Uranium Energy Corp Receives Mine Permit and Production Area Authorization for the Goliad ISR Project in South Texas

Dec 14, 2010, 12:30 ET from Uranium Energy Corp

NYSE Amex Equities Exchange Symbol - UEC

CORPUS CHRISTI, TX, Dec. 14 /PRNewswire/ - Uranium Energy Corp (NYSE AMEX: UEC, the "Company") is pleased to announce that the Commissioners of the Texas Commission on Environmental Quality (TCEQ) have now approved the Mine Permit and the Production Area Authorization for Production Area One (PA-1), and have granted the request for designation of an Exempt Aquifer for the Company's Goliad in-situ recovery (ISR) project in South Texas.

The approvals, granted today, bring a conclusion to an administrative hearing, which is part of the State's permitting process.

With this important milestone, the Goliad project only has one remaining Texas authorization pending, a Radioactive Material License (RML). The RML application is at an advanced technical review stage with TCEQ. The Company is planning to file updating information to TCEQ in mid-January. Upon receiving the updated information, TCEQ will move toward concluding its technical review of the RML.

Harry Anthony, Chief Operating Officer, lauded the ruling, stating, "We are grateful to TCEQ for its review and informed position regarding the Goliad project. We are, of course, aggressively developing the final data for the RML. Upon approval of the RML, the Goliad project could then join the Palangana project as the Company's second producing asset in South Texas."

About the Goliad In-Situ Recovery (ISR) Project

The Goliad ISR project is one of Uranium Energy Corp's four ISR uranium projects (also referred to as satellite projects) in South Texas and is located 40 miles east of the Company's Hobson ISR processing facility.  The facility at Hobson forms the basis of the Company's regional operating strategy in the South Texas Uranium Belt and is designed to process uranium-loaded resins from satellite projects to a final product commonly known as yellowcake or U3O8.  The Company's near-term plan is to have Goliad ISR production processed at Hobson along with current production from the Palangana project.

About Uranium Energy Corp

Uranium Energy Corp is a U.S.-based uranium production, development and exploration company operating North America's newest uranium mine. The Company's fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which has just initiated production, and the Goliad in-situ recovery project which is in the final stages of mine permitting for production.  The Company's operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.

Stock Exchange Information: NYSE-AMEX: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
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SOURCE Uranium Energy Corp