserve its cash position,
one of the strongest in the junior uranium sector, while improving our focus
on our near-term production potential in South Texas."

    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: US916896103
    

    Safe Harbor Statement

    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:

For further information: 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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