Uranium Energy Corp. was pleased to announce that it has entered into an agreement with URN Resources Inc., a subsidiary of Uranium One Inc., and an agreement in principle with Everest Exploration Inc., to collectively acquire a 100% ownership interest in the South Texas Mining Venture, L.L.P. (STMV), a Texas limited liability partnership.

Uranium Energy has already entered into a Securities Purchase Agreement with South Texas Mining Venture. This purchase agreement will grant both Uranium Energy and URN Resources a 99% interest in South Texas Mining Venture’s common stock. Further, Uranium Energy Corporation has agreed to issue 2,500,000 shares of common stock to shareholders of South Texas Mining. The closing of the acquisition is still subject to a number of conditions that include the receipt of both parties consent and releases at closing.

Uranium Energy has also entered into an agreement in principle with Everest Exploration. This agreement states that Uranium Energy is to purchase all the assets of Everest, including their 1% interest in South Texas Mining. In order to execute this acquisition, Uranium will pay 200,000 shares of common stock to Everest Exploration and will also issue a cash payment of $1,000,000 to Everest. This payment will be used for reclamation on two properties that were previously mined by Everest.

The assets of South Texas Mining include: the fully licensed Hobson ISR Processing Plant, the La Palanga Uranium Mining Project, and a portfolio of exploration-stage properties located in South Texas. The Hobson facility is expected to form the basis of a new regional operating strategy for Uranium Energy’s projects in South Texas. The company will also have five additional properties in Texas, with recognized uranium mineralization and each property will lie within approximately 100 miles of the licensed Hobson facility.

Amir Adnani, President and CEO of the Company, stated “The purchase of STMV is consistent with the Company’s objective of growth through acquisitions that can add significant value for shareholders. Texas is America’s energy capital, and the state with a unique streamlined permitting framework for uranium mining. Texas has four operating nuclear power plants and six additional facilities are under consideration. Concurrently, the South Texas Uranium Belt holds significant known resources that are amenable to low-cost in-situ recovery.”

He continued, “The Company is acting to build a base for long-term growth here. By acquiring existing, licensed production facilities, we intend to shorten the runway to initial low-cost production. The addition of new resources and properties to our existing Goliad and Nichols projects provides the Company with a strong and diversified pipeline of advanced, development and exploration-stage properties for expanding production for many years.”