Dundee Issues Buy Recommendation on UEC

Dear Shareholder,

David Talbot, the uranium analyst with respected Dundee Capital Markets, issued a buy recommendation on UEC on May 5th, stating the following:

�Buy... Uranium Production Still Expected by Year End... Planning for the future is a strong suit for UEC�s forward looking management... Our expectations are being heightened... Palangana construction imminent, final pieces falling into place. Drilling of the deep disposal well, well field and assembly of the satellite plant are scheduled to begin when drills arrive in early June. First production is still anticipated for Q4/2010... Goliad entering its final paces... �

For more information, please email info@uraniumenergy.com or give us a call at 1-866-748-1030.

Thank you,

Uranium Energy Corp.

About Uranium Energy Corp

Uranium Energy Corp (NYSE-AMEX: UEC) is a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S. The Company�s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana is-situ recovery project, which is fully permitted, 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.  The Company is well financed to execute on its key programs.

For further information about Uranium Energy Corp (NYSE - AMEX: UEC), please click: www.uraniumenergy.com or call 1.866.748.1030