Uranium Energy Corp Issued Final Draft Permits for Both Disposal Wells for
the Goliad ISR Project in South Texas

NYSE Amex Equities Exchange Symbol - UEC

AUSTIN, TX , Sept. 23 /CNW/ - Uranium Energy Corp (NYSE AMEX: UEC; the 'Company') is pleased to announce that the Texas Commission on Environmental Quality (TCEQ) has completed Final Draft Permits for the two non-hazardous disposal wells that are planned as part of in-situ recovery of uranium at the Company's Goliad Project in South Texas. In accordance with the rules, the issuance of the Final Draft Permits will be published in local newspapers.

The Company is also pleased to announce that it is preparing a response to TCEQ's technical review of the Radioactive Material License (RML), which is the last application the Company has submitted to TCEQ. All other permit applications have been processed and TCEQ has issued the Final Draft Permits. Uranium Energy Corp plans to file its response with TCEQ within 30 days, which will allow the agency to continue processing the application through its final stage.

Today's announcement follows from the Company's news release dated September 1, 2009 in which it was reported that TCEQ had issued initial draft disposal well permits pending Company review.

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 Goliad ISR Uranium Project in South Texas is in the final stages of mine permitting for production, and was recently issued a Final Draft Mine Permit and a Final Draft Production Authorization for Production Area 1. 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.

    
    Stock Exchange Information:
    NYSE AMEX: UEC
    Frankfurt Stock Exchange Symbol: U6Z
    WKN: AØJDRR
    ISN: US916896103
    

Safe Harbor Statement

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 statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although 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. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the United States Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

For further information: Contact North America: Investor Relations, Uranium Energy Corp.: Toll Free: [phone], Fax: [phone], E-mail: [email protected]