Uranium Energy Corp Makes Progress with Permitting at the Goliad ISR Project

Uranium Energy Corp announce that it has filed two Class I Non-hazardous Waste Disposal Well Applications (WDWA) with the Texas Commission on Environmental Quality (TCEQ) for the Company’s Goliad ISR Uranium Project in South Texas. The on-site wells will be used for the disposal of fluids associated with uranium recovery and aquifer restoration activities. As with the previously filed Mine Permit Application and Production Area Authorization Application, TCEQ will conduct administrative and technical reviews of the Waste Disposal Well Applications.

The Company is also implementing a series of cost-saving programs by reassessing field personnel and postponing planned expenditures on non-core initiatives. The Company is postponing planned exploration programs for its Colorado Plateau projects, as one example, and reorganizing resources to adjust to the reduced number of work programs outside of Texas.

Amir Adnani, president and CEO stated: “As the first public company in over 10 years to receive a draft uranium mine permit in the U.S., the Company’s first and highest priority remains advancing our near-term production efforts in South Texas at our Goliad ISR Project. However, in light of current uncertain market conditions, the Company is fortunate to have raised $15.3 million in the equity markets this past summer, and will remain vigilant to preserve its strong working capital position. To this end, UEC is implementing a series of cost-saving programs to conserve its cash position, one of the strongest in the junior uranium sector, while improving our focus on our near-term production potential in South Texas.”

Uranium Energy Corp (AMEX: UEC) is a US-based resource company with the objective of becoming a near-term ISR uranium producer in the United States. Utilizing its extensive information library of historic uranium exploration and development work, the Company has acquired and is advancing uranium properties throughout the southwestern US. A Draft Mine Permit was recently issued for the Company’s lead project, the Goliad ISR Uranium Project in south Texas. Operational management is comprised of pre-eminent uranium mining and exploration professionals whose collective experience in this industry gives the Company ongoing uranium mine-finding and mine development expertise.