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Uranium Energy Corp Reports an Initial Inferred Resource of 2.89 Million Pounds U3O8 - With an Additional Exploration Target of



   Uranium Energy Corp Reports an Initial Inferred Resource of 2.89 Million
  Pounds U3O8 - With an Additional Exploration Target of 1.8 to 7.2 Million
    Pounds U3O8 - at the Company's Burke Hollow ISR Project in South Texas

PR Newswire

CORPUS CHRISTI, TX, Feb. 28, 2013

NYSE MKT Equities Exchange Symbol - UEC

  * Evaluation of mineralized zones indicate in-situ recovery to be the most
    suitable mining method for this project.
  * Permitting work has commenced to submit Mine Permit applications in 2013.
  * Additional exploration and development drilling is planned.
  * Project located approximately 50 miles from the Company's Hobson uranium
    processing plant. 

CORPUS CHRISTI, TX, Feb. 28, 2013 /PRNewswire/ - Uranium Energy Corp (NYSE
MKT: UEC, the "Company") is pleased to announce that the Company has received
an inferred resource estimate for its Burke Hollow ISR Project located in Bee
County, Texas (the "Project"). The inferred resource estimate was produced by
Thomas Carothers, Consultant, Bruce Davis, of BD Resource Consulting, Inc.,
and Robert Sim, of Sim Geological, Inc., all independent Qualified Persons
within the meaning of CSA National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101").  A NI 43-101 technical report, "Technical
Report on the Burke Hollow Uranium Project, Bee County, Texas, USA", effective
January 7, 2013 detailing this inferred mineral resource estimate is filed on
SEDAR (www.sedar.com) and the Company's website (www.uraniumenergy.com).

"We are excited about the current  and future development of the Project,  and 
the fact that this discovery represents a new uranium sub-district within  the 
Goliad Formation trend of the South Texas  Uranium Belt. With only 30% of  the 
property explored so far, we  already have a strong  base to develop from  and 
plenty of  opportunity  for  resource  expansion,"  said  Andy  Kurrus,  Texas 
Exploration Manager.  The authors of  the NI 43-101 technical report  conclude 
that  the  Project  represents  a   significant  uranium  deposit,  and   that 
mineralization is hosted in  fluvial sand and silty-sand  facies fixed by  the 
presence of a well-defined reduction-oxidation boundary.

Drilling to date has outlined an Inferred Mineral Resource (at 0.020% U[3]O[8]
cut-off) of  a combined  upper and  lower zones  of 3,030,000  tons at  0.047% 
U[3]O[8] which  contains an  estimated 2.9  million pounds  of U[3]O[8].   The 
Project also hosts an Exploration Target of total contained 1.8 to 7.2 million
pounds U[3]O[8.]

The estimated inferred  mineral resource, presented  at various cutoff  grades 
for comparison purposes, is shown below:

                    ESTIMATE OF INFERRED MINERAL RESOURCES

Cut-off Grade Ktons U[3]O[8] (%)    Contained
  U[3]O[8]%                      U[3]O[8] (Mlbs)
              UPPER ZONE RESOURCES
    0.005     3,768    0.035          2.64
    0.010     3,170    0.040          2.56
    0.015     2,828    0.044          2.48
    0.020     2,437    0.048          2.35
    0.025     2,087    0.053          2.20
    0.030     1,705    0.058          1.99
    0.035     1,453    0.063          1.83
             LOWER ZONE RESOURCES 
    0.005      815     0.037          0.61
    0.010      797     0.038          0.60
    0.015      749     0.040          0.59
    0.020      592     0.046          0.54
    0.025      515     0.049          0.50
    0.030      455     0.052          0.47
    0.035      379     0.056          0.42

(1) "Base  case" cut-off  for resources  amenable to  in-situ recovery  mining 
methods is 0.02% U[3]O[8.]

This resource estimate is based on a total of 127,445 feet of drilling in  266 
holes. It was generated  from drill hole  sample radiometric assays,  chemical 
assays, prompt  fission neutron  logging  (PFN) and  the interpretation  of  a 
geologic model which  relates to the  spatial distribution of  uranium in  the 
deposit. Estimates  of  the  uranium  grade and  thickness  of  the  two  main 
mineralized  horizons  have   been  made   using  ordinary   kriging  into   a 
two-dimensional block model with a nominal block size measuring 50 by 50 feet.
Resource tonnage is determined based on a factor of 17 cubic feet per ton. The
inferred resources have been classified relative to their proximity to  sample 
locations.  An inferred mineral resource does not have the confidence level to
be included with  higher classifications  of mineral resource  and should  not 
form the basis for economic development.

The Project also  hosts an Exploration  Target of total  contained 1.8 to  7.2 
million pounds U[3]O[8], as noted in the following table:

          EXPLORATION TARGET SUMMARY 
              tons    Grade % U[3]O[8]  Pounds
Lower Limit 3,000,000       .03        1,800,000
Upper Limit 6,000,000       .06        7,200,000

The Exploration  Target  is  based  on exploration  drilling  results  to  the 
southeast of the current resource area which have shown two areas (Exploration
Targets) that could  potentially host  uranium deposits  of approximately  the 
same width,  thickness and  tenor as  the current  resource area.  It must  be 
stressed that these projections of potential quantity and grade are  extremely 
conceptual in  nature; there  has been  insufficient exploration  to define  a 
mineral resource and it is uncertain if further exploration will result in the
ability to estimate uranium mineral resources.

The Company's Project is a 17,510-acre property located in eastern Bee County,
Texas. The Project is situated within  the prolific South Texas Uranium  Belt, 
and is located approximately 50 miles to the southeast of the Company's Hobson
uranium processing  plant.  The  Company  initiated its  exploration  drilling 
campaign at  Burke  Hollow  on May  22,  2012  with four  drilling  rigs.  Two 
additional rigs were added in mid-June in order to expedite drilling  progress 
of target sands located from approximately 50 feet to 900 feet in depth at the
Project. Exploration and  delineation drilling  continued through  the end  of 
2012, and a total of 268 holes have been drilled, logged, and plugged to date,
for a total footage drilled of 128,075 feet.

The results of  historic and  contemporary borehole  gamma-ray and  resistance 
logs, as well as PFN logs  indicate that uranium mineralization occurs in  the 
upper Goliad Formation sand/sandstone  units below the  water table at  depths 
from approximately  180  to 400  feet  below ground  surface.   Evaluation  of 
existing average grade of uranium mineralization and the depth of  mineralized 
zones indicate  in-situ recovery  would  likely be  the most  suitable  mining 
method for this project.

The Company is currently collecting pre-operational air sampling data and  has 
two drilling rigs installing regional baseline monitor wells. A drainage study
of the proposed license  and permit boundary was  completed in January  2013.  
Ecology, cultural  resource and  socioeconomic  assessments are  scheduled  to 
begin in Q2 with the ecology assessment  to be completed in Q4 of 2013.   This 
data will be used to develop the Radioactive Material License and Mine  Permit 
applications which are scheduled to begin in Q2 2013.

The Company is currently  initiating permitting activities  on the Project  in 
order that  the  project  moves  immediately  into  the  production  pipeline, 
consistent with the  Company's hub-and-spoke  production model  for its  South 
Texas assets. Additional exploration and  development drilling is planned  for 
Burke Hollow.

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:
NYSE MKT: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
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

Certain   information   contained   in    this   news   release    constitutes 
"forward-looking statements" as such term is used in applicable United  States 
and  Canadian  laws.   Generally,  these  forward-looking  statements  can  be 
identified by  the use  of forward-looking  terminology such  as "expects"  or 
"does not  expect", "is  expected", "anticipates"  or "does  not  anticipate", 
"plans", "estimates", "intends" or "believes", or that certain actions, events
or results "may", "could",  "would", "might" or "will  be taken", "occur",  or 
"be achieved".

Forward-looking  statements  are  based  on  the  opinions  and  estimates  of 
management as of the date such statements  are made, and are subject to  known 
and unknown risks, uncertainties and other  factors that may cause the  actual 
results, performance or achievements  of UEC to  be materially different  from 
those expressed or implied by such forward-looking statements.  Many of  these 
factors are beyond  UEC's ability  to control or  predict.  Important  factors 
that may cause actual results to  differ materially and that could impact  UEC 
and the  statements contained  in this  news  release can  be found  in  UEC's 
filings with the  SEC.  Such risks  and other factors  include, among  others, 
variations in the  underlying assumptions  associated with  the estimation  or 
realization of  mineralization, the  availability of  financing on  acceptable 
terms, accidents, labor disputes,  acts of God and  other risks of the  mining 
industry including, without limitation, risk of liability under  environmental 
protection legislation, delays in obtaining governmental approvals or permits,
title disputes or claims limitations on insurance coverage.  UEC believes that
the expectations reflected in the forward-looking statements included in  this 
news release are  reasonable; however, no  assurance can be  given that  these 
expectations will prove  to be  correct, and  such forward-looking  statements 
should not be unduly relied upon.

For forward-looking statements in this news release, UEC claims the protection
of the safe  harbor for  forward-looking statements contained  in the  Private 
Securities Litigation Reform Act of 1995.  UEC assumes no obligation to update
or supplement  any  forward-looking statements  whether  as a  result  of  new 
information, future events or otherwise.

 

Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com

SOURCE Uranium Energy Corp

Contact:

Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com
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