Uranium Energy Corp Establishes Land
Position in Historic Red Basin Uranium District in New Mexico
The Red Basin Project is the Location of Historic
Kerr-McGee High-Grade Uranium Discovery
AUSTIN, TX - December 5, 2007 - Uranium Energy Corp announces that it
has established a strategic land position of approximately 1,800 acres,
consisting of 73 lode claims, in the Red Basin Uranium District, located in Catron County, New Mexico. The acquisition of this
project, which the Company has named the Red Basin Project, was driven by the
Company's evaluation of its Brenniman
Database. (For more information about this database, please see the
Company's news release dated January 9, 2007.)
The Red Basin Project covers an area of high-grade uranium
mineralization reportedly drilled by Kerr-McGee in the Tertiary de Baca
Formation, immediately above the contact with the Cretaceous Mesaverde Group. An internal memo by Kerr-McGee
states that mineralization is reported to be at a depth of between 200 and 400 feet. This has not
been verified through drilling by the Company. Historic production
grades, as reported by the New Mexico Bureau of Mines and Mineral Resources
in the Red Basin District averaged 0.17% U3O8. The disclosure related
to the historic production grades has not been independently verified. The
statement is considered relevant, but cannot be relied upon without
verification.
The Red Basin
is approximately 100
miles west of Socorro, New Mexico, and is positioned on the margin of two
physiographic provinces, the Colorado Plateau and Basin and Range Province.
The Tertiary and Cretaceous formations outcrop along this provincial
margin trend, from just north of Magdalena, west to the Arizona state line. This uranium
trend was the subject of intense exploration activity during the previous
uranium cycle in the 1970s, from companies such as Kerr-McGee, Pioneer
Nuclear, Gulf Minerals, Occidental Minerals, Energy Reserves Group, United
Nuclear Corp, and Teton.
The Company is further evaluating data on this prospective uranium
play, and plans to increase its land position in this trend, which will
encompass both New Mexico, and to the west
in Arizona.
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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