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Uranium Energy Corp

Thursday, October 25th, 2007

Uranium Energy Corp is pleased to announce that it has submitted a mine permit application to the Texas Commission on Environmental Quality (TCEQ) in support of the Company’s objective of starting in-situ recovery (ISR) of uranium at its Goliad Uranium Project in Goliad County, Texas. This application is the third new mine permit application for in-situ uranium recovery operations to be submitted for projects based in Texas. Of the mine permit applications submitted for locations in Texas, one is now in production at Alta Mesa in south Texas.
An ISR uranium mine permit application is expensive and time-intensive, requiring extensive sampling, mapping and reporting by experienced independent and internal technical staff in generating a number of site-specific supportive studies. Examples of the studies included in the application are geological studies, both site-specific and regional; detailed mine plans, including construction, operations, restoration and reclamation phases; detailed mapping of aquifers and confining zones based on extensive exploration borehole drilling and logging.
Mine permit applications of this type have frequently taken nine to twelve months to process in Texas. The Company’s next actions include preparation and filing of a radioactive materials license application and a waste disposal well permit application, both to the TCEQ. The Company is well into the preparation of both applications.
While the Company has recently filed a NI 43-101 report on SEDAR outlining the historic uranium resource at the Goliad Project, it is performing further core drilling and conventional analysis to allow its independent geologist to generate a current NI 43-101 resource estimate (NI 43-101, is a national instrument for the “Standards of Disclosure for Mineral Projects” with the Canadian Securities Administrators, the Company is a reporting issuer in Canada). Following the release of the current 43-101 resource estimate the Company is planning to develop a feasibility study on the Goliad Project concurrent with the permitting initiatives. Once the necessary permits and licenses for the Goliad Project are received, the Company will make the decision to advance the Goliad Project to production pending a positive and satisfactory feasibility study.
Amir Adnani, president, said, “We are entering into the phases of development for which the depth of the Company’s technical staff has become invaluable. Under the supervision of Harry Anthony, COO, the Company’s geological and engineering personnel have taken the details of this application in stride, and know precisely the actions to perform in preparing the next levels of applications. We are fully confident, the Goliad project will have a uranium resource that can be safely recovered and processed using modern in-situ recovery techniques.”
For further information visit: www.uraniumenergy.com

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