PRESS RELEASE: Uranium Energy Corp Provides Projec...

PRESS RELEASE: Uranium Energy Corp Provides Project and Corporate Update



PRESS RELEASE: Uranium Energy Corp Provides Project and Corporate Update



Uranium Energy Corp. / Miscellaneous

04.05.2010 16:45

Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
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announcement.

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Uranium Energy Corp Provides Project and Corporate Update

· Company Plans to Break Ground at Palangana on June 7, 2010
· Goliad Permitting Progresses as Scheduled, and
· Company Fully Financed to Production at Palangana


CORPUS CHRISTI, TX - May 4, 2010 - Uranium Energy Corp (NYSE-AMEX: UEC, the

'Company') is pleased to provide a near-term production update on each of
its Palangana and Goliad in-situ recovery (ISR) uranium projects and an
update on its current and anticipated balance sheet and capital structure.

Palangana ISR Project: The Company's technical team, including recent hires

from Uranium One, is at present on the ground at the 100%-controlled
Palangana project in South Texas. The road and drill pads for the disposal
well are being built at the project site. Drilling equipment is slated to
arrive at Palangana on June 7, 2010. The Company estimates 45-60 days to
drill and complete the disposal well. Simultaneous with the drilling of the

disposal well, the Company anticipates drilling the first wellfield for
Palangana and installing the satellite operation. The Company is pleased to

report that all facets of the Palangana project are on time and on budget
to date. Notably, all necessary funds and production permits are firmly in
hand.

Goliad ISR Project: Yesterday, as scheduled months ago and as reported by
the Company in a news release dated January 11, 2010, a remaining hearing
commenced in Austin with an Administrative Court pertaining to the
Company's Goliad project. In June 2009, the Texas Commission on
Environmental Quality ('TCEQ') approved draft permits that would fully
authorize the Company to install the initial wellfield and commence
production at Goliad. The hearing addresses questions and comments from
the public regarding the Company's mine permits at Goliad. The state
examiner will provide recommendations to the TCEQ Commissioners who will
make the final ruling later this year. It should be noted that the TCEQ
Commissioners have the authority and latitude to agree or disagree with the

state examiner's recommendations and the TCEQ approved a draft Mine Permit
and a draft Production Area Authorization for the Goliad project last year.


No Shelf Registration Statement in Effect or Filed: The Company has
recently received inquiries as to whether it has filed a shelf registration

statement. To clarify, the Company has no shelf registration statement in
effect, nor has the Company filed a shelf registration statement. The
Company recently filed two S-3/A registration statements pertaining to
previously issued shares and warrants that are accounted for in the current

share capital as indicated below.

Current Capital Structure: As reported on April 13, 2010, the Company has
recently received a cash payment of US$11,000,000 as complete consideration

for the sale of its prior 49%-interest in Cibola Resources LLC to Neutron
Energy, Inc. This sale further improved the Company's balance sheet, which
has no debt and approximately $26 million cash in the treasury. The
continued preservation of the Company's conservative capital structure will

remain in place as production commences at Palangana as anticipated later
this year.

The Company's current issued and outstanding and fully diluted share
capital remains at approximately 60.0 million and 76.0 million common
shares, respectively. Cash potential from the full exercise of all
outstanding options and warrants will be approximately $34.0 million.

About Uranium Energy Corp

Uranium Energy Corp (NYSE-AMEX: UEC) is a U.S.-based exploration and
development company with the objective of near-term uranium production in
the U.S. The Company's fully licensed and permitted Hobson processing
facility is central to all of its projects in South Texas, including
Palangana, and the Goliad in-situ recovery uranium project which is in the
final stages of mine permitting. The Company's operations are managed by
professionals with a recognized profile for excellence in their industry, a

profile based on many decades of hands-on experience in the key facets of
uranium exploration, development and mining. The Company is well financed
to execute on its key programs.

Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com
Stock Exchange Information:
NYSE-AMEX: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103


Safe Harbor Statement
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. Any other statements that
express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
'expects' or 'does not expect', 'is expected', 'anticipates' or 'does not
anticipate', 'plans, 'estimates' or 'intends', or stating that certain
actions, events or results 'may', 'could', 'would', 'might' or 'will' be
taken, occur or be achieved) 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. Although the Company has attempted to identify important factors

that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will

prove to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers

should not place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news release.


04.05.2010 Ad hoc announcement, Financial News and Media Release
distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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(END) Dow Jones Newswires


May 04, 2010 10:46 ET (14:46 GMT)




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