On February 20th, 2008 Uranium Energy Corp spoke in Austin TX, regarding the progress of the engineering and environmental studies. They are currently on schedule with the Cebolleta Uranium Project through the joint venture company, Cebola Resources, LLC (which is 49% owned by Uranium Energy Corp and 51% owned by Neutron Energy Inc).

With its designed and confirmation drilling program, this joint venture is to verify historic information and provide further information for a geologic model and development plan, which is set to begin early summer, 2008. Employees of the joint venture companies, scientists, geologists and engineers will be conducting environmental baseline evaluations, including fish and game inventories and archeological studies with the help of contracted specialized environmental consulting firms.

The Cebolleta Uranium Project is located in New Mexico and approximately 45 miles west of Albuquerque (historic Laguna mining district), which is situated on the southeastern portion of the Spanish Cebolleta Land Grant. Cibola Resources, LLC holds a mineral lease that covers approximately 6,500 acres of privately owned surface and mineral rights.

Historically, the Cebolleta Land Grand has leased portions of their land for uranium mining. The company is privately managed by a board of trustees that have authority to approve the use of assets and natural resources within grant boundaries. Under the Treaty of Guadalupe Hidalgo (which ended the Mexican-American War in 1884) the United States agreed to honor private property within land grants in the territory relinquished by Mexico to the United States.

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