Uranium Energy Corp announces that exploration of the Cebolleta Uranium Project is continuing, through the joint venture company, Cibola Resources LLC. Cibola Resources LLC is a limited liability Company whose owners are Uranium Energy Corp and Neutron Energy Inc.

The Cebolleta Uranium Project is situated in the Laguna mining district, approximately 45 miles west of Albuquerque, New Mexico. The project is situated on the southeastern portion of the Cebolleta Land Grant, a former Spanish land grant. Cibola Resources holds a mineral lease covering 6,700 acres of privately owned surface and mineral rights. The project area is the site of the formerly active St. Anthony and L-Bar uranium mines. The recently released NI 43-101 Technical Report reports an historic resource of 8,395,000 tons at an average grade of 0.124%, or approximately 20,861,000 pounds of U3O8.

In May 2007, the Company announced that Cibola Resources had acquired an extensive database covering the property. This database includes 601,486 feet of drilling, drill hole location maps, various geologic and engineering reports, and underground long-hole drilling information. Since acquisition, this information has been digitally formatted into a database, and can now be utilized to create a three-dimensional model of the mine workings and mineralized zones. Based on the mine modeling, Cibola Resources will develop a comprehensive confirmation drilling program. It is anticipated that the model will be completed very shortly, and the drilling program designed by early December 2007. Drilling permit applications should be submitted to the regulatory authority by the end of 2007, with drilling operations scheduled to begin during the second quarter of 2008.

All resource estimates quoted herein are based on data and reports obtained and prepared by previous operators. They were calculated using methods and procedures that were standard in the US uranium industry at the time they were prepared. This historic resource estimate is considered to be relevant based on the amount and quality of historic work completed but should not be relied upon.

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

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