Uranium Energy Corp announces progress
at the Cebolleta Uranium Project, Cibola County, New Mexico
AUSTIN, TX - February
20, 2008 - Uranium Energy Corp announces that engineering and environmental
studies are progressing and are on schedule on the Cebolleta Uranium Project,
through the joint venture company, Cibola Resources, LLC. Cibola
Resources, LLC is a limited liability company whose owners are Uranium Energy
Corp (49%) and Neutron Energy, Inc. (51%).
The joint venture has
designed a confirmation drilling program to verify historic information and
provide additional information for a geologic model and development
plan. The drilling program is planned to commence in early summer,
2008. The joint venture is also conducting environmental baseline
evaluations in the project area including fish & game inventories and
archeological studies. Six to eight full-time scientists, geologists
and engineers, employees of the joint venture, are assigned to the project,
and specialized environmental consulting firms have been contracted.
The Cebolleta Uranium
Project is situated in the historic Laguna mining district, approximately 45
miles west of Albuquerque, New Mexico. The project is situated on the
southeastern portion of the Cebolleta Land Grant, a Spanish land grant.
Cibola Resources, LLC holds a mineral lease covering approximately 6,700 acres
of privately owned surface and mineral rights. The project area is the
site of the formerly active L-Bar uranium mine, and is adjacent to the
formerly active St. Anthony uranium mine.
The Cebolleta Land Grant
is a private entity managed by a board of trustees whereby the trustees have
the authority to approve the use of assets and natural resources within the
grant boundary. Historically, the Cebolleta Land Grant has leased portions of
their land for uranium mining, and continues to support the development of uranium
resources. Under the Treaty of Guadalupe Hidalgo, which ended the
Mexican-American War in 1848, the United States agreed to honor private
property within land grants in the territory ceded by Mexico to the U.S.
The technical
information in this news release has been prepared in accordance with the
Canadian regulatory requirements set out in National Instrument 43-101 and
reviewed by Clyde L. Yancey, P.G., Vice President of Exploration for Uranium
Energy Corporation, a qualified person under NI 43-101.
About Uranium
Energy Corp
Uranium Energy Corp
(AMEX: UEC) is a US-based junior resource company with the objective of
becoming a near-term ISR uranium producer in the United States. The
Company 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.
Contact North
America: Investor Relations, Uranium Energy Corp
Toll Free: (866) 748-1030
Phone: (604) 682-9775
Fax: (604) 682-3591
E-mail: info@uraniumenergy.com
Stock Exchange
Information:
American Stock Exchange Symbol: UEC
Frankfurt Stock Exchange Symbol: U6Z
Berlin Stock Exchange Symbol: U6Z
WKN: A�JDRR
ISN: US9168961038
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.
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