Uranium Energy Corp Reports an Inferred Resource of 4.6 Million Pounds U3O8 Grading 0.296% at the Company's Slick Rock Project

 Uranium Energy Corp Reports an Inferred Resource of 4.6 Million Pounds U3O8
        Grading 0.296% at the Company's Slick Rock Project in Colorado

PR Newswire

CORPUS CHRISTI, TX, Jan. 8, 2013

NYSE MKT Equities Exchange Symbol - UEC

CORPUS CHRISTI, TX, Jan. 8, 2013 /PRNewswire/ - Uranium Energy Corp (NYSE MKT:
UEC, the "Company") is pleased to announce that the Company has received an
independent CSA National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") inferred resource estimate for its Slick Rock Project
located in San Miguel County, Colorado (the "Slick Rock Project"). The
inferred resource estimate was produced by Bruce Davis, of BD Resource
Consulting, Inc., and Robert Sim, of Sim Geological, Inc., both Qualified
Persons within the meaning of NI 43-101. The inferred mineral resource at
various cutoff grades is shown below:


Cut-off Grade                          Contained
  U[3]O[8]%   k tonnes U[3]O[8] (%) U[3]O[8] (Mlbs)
     0.1       4,192      0.187          15.7
    0.15       2,545      0.228          11.6
     0.2       1,646      0.255           8.4
    0.25        775       0.296           4.6
     0.3        274        0.34           1.9
    0.35         71       0.415           0.6
     0.4         69       0.417           0.6

This resource estimate is based on a total of 207,900 feet of drilling in  284 
holes. It was  generated from  drill hole  sample radiometric  assays and  the 
interpretation of a geologic model  which relates to the spatial  distribution 
of uranium in  the deposit. Grade  estimates are made  using ordinary  kriging 
with nominal blocks measuring 50 feet by 50 feet. The inferred resources  have 
been classified  relative  to their  proximity  to sample  locations  and  are 
reported in accordance to the  CIM Definition Standards for Mineral  Resources 
and Mineral Reserves.

An NI  43-101  compliant  technical report  detailing  this  inferred  mineral 
resource estimate  will be  filed on  SEDAR (www.sedar.com  and the  Company's 
website www.uraniumenergy.com) within 45 days from this news release.

The Slick Rock Project  also hosts a  vanadium Exploration Target  of 9 to  62 
million pounds, as noted in the following table:


            Tonnes     Pounds   Grade % V[2]O[5]
Lower Limit  274,000  9,000,000        1.49
Upper Limit 4,192,000 62,000,000       0.67

The exploration target tonnage  is based on tonnage  estimates for uranium  at 
0.1% U[3]O[8] and 0.3%  U[3]O[8 ]cutoff grades. The  estimated grade range  is 
the result of reviewing  vanadium grades in  holes in and  around the area  of 
interest and from grades mined historically from the Slick Rock deposit. There
are a very limited number of drill holes in which analyses were conducted  for 
vanadium content and,  in some  of these  drill holes,  the measured  vanadium 
intervals do not  exactly correspond with  the uranium intervals  in the  same 
hole. Note the values for tonnage, grade, and contained metal in the table are
separate ranges of potential. For example, the grade may range over the values
from 0.67% V[2]O[5] to  1.49% V[2]O[5] and the  highest grade is not  directly 
associated with the lowest tonnage.

All tonnages, grades, and contained pounds of vanadium should not be construed
to reflect a calculated mineral  resource (inferred, indicated, or  measured). 
The potential quantities and grades, as stated, are conceptual in nature,  and 
there has  been insufficient  work to  date to  define a  NI 43-101  compliant 
resource. Furthermore, it is uncertain  if additional exploration will  result 
in the discovery of  an economic vanadium mineral  resource on the Slick  Rock 

Vanadium is a rare  specialty metal that  is used to  strengthen steel and  to 
make it more  resistant to corrosion  and abrasion. World  production is  only 
approximately 60,000 tonnes  annually. A recent  price for vanadium  pentoxide 
was $5.75 per pound or $12,650 per tonne.

The Slick Rock Project  is located in San  Miguel County, southwest  Colorado, 
approximately 23.9 miles north of the town of Dove Creek. The general area  is 
east of the Dolores  River in the  Slick Rock District  of the Uravan  mineral 
belt. All claims  are contiguous.  The entire  claim block  (293 mineral  lode 
claims) encompasses  an area  of  approximately 4,858.5  acres or  7.6  square 

Slick Rock Project History

Surficial to shallow  uranium/vanadium mineralization  has been  known in  the 
Slick Rock area  since the early  1900s (then called  the McIntyre  district). 
First  mined  for  uranium,  then   radium,  until  1923  numerous   companies 
sporadically operated small-scale mining  and processing facilities along  the 
Dolores River. In 1931 a mill was constructed by Shattuck Chemical Co. for the
processing of vanadium  ore. Beginning  in 1944, the  area was  worked by  the 
Union Mines Development  Corp. for uranium  ore. The uranium  was used in  the 
development and construction of the first atomic bombs.

Between November  1948 and  March 1956,  the U.S.  Geological Survey  ("USGS") 
drilled 2,641 holes  in the  Slick Rock district  to explore  for uranium  and 
vanadium-bearing deposits. The drilling was  part of a program of  exploration 
conducted  on  behalf  of  the  U.S.  Atomic  Energy  Commission  (OFR70-348). 
Fifty-two of  these drill  holes were  located within  the boundaries  of  the 
Company's Slick Rock project area. The  first phase of the USGS's  exploration 
was for  geological data  and to  delineate areas  of favorable  ground.  This 
widely spaced  drilling  was done  on  approximately 1,000-foot  centers.  The 
second phase was drilled with more moderate spacing, 100-300 foot centers,  to 
discover deposits. The third phase was drilled on closely spaced, 50-100  foot 
centers, to extend  and outline  any deposits discovered  by earlier  drilling 
(Weir, 1952).  Private  industry was  also  actively exploring  the  district. 
District-wide, an estimated 212,000 feet of drilling was completed by 1954.

By December  1955,  Union Carbide  Nuclear  Corp.  (UCNC) had  drilled  out  a 
sufficient resource on the north side of Burro Canyon to commence the  sinking 
of three shafts. Shaft sinking was completed by December 1957 on the Burro #3,
#5, and  #7  mines to  total  depths  of 408  feet,  414 feet,  and  474  feet 
respectively. Initial shipments of ore  to UCNC's concentrating mill at  Slick 
Rock were also made in 1957. Final processing of the concentrated ore was done
at the UCNC mill in Rifle, CO.

As of  1971,  the  last  year  that  the  Atomic  Energy  Commission  reported 
production figures, the  Burro mines  had produced 404,804  tons of  ore at  a 
grade of  .25% U[3]O[8]  yielding  1,992,898 lbs  U[3]O[8] and  1.5%  V[2]O[5] 
yielding 12,149,659 lbs  V[2]O[5]. According  to the records  of the  Colorado 
Bureau of Mines annual reports, the Burro mines produced an additional 243,825
lbs U[3]O[8] at  an average grade  of .20%  and 1,791,798 lbs  V[2]O[5] at  an 
average grade of 1.4% up until  1983 when depressed uranium prices forced  the 
cessation of mining activities.  The total production of  the Burro mines  was 
2,236,723 lbs U[3]O[8] and 13,941,457 lbs V[2]O[5], summarized below.


Production years lbs U[3]O[8] lbs V[2]O[5]
   1957-1971      1,992,898    12,149,659
   1971-1983       243,825     1,791,798
     Total        2,236,723    13,941,457

The  Company's  Slick  Rock  project  has  received  more  recent  exploration 
activities by U.S. Energy, Energy  Fuels Resource Corp, and Homeland  Uranium. 
In 2006, U.S. Energy drilled 17 boreholes. All were completed to target except
one. The results of the drilling are tabulated in the table below.

                       U.S. ENERGY DRILLING

Borehole    Grade     Thickness                            Elevation   Base
                                                 Member/             Elevation
   ID    (%eU[3]O[8])   (ft)    Classification  Formation    (ft)      (ft)
SR-1001     0.026        2.5     Mineralized    Salt Wash  5875.888   5043.4
SR-1002     0.038        2.5     Mineralized    Salt Wash   5869.36   5012.4
SR-1003                           Barren      Salt Wash  5862.356      
SR-1004                           Barren      Salt Wash  5868.901      
SR-1005                         Anomalous     Salt Wash  5827.551      
SR-1006     0.046        4.5     Mineralized    Salt Wash  5848.692   4857.2
SR-1007     0.091         5      Mineralized    Salt Wash  5834.572   4883.1
SR-1008                         Anomalous     Salt Wash  5853.003      
SR-1009                           Barren      Salt Wash  5843.766      
SR-1010     0.015                                 Burro    5836.449   5467.4
                          2       Anomalous      Canyon
SR-1011                         Abandoned               5750.323      
SR-1012     0.094         2      Mineralized    Salt Wash  5733.503   4587.5
SR-1013*     0.55        3.5     Mineralized    Salt Wash  5717.735   4571.9
SR-1013*     0.19        5.5     Mineralized    Salt Wash  5707.707   4561.7
SR-1014                           Barren      Salt Wash  5725.494      
SR-1015                           Barren      Salt Wash  5743.665      
SR-1016     0.058        1.5     Mineralized    Salt Wash  5727.591   4532.6
SR-1017      0.29         4      Mineralized    Salt Wash  5750.502   4566.5

                 *Two intercepts 10.5 feet apart vertically.
 The information contained in the table was obtained by the Company in a 2011
                                claim purchase

In 2008, Homeland  drilled 4  boreholes in  an attempt  to "twin"  mineralized 
boreholes drilled by  the Atomic  Energy Commission  in the  1950's. All  were 
completed to target depth and the results are tabulated in the table below.

                      HOMELAND DRILLING

Borehole   Grade   Thickness                          Elevation      Base
   ID     (%eU3O8)   (ft)    Classification Formation   (ft)    Elevation (ft)
SR-08-001  0.764       1      Mineralized   Salt Wash 5725.066       4800
SR-08-002  0.046      3.8     Mineralized   Salt Wash 5846.457       4950
SR-08-003   0.12       2      Mineralized   Salt Wash 5761.155       4675
SR-08-004  0.033       1       Anomalous    Salt Wash 5748.031       4775

The information contained in the table was obtained from public information
published by Homeland Uranium

Current Status

The Slick Rock Project will most likely be produced through underground mining
methods following rehabilitation and  development of existing shafts,  portals 
and workings. The  Company is in  possession of much  of the historical  data 
including drill maps, drill logs,  mine workings maps, partial assay  reports, 
and miscellaneous  exploration and  production reporting.  Additional work  is 
planned  by  the  Company  to   verify  and  further  quantify  the   vanadium 

The technical information in this news release has been prepared in accordance
with the  Canadian  regulatory requirements  set  out  in NI  43-101  and  was 
reviewed by Clyde L. Yancey, P.G., Vice President-Exploration for the Company,
a QP under NI 43-101.

About Uranium Energy Corp

Uranium Energy  Corp  is  a U.S.-based  uranium  production,  development  and 
exploration company operating  North America's newest  emerging 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 mine, which  has recently  expanded its initial  production, and  the 
Goliad  in-situ  recovery  project,  which  is  now  fully  permitted  and  in 
construction. 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:
Frankfurt Stock Exchange Symbol: U6Z
ISN: US916896103

Notice to U.S. Investors

The mineral resources  referred to  herein have been  estimated in  accordance 
with the definition standards on  mineral resources of the Canadian  Institute 
of Mining,  Metallurgy and  Petroleum referred  to in  NI 43-101  and are  not 
compliant with U.S.  Securities and Exchange  Commission (the "SEC")  Industry 
Guide 7  guidelines.  In  addition,  measured  mineral  resources,  indicated 
mineral  resources  and  inferred  mineral  resources,  while  recognized  and 
required by Canadian  regulations, are  not defined terms  under SEC  Industry 
Guide 7 and are normally not permitted to be used in reports and  registration 
statements filed with the SEC. Accordingly,  we have not reported them in  the 
United States. Investors are cautioned not to  assume that any part or all  of 
the mineral resources in these categories will ever be converted into  mineral 
reserves. These  terms  have  a  great  amount  of  uncertainty  as  to  their 
existence, and great uncertainty as  to their economic and legal  feasibility. 
In particular, it should be noted that mineral resources which are not mineral
reserves do not  have demonstrated  economic viability. It  cannot be  assumed 
that all  or  any  part  of  measured  mineral  resources,  indicated  mineral 
resources or inferred  mineral resources  will ever  be upgraded  to a  higher 
category. In accordance  with Canadian  rules, estimates  of inferred  mineral 
resources cannot  form the  basis of  feasibility or  other economic  studies. 
Investors are cautioned not to assume  that any part of the reported  measured 
mineral resources, indicated mineral  resources or inferred mineral  resources 
referred to herein are economically or legally mineable.

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information
presented in  this news  release constitutes  "forward-looking statements"  as 
such term  is  used in  applicable  United  States and  Canadian  laws.  These 
statements relate  to  analyses  and  other  information  that  are  based  on 
forecasts of future  results, estimates  of amounts not  yet determinable  and 
assumptions of  management.  Any  other statements  that  express  or  involve 
discussions  with  respect  to  predictions,  expectations,  beliefs,   plans, 
projections, objectives, assumptions or  future events or performance  (often, 
but not always, using words or phrases such as "expects" or "does not expect",
"is expected", "anticipates" or "does not anticipate", "plans, "estimates"  or 
"intends", or stating that certain actions, events or results "may",  "could", 
"would", "might" or "will" be taken, occur or be achieved) are not  statements 
of historical fact and should be viewed as "forward-looking statements".  Such 
forward looking statements involve known and unknown risks, uncertainties  and 
other factors which may cause the actual results, performance or  achievements 
of the Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.  Such 
risks  and  other  factors  include,  among  others,  the  actual  results  of 
exploration activities, variations  in the  underlying assumptions  associated 
with the estimation or realization  of mineral resources, the availability  of 
capital to fund programs and the  resulting dilution caused by the raising  of 
capital through the sale of shares, accidents, labor disputes and other  risks 
of the mining  industry including, without  limitation, those associated  with 
the environment,  delays  in  obtaining  governmental  approvals,  permits  or 
financing or  in the  completion of  development or  construction  activities, 
title disputes  or  claims limitations  on  insurance coverage.  Although  the 
Company has attempted to  identify important factors  that could cause  actual 
actions, events  or  results to  differ  materially from  those  described  in 
forward-looking statements, there  may be  other factors  that cause  actions, 
events or results not to be  as anticipated, estimated or intended. There  can 
be no  assurance that  such statements  will prove  to be  accurate as  actual 
results and future events  could differ materially  from those anticipated  in 
such statements.  Accordingly,  readers should  not  place undue  reliance  on 
forward-looking statements contained in this news release and in any  document 
referred to in this news release.

Certain matters discussed in this news  release and oral statements made  from 
time to time by representatives of the Company may constitute  forward-looking 
statements within the meaning of the Private Securities Litigation Reform  Act 
of 1995 and the  Federal securities laws. Although  the Company believes  that 
the expectations reflected in such  forward-looking statements are based  upon 
reasonable assumptions, it can give no assurance that its expectations will be
achieved. Forward-looking information is subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from  those 
projected. Many of these factors are  beyond the Company's ability to  control 
or predict.  Important  factors  that  may  cause  actual  results  to  differ 
materially and that could impact the  Company and the statements contained  in 
this news release can  be found in the  Company's filings with the  Securities 
and Exchange Commission. For forward-looking statements in this news  release, 
the Company  claims the  protection  of the  safe harbor  for  forward-looking 
statements contained in the Private Securities Litigation Reform Act of  1995. 
The Company assumes no obligation to update or supplement any  forward-looking 
statements  whether  as  a  result  of  new  information,  future  events   or 
otherwise. This press release  shall not constitute an  offer to sell or  the 
solicitation of an offer to buy securities.

Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free:(866) 748-1030
Fax:(361) 888-5041

SOURCE Uranium Energy Corp


Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free:(866) 748-1030
Fax:(361) 888-5041
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