AUSTIN, TX – FEB. 17, 2006 – Uranium Energy Corp (“UEC”) announces that the Company has commenced trading on the OTC Bulletin Board, under the symbol URME: OTCBB.  The company became effective in January 2006 following the filling of its SB-2 registration statement with the US Securities and Exchange Commission.

Uranium Energy Corp is a US-based junior resource company with the near-term objective of uranium production in the United States. The company’s management is comprised of veteran mining and exploration professionals eminent in the field of uranium, whose collective experience in the mining industry, and specifically in the uranium mining sector, gives the Company over 160 years of uranium mine-finding and uranium mine development expertise.  UEC is well positioned to capitalize on the world’s first significant alternative energy boom.

The company has focused its early property acquisition program primarily in the southwestern US states of Texas, Wyoming, Arizona, Colorado and Utah.  This region has historically been the most concentrated area for uranium mining in the US.  With the use of historical exploration databases, UEC has been able to target properties for acquisition that have already been the subject of significant exploration and development by senior energy companies in the past.  UEC’s strategy of acquiring exploration databases and leveraging those databases to generate acquisition targets has been effective thus far.  The Company will continue to aggressively pursue this formula on an ongoing basis.

The company’s exploration mandate is to identify and acquire properties that demonstrate historical uranium resources. To date, the Company has successfully acquired property containing 10.7 million pounds of historic uranium resources, with potential targets of 26.5 million pounds in additional resources being identified by the Company’s databases.

The Company’s foundation asset, located in Goliad County, Texas, has 5.2 million pounds of historic and ISL-amenable (In Situ Leaching) uranium resource with potential targets of 10 million pounds in additional resources.  Planning for first phase of confirmation drilling and ISL permitting is underway.

Alan Lindsay, Chairman of the board of Uranium Energy Corp states, “Our public listing is the next important step in the evolution of Uranium Energy Corp.  Over the past year and a half, we have built a significant portfolio of personnel and resources.  We now have the ingredients necessary to build a formidable uranium mining company.  UEC is an extremely well-timed production development venture.”

About Uranium

Domestic uranium development in the United States has been widely ignored up until recently when uranium prices started increasing dramatically from record lows. The spot price of uranium has increased 75% in the last twelve months, and 500% in the last five years, following over twenty years of severely depressed prices.  Investment analysts and government agencies universally forecast continuing price increases in the future due to a lack of supply of uranium, and due to strong positive sentiment towards nuclear power as a safe and emission-free alternative to fossil fuels.

About Uranium Energy Corp

Uranium Energy Corp (URME: OTCBB) is a US-based junior resource company with the near-term objective of uranium production in the United States. The company has a mandate to acquire historical uranium resources that can be developed into producing uranium mines.  Its management is comprised of veteran mining and exploration professionals eminent in the field of uranium, whose collective experience in the mining industry, and specifically in the uranium mining sector, gives the Company over 150 years of uranium mine-finding and uranium mine development expertise.  UEC is well positioned to capitalize on the world’s first significant alternative energy boom. See www.uraniumenergy.com for more information.

Contact North  America:  Investor Relations, Uranium Energy Corp

Phone: Toll Free  (877) 676-7183   Fax: (512)  721-1023
e-mail: info@uraniumenergy.com

Contact Europe:  International Market Trend AG

Phone:  +41.43.888.67.00  Fax:  +41.43.888.67.09

Stock Exchange  Information:  Symbol: OTCBB – URME

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.