AUSTIN, TX - January 22, 2008 - Uranium Energy Corp announces that it
has acquired the Coyote Ranch Project in Arizona. This strategically
situated project is comprised of approximately 1,120 acres of state leases
located in eastern Apache County. The project compliments the Company's
recently acquired Red Basin Project in neighboring Catron County, New Mexico
(For more information about this project, please see the Company's news
release dated December 5, 2007). The acquisition of this project was
driven by the Company's evaluation of its Halterman Database (For more
information about this database, please see the Company's news release dated
January 9, 2007).
The Coyote Ranch Project covers an area of relatively shallow,
high-grade uranium mineralization drilled by Occidental Minerals in the
Tertiary de Baca Formation, which is immediately above the contact with the
Cretaceous Mesaverde Group. The Coyote Ranch Project is approximately
10 miles east-northeast of Springerville, Arizona, and five miles west of the
New Mexico state line. The Company's Red Basin Project is approximately
30 miles to the northeast of the Coyote Ranch Project, and within the same
geologic formation.
The Company possesses 57 electric logs drilled and recorded by
Occidental Minerals in 1981, showing standard geophysical measurements of
resistance and spontaneous potential, both of which can determine rock
characteristics. Calibrated gamma-ray results are also available and
were analyzed. Of the 57 logs, 6 were barren, or showed no anomalous
gamma activity, 37 showed anomalous gamma activity, and 14 showed high-grade
uranium mineralization as evidenced by gamma-ray values of 400 to
approximately 3,500 counts per second. The mineralization occurs at
depths between 100 and 200 feet, and appears to be below the water table and
therefore possibly amenable to ISR mining, however verification of the
groundwater saturation extent will be addressed by the Company's drilling
programs.
The project is positioned on the margin of two physiographic
provinces, the Colorado Plateau and Basin and Range Province. The
Tertiary age de Baca formation outcrops along this provincial margin trend
from just north of Magdalena, New Mexico, to its western most extent, just
west of Coyote Ranch, or an approximate 130-mile trend in total. This
trend was the subject of intense exploration activities during the last uranium
cycle from companies such as Kerr-McGee, Pioneer Nuclear, Gulf Minerals,
Occidental Minerals, Energy Reserves Group, and United Nuclear Corp/Teton.
Historic production grades, as reported by the New Mexico Bureau of
Mines and Mineral Resources in the Arizona-New Mexico de Baca trend average
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 Company's evaluation of this prospective uranium play is ongoing,
and it plans to increase its land position both in Arizona and New
Mexico. The Company will initiate a mapping and sampling program
on this project within the coming year.
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
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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
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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.
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also refer to the risk factors disclosed in the Company's periodic reports
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