Uranium Energy Corp Acquires Channen Exploration Project in South Texas

Uranium Energy Corp.

announces that it has acquired the rights to explore for uranium on the Channen Project, a 10,704-acre property located in southern Goliad County, Texas. The project is situated on the Goliad trend within the prolific South Texas Uranium Belt, and is located approximately 50 miles to the southeast of the Company's Hobson uranium processing facility. The Channen Project lies on-trend with and approximately 20 miles northeast of the recently acquired Burke Hollow Project in Bee County, and approximately 25 miles to the south of the Company's Goliad Project. The new property was initially identified after analyzing a group of logs exhibiting gamma-ray anomalies displaying uranium roll-front deposit type characteristics in several sandstone formations with information derived from the Company's extensive exploration database. Company geologists are currently planning an aggressive exploration program to include a drilling campaign that will be initiated upon receipt of exploration permits from the Railroad Commission of Texas. It is anticipated that the drill program will initially consist of a statistical grid covering the entire 10,704-acre property.