Uranium Energy Corp
OTC Bulletin Board : URME
FRANKFURT : U6Z
BERLIN : U6Z

Uranium Energy Corp

November 16, 2006 09:00 ET

Uranium Energy Corp Initiates ISL Mine Permitting at Its Goliad Project in South Texas

Baseline Environmental and Socio-Economic Studies In Compliance with State and Federal Agencies Are Now Underway as the Company Fast-Tracks Its Uranium ISL Mine Development

AUSTIN, TEXAS--(CCNMatthews - Nov. 16, 2006) - Uranium Energy Corp (OTCBB:URME)(FWB:U6Z)(BERLIN:U6Z) has initiated baseline environmental permitting activities at its 100%-controlled Goliad Project in Goliad County, Texas in order to obtain a mine permit from the Texas Commission of Environmental Quality (TCEQ), as well as a Radioactive Materials License (RML) from the Texas Department of State Health Services (TDSHS). These activities are designed to demonstrate that proposed development and In-Situ Leach (ISL) mining will protect public health and the environment. This analysis includes geological, hydrologic, air and water quality, historical and ecological studies. (The historical analysis has already been completed.)

Ongoing efforts at the Goliad Project include baseline characterization of groundwater and surface water occurrences and quality. Concurrent with the characterization of geology and hydrology, the Company is also listing local flora, fauna, and soil conditions. The historic, scenic and cultural resources are being inventoried to determine what mitigation measures, if any, will be required to be incorporated into the operational plan to protect these resources.

Furthermore, evaluations are underway to assess the socio-economic benefits of the planned Goliad Project production facility on the surrounding communities of Goliad County.

Uranium Energy Corp's proposed schedule calls for these baseline activities to be ongoing throughout the remainder of 2006 and into the first quarter of 2007. Following completion of the baseline data acquisition, the Mine Permit and RML application are targeted to be finalized and submitted to the agencies in the second and third quarters of 2007 respectively.


About Uranium Energy Corp

Uranium Energy Corp. (URME:OTCBB) is a US-based junior resource company focused on uranium exploration and development in the United States. The Company has a mission to acquire historical uranium resources that can quickly be developed into producing uranium mines. Its management is comprised of veteran mining and exploration professionals eminent in the field of uranium, whose collective experience in the mining industry, and specifically in the uranium mining sector, gives the Company substantial uranium mine-finding and uranium mine development expertise. Uranium Energy Corp is well positioned to capitalize on the world's current significant alternative energy boom. Visit www.uraniumenergy.com for more information.

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

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    Uranium Energy Corp
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    Toll Free: 1-877-676-7183 or (512) 721-1022
    (512) 721-1023 (FAX)
    Email: info@uraniumenergy.com
    Website: www.uraniumenergy.com
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