Uranium Energy Corp Provides Project and Corporate Update

Uranium Energy Corp reports a near-term production update on each of its Palangana and Goliad in-situ recovery uranium projects and an update on its current and anticipated balance sheet and capital structure.

Palangana ISR Project: The Company’s technical team, including recent hires from Uranium One, is at present on the ground at the 100%-controlled Palangana project in South Texas. The road and drill pads for the disposal well are being built at the project site. Drilling equipment is slated to arrive at Palangana on June 7, 2010. The Company estimates 45-60 days to drill and complete the disposal well. Simultaneous with the drilling of the disposal well, the Company anticipates drilling the first wellfield for Palangana and installing the satellite operation.

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