NYSE Amex Equities Exchange Symbol – UEC

CORPUS CHRISTI, TX, March 30, 2012 /PRNewswire/ – Uranium Energy Corp (“UEC” or
the “Company”) (NYSE-AMEX: UEC) and CUE Resources Ltd. (“CUE”) (TSX-V:
CUE) are pleased to announce that UEC’s acquisition of CUE by way of a
plan of arrangement (the “Transaction”) has closed, effective at 12:01
am on March 30, 2012. Following the completion of the Transaction, CUE
is now a wholly-owned subsidiary of UEC. In connection with the
Transaction, UEC will issue 2,345,926 UEC common shares to former CUE
shareholders as well as 171,303 UEC shares to settle certain debts of
CUE. CUE, through its wholly-owned subsidiary, held an undivided 100%
legal and beneficial interest in and to certain concession contracts
covering a 230,650-hectare uranium exploration property located in
southeastern Paraguay known as the Yuty ISR Project. See the Company’s
news release dated January 23, 2012 for additional information on the
now completed plan of arrangement.

President and CEO Amir Adnani stated, “Given the proximity of the Yuty
project to our Coronel Oviedo property, this transaction enables clear
operational synergies and allows us to consider implementing the
hub-and-spoke production strategy we have successfully deployed in
South Texas. We believe that Paraguay is host to a highly prospective,
large-scale ISR-amenable uranium district with mineralization that is
very similar to that of South Texas. In addition, consistent with other
recent UEC project acquisitions, we have acquired an asset with an
extensive defined resource at an attractive price. Given the
11-million pound total resource at Yuty, the Company now has both an
exploration and development focus in this business-oriented, stable
country. We’re excited about the opportunities that lie ahead.”

Dundee Securities Ltd. acted as financial advisor to UEC in connection
with the Transaction.

The Yuty ISR Project

The Yuty ISR Project covers 230,650 hectares and is located
approximately 200 kilometers east and southeast of Asunción, the
capital of Paraguay. It is located within the Paraná Basin, which is
host to a number of known uranium deposits, including Figueira and
Amorinópolis in Brazil. Preliminary studies indicate amenability to
extraction by in situ recovery (ISR) methods, which is the same process
currently used by UEC at its South Texas operations. CUE has spent
over CAD$16 million developing Yuty since 2006.

Between 2007 and 2010, CUE completed 256 drill holes totaling 31,000
meters of core and rotary drilling and acquired a 100% interest in the
Yuty Project. The current resource for the Yuty Project was finalized
in a technical report prepared for CUE titled “Updated Technical Report
on the Yuty Uranium Project, Republic of Paraguay” dated August 24,
2011 (the “Yuty Technical Report”). The Yuty Technical Report shows an
average grade and resource at the Yuty Project as follows:

Measured Resource 2.054M tonnes @ 0.062 % eU3O8 containing 2.801M lbs
eU3O8
Indicated Resource 5.783M tonnes @ 0.048 % eU3O8 containing 6.113M lbs
eU3O8
Inferred Resource 2.139M tonnes @ 0.047 % eU3O8 containing 2.226M lbs
eU3O8

The technical information in this news release was prepared in
accordance with the Canadian regulatory requirements set out in NI
43-101 and is extracted from the Yuty Technical Report, which is filed
on CUE’s SEDAR profile and is available for viewing at www.sedar.com. The technical information in this news release and the Yuty Technical
Report have been reviewed by Clyde L. Yancey, P.G., Vice President of
Exploration for UEC, being a qualified person as defined by NI 43-101.
To the best of UEC’s knowledge, information, and belief, there is no
new material scientific or technical information that would make the
disclosure of the mineral resources contained in this news release
inaccurate or misleading.

About Uranium Energy Corp.:

Uranium Energy Corp. is a U.S.-based uranium production, development and
exploration company operating North America’s newest emerging uranium
mine. UEC’s fully licensed and permitted Hobson processing facility is
central to all of its projects in South Texas, including the Palangana
in-situ recovery project, which is ramping up initial production, and
the Goliad in-situ recovery project which has been granted its Mine
Permit and is in the initial stages of mine construction. UEC’s
operations are managed by professionals with a recognized profile for
excellence in their industry, a profile based on many decades of
hands-on experience in the key facets of uranium exploration,
development and mining. For detailed information visit UEC’s web site
at www.uraniumenergy.com.

Notice to U.S. Investors

The mineral resources referred to herein have been estimated in
accordance with the definition standards on mineral resources of the
Canadian Institute of Mining, Metallurgy and Petroleum referred to in
NI 43-101 and are not compliant with U.S. Securities and Exchange
Commission (the “SEC”) Industry Guide 7 guidelines. In addition,
measured mineral resources, indicated mineral resources and inferred
mineral resources, while recognized and required by Canadian
regulations, are not defined terms under SEC Industry Guide 7 and are
normally not permitted to be used in reports and registration
statements filed with the SEC. Accordingly, we have not reported them
in the United States. Investors are cautioned not to assume that any
part or all of the mineral resources in these categories will ever be
converted into mineral reserves. These terms have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. In particular, it should be noted that
mineral resources which are not mineral reserves do not have
demonstrated economic viability. It cannot be assumed that all or any
part of measured mineral resources, indicated mineral resources or
inferred mineral resources will ever be upgraded to a higher category.
In accordance with Canadian rules, estimates of inferred mineral
resources cannot form the basis of feasibility or other economic
studies. Investors are cautioned not to assume that any part of the
reported measured mineral resources, indicated mineral resources or
inferred mineral resources referred to in this news release are
economically or legally mineable.

Safe Harbor Statement

Except for the statements of historical fact contained herein, the
information presented in this news release constitutes “forward-looking
statements” as such term is used in applicable United States and
Canadian laws. These statements relate to analyses and other
information that are based on forecasts of future results, estimates of
amounts not yet determinable and assumptions of management. Any other
statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as “expects” or “does not expect”, “is
expected”, “anticipates” or “does not anticipate”, “plans, “estimates”
or “intends”, or stating that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved) are
not statements of historical fact and should be viewed as
“forward-looking statements”. Such forward looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such risks and other factors include, among others, the actual results
of exploration activities, variations in the underlying assumptions
associated with the estimation or realization of mineral resources, the
availability of capital to fund programs and the resulting dilution
caused by the raising of capital through the sale of shares, accidents,
labor disputes and other risks of the mining industry including,
without limitation, those associated with the environment, delays in
obtaining governmental approvals, permits or financing or in the
completion of development or construction activities, title disputes or
claims limitations on insurance coverage. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to
be accurate as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news release.

Certain matters discussed in this news release and oral statements made
from time to time by representatives of the Company may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the Federal securities laws. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it
can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected. Many of these factors are beyond the Company’s ability
to control or predict. Important factors that may cause actual results
to differ materially and that could impact the Company and the
statements contained in this news release can be found in the Company’s
filings with the Securities and Exchange Commission. For
forward-looking statements in this news release, the Company claims the
protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995. The Company
assumes no obligation to update or supplement any forward-looking
statements whether as a result of new information, future events or
otherwise. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy securities.

Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com

SOURCE Uranium Energy Corp