Uranium Energy Corp Reports Independent NI 43-101 Resource Estimate for the Company's Palangana ISR Project in South Texas

 Uranium Energy Corp (NYSE-AMEX: UEC, the "Company") is pleased to announce the results of a Technical Report on Resources (the "Technical Report"), including Measured, Indicated, and Inferred Mineral Resource Estimates (the "Resource Estimates"), prepared in accordance with the provisions of National Instrument 43-101 ("NI 43-101") of the Canadian Securities Administrators on the Company's Palangana Project located in Duval County, Texas.

The Technical Report is expected to be filed and available shortly on the SEDAR website, and on the Company's website. The Technical Report is authored by SRK Consulting U.S. Inc ("SRK"), an international mining consulting firm with headquarters in Denver, Colorado.

The Technical Report provides for a Measured and Indicated Resource Estimate for the Company's Palangana Project of 1,057,000 pounds at an average grade of 0.135% eU3O8. This resource is located in two zones referred to as Production Area #1 ("PA-1") and Production Area #2 ("PA-2"). An additional 1,154,000 pounds of eU3O8 at an average grade of 0.176% is classified as an Inferred Resource Estimate, and is located in six new exploration zones. The Resource Estimates completed by SRK are based on the results from 2,694 drill holes at the Palangana Project completed by previous operators including Uranium One, Chevron Corporation and Union Carbide Corp ("UCC"). The Resource Estimates are primarily located east of the Palangana Dome.

Amir Adnani, President and CEO, stated: "Management is very pleased with the early progress at Palangana. The Company completed acquisition of the project eight weeks ago, and announced on January 20 that the project is fully permitted. As concluded in the Technical Report, there is very substantial potential at Palangana and the Company is implementing two programs here. With the first program, we are advancing the engineering of mineralized zones PA-1 and PA-2 with the objective of near-term production and processing at the Company's fully licensed Hobson plant. The second program is to implement a 215-hole drilling campaign with the objective to further define and expand the Inferred Resources present in the six exploration zones."

Further details on the quantity and grade

Source: PR Newswire/Yahoo Finance