Uranium Energy Corp
OTC Bulletin Board : URME

Uranium Energy Corp

December 29, 2006 17:00 ET

Uranium Energy Corp Increases Wyoming State Lease Holdings

The Company Provides an Update on Wyoming Activities to Date

AUSTIN, TEXAS--(CCNMatthews - Dec. 29, 2006) - Uranium Energy Corp (OTCBB:URME)(FWB:U6Z)(BERLIN:U6Z) is pleased to announce the acquisition of additional Wyoming State uranium leases in Niobrara County.

The Company has completed leasing of 1,275 acres in Niobrara County, Wyoming from the State of Wyoming. This acquisition was a result of data generated from Uranium Energy Corp's recent Brenniman Database acquisition. The Company's review of Brenniman historical data in the lease area showed eleven (11) uranium exploration holes were drilled during 1975-76 for a total of 9,300 feet. Results of drilling indicated strong alteration in the Lakota formation of the Inyan Kara Group and the potential for uranium mineralization. Additionally, a survey of oil and gas wells in the adjacent area, with gamma logs to near surface, showed significant gamma anomalies in API units.

In the North Shirley Basin project area, where Uranium Energy Corp currently has 120 claims staked and 640 acres of Wyoming State lands leased, an additional historical uranium database covering previously explored territory to the northeast of the Company's current claim block is being reviewed for possible acquisition. This database includes approximately 142 drill hole gamma and E-logs.

In the Poison Spider area, where the Company currently has 43 claims staked and 1,720 acres of Wyoming State lands leased, the company is also reviewing an additional historical uranium database for possible acquisition. This database contains drill information on the eastern extension of Uranium Energy Corp's existing historical uranium resources. Acquisition of these databases could lead to additional claim staking and/or leasing, as well as the addition of further historically drill-proven uranium resources to the Company's portfolio.

Drilling was completed during September and October on the AB-claim group (41 claims) in the North Shirley Basin. Thirty (30) holes totaling approximately 19,500 feet were drilled and logged. Uranium mineralization was encountered in a majority of the holes, but grades were lower than historical drilling indicated. The Company has terminated its lease agreement with the lessor, has restored the drill sites, and applied to the DEQ for the return of its restoration and plugging bond.

About Uranium Energy Corp

Uranium Energy Corp (OTCBB:URME) is a US-based junior resource company with the objective of becoming a near-term ISL uranium producer in the United States. The Company is developing its advanced-stage Goliad Project in South Texas, with ISL uranium production projected to begin in 2009. Uranium Energy Corp controls one of the largest historical uranium exploration and development databases in the US. Through the use of these databases, the Company has acquired advanced uranium properties throughout the southwestern US. The operational management is comprised of pre-eminent uranium mining and exploration professionals, whose collective experience in the uranium mining industry gives the Company ongoing uranium mine-finding and uranium mine development expertise. Uranium Energy Corp is well positioned to capitalize on the current alternative energy boom. For more information, please visit www.uraniumenergy.com.

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.

Contact Information

  • Uranium Energy Corp
    Contact North America
    Investor Relations
    Toll Free: 1-877-676-7183 or (604) 682-9775
    (604) 682-3591 (FAX)
    Email: info@uraniumenergy.com
    Website: www.uraniumenergy.com
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