Uranium Energy Corp reports it has entered into an option agreement with Neutron Energy, Inc., granting Neutron the exclusive option  to purchase the Company’s 49%-interest in Cibola Resources for a cash payment of US$11,000,000.

Cibola is the owner of the Cebolleta uranium project, a mining lease covering approximately 6,700 acres in the Cebolleta Land Grant, 45 miles west of Albuquerque, New Mexico. Cibola is owned 49% by the Company and 51% by Neutron, a private corporation based in Englewood, Colorado.

The status of the Cebolleta project is that the Cibola partners have recently submitted an application for a permit to proceed with exploration.

President and CEO of Uranium Energy Corp. says

“The Company’s interest is to use the proceeds from this proposed sale to further strengthen and expand our uranium resource base in Texas. Last month the Company announced agreements to acquire substantial additional assets in Texas, including a fully-licensed ISR processing facility, another advanced ISR project and a portfolio of prospective exploration properties. Planning now to operate with a new regional strategy of developing satellite ISR uranium projects to feed a central processing plant, Uranium Energy Corp is acting to expand on a major opportunity in Texas.”

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