Uranium Energy Corp Provides Update on Permitting for Goliad, Burke Hollow and Channen Projects in South Texas

Uranium Energy Corp. UEC is pleased to provide an update and progress report resulting from recent correspondence whereby the regional EPA requested additional information from the Texas Commission on Environmental Quality (the "TCEQ") regarding the Company's aquifer exemption at its Goliad in-situ recovery ("ISR") uranium project located in Goliad County in South Texas. The Company has received all of the required permits to begin construction at the Goliad ISR project. As announced in previous releases, an aquifer exemption is required before uranium recovery activities can be initiated. Aquifer exemptions are issued jointly by the regional EPA and the State (TCEQ). TCEQ has earlier granted the Goliad project aquifer exemption, and has filed a request for EPA's concurrence. With the regional EPA's concurrence, UEC can initiate uranium recovery operations at the site. In past reviews of aquifer exemptions, the EPA has made requests for additional information as part of its ordinary review process, and, as noted in its letter to the TCEQ, has issued more than 30 aquifer exemptions for in-situ uranium mining in Texas. The Company will continue to work with the TCEQ and the EPA as the review process moves forward. Burke Hollow ISR Project in Bee County The Company is also pleased to report receipt last week of the exploration permit for the new Burke Hollow project in Bee County. Exploration drilling will commence here this week. The drilling program will extend and delineate mineralized zones discovered from historical drilling by a subsidiary of Total Minerals in 1993, and will also include a statistical grid covering the entire 17,510-acre property. Channen ISR Project in Goliad County By mid-June, UEC also anticipates receipt of the exploration permit for the Company's newest project in South Texas, the Channen ISR project in Goliad County, with initial drilling to commence by the end of June. The drill program will initially consist of a statistical grid covering the entire 10,704-acre property.