Uranium Energy Corp., a U.S.-based uranium exploration and development company focused on acquiring and working uranium properties in the western U.S., continues to develop its initial wellfield located at the Palangana ISR (“in-situ” recovery) uranium project (PAA-1) in South Texas. A total of 110 injection and production wells are to be drilled, cased, and developed within the project.

The initial wellfield should be completed within three months, at which time construction of wellfield piping and electrical distribution will begin. This will tie the PAA-1 wellfield to Palangana’s ion-exchange satellite facility that will be constructed during the same period.

UEC is also in the process of drilling a non-hazardous disposal well to be used once the Palangana project starts operating some time during the fourth quarter of this year. The disposal well of approximately 6,300 feet should be completed within approximately 60 days.

Uranium Energy Corp’s COO, Harry Anthony, said earlier of the PAA-1 project, “We are delighted that the construction and development work has now commenced at Palangana. Development is active presently with two production rigs, plus the very large rig coming in to drill the disposal well. Having supervised ISR production here in the 1970’s, I can say that it is great to actively start realizing the very significant potential at Palangana.”

UEC’s Vice President of Exploration, Clyde Yancey, added, “Concurrently, drilling to increase the resource along a new 4.5-mile trend developed by our Chief Geologist, Andy Kurrus, is advancing with two active rigs performing exploration and delineation drilling. We expect to be reporting new drill results from the latest round of exploration activities from this program very shortly. We will also be reevaluating areas of the property where our geologists have now remapped the faults and trends from previous drill programs.”

The dramatic rise in demand for uranium, due to a worldwide shift back to nuclear energy as a viable non-fossil energy source, has made UEC’s massive database of historic uranium exploration and development increasingly valuable, allowing the company to identify and acquire the best properties for uranium exploration. Nuclear power plants are once again being developed around the world, and uranium production is not keeping up with demand. UEC feels it is in a perfect position to capitalize on the new nuclear energy boom.

For more information, see the company website at www.UraniumEnergy.com.

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