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The Company has engineering drawings that indicate that Texaco wasplanning to develop an ISR operation on the property. The leases were latertaken over by Chevron Resources.The complete Nichols Project NI 43-101 Technical Report will be filed andavailable shortly on the SEDAR website, at , and on the Company'swebsite at The Technical Report is authored by ThomasA. Carothers, P.Geo., a qualified person as defined in NI 43-101, who has over30 years of uranium experience, substantially in the South Texas Uraniumtrend. His experience includes working directly for two operating ISR miningcompanies in South Texas, US Steel and Tenneco Uranium, during the 1970s and1980s.The Nichols Technical Report reflects the inferred mineral resource estimatebased on the results from 34 drill holes and one core hole recently completedby the Company in 2008 as follows:Inferred Mineral Resource Estimate Summary-Inferred-Cutoff GT (Tons AveragePoundsAverage Rangegrade timesGradeeU(3)O(8) Thickness oftheeU(3)O(8)(ft)Depthsthickness) (ft)-0.3 900,0000.07 1,307,000 6 300 to 450-Values Rounded to Nearest HundredthA cut-off grade of 0.02 eU(3)O(8) and a grade-thickness (GT) product equal toor greater than 0.3 were used to define the mineral resources (GT is definedas the value calculated for a specific downhole interval by multiplying theaverage mineral grade in eU(3)O(8) times the interval thickness in feet).These cutoffs are in the range of most ISR mining operations in the southTexas trend and in other states where mining from similar depths with similarmineralization occurs Mr.

Evaluation of existing averagegrade of uranium mineralization data and the depth of mineralized zonesindicate that in-situ recovery (ISR) is potentially the most suitable miningmethod for this project.Mr. Additionally this willprovide further definition of the site mineralization mode, data verification,and better define the site geology and groundwater flow regime."The technical information in this news release has been prepared in accordancewith the Canadian regulatory requirements set out in NI 43-101 and reviewed byClyde L. Yancey, P.G., Vice President-Exploration for the Company, a QP underNI 43-101.About Uranium Energy CorpUranium Energy Corp (NYSE - Alt: UEC) is a US-based resource company with theobjective of becoming a near-term ISR uranium producer in the United States.Utilizing its extensive information library of historic uranium explorationand development work, the Company has acquired and is advancing uraniumproperties throughout the southwestern US. A Draft Mine Permit was recentlyissued for the Company's lead project, the Goliad ISR Uranium Project in southTexas.

Operational management is comprised of pre-eminent uranium mining andexploration professionals whose collective experience in this industry givesthe Company ongoing uranium mine-finding and mine development expertise.Stock Exchange Information:New York Stock Exchange - Alternext Symbol: UECFrankfurt Stock Exchange Symbol: U6ZWKN: A0JDRRISN: US916896103Forward-Looking Statement DisclaimerThis news release contains forward-looking statements within the meaning ofSection 27A of the United States Securities Act of 1933, as amended, andSection 21E of the United States Securities and Exchange Act of 1934, asamended. Statements in this news release, which are not purely historical, areforward-looking statements and include any statements regarding beliefs,plans, expectations or intentions regarding the future. These statementsinvolve risks and uncertainties which could cause actual results to differmaterially from those in the forward-looking statements contained herein. Suchrisks and uncertainties may include, but are not limited to, the impact ofcompetitive products, the ability to meet customer demand, the ability tomanage growth, acquisitions of technology, equipment or human resources, theeffect of economic and business conditions, the ability to attract and retainskilled personnel and factors outside the control of the Company. Theseforward-looking statements are made as of the date of this news release, andthe Company assumes no obligation to update the forward-looking statements orto update the reasons why actual results could differ from those projected inthe forward-looking statements. Investors should consider all of theinformation set forth herein and should also refer to the risk factorsdisclosed in the Company's periodic reports filed from time-to-time with theUnited States Securities and Exchange Commission. This news release shall notconstitute an offer to sell or the solicitation of an offer to buy nor shallthere be any sale of these securities in any jurisdiction in which such offer,solicitation or sale would be unlawful prior to registration or qualificationunder the securities laws of any such jurisdiction.SOURCEUranium Energy CorpNorth America: Investor Relations, Uranium Energy Corp., Toll Free: (866)748-1030, Fax: (512) 535-0832, E-mail: .

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