SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

             Information Statement Pursuant to Rules 13d-1 and 13d-2
                    Under the Securities Exchange Act of 1934

                         International Tower Hill Mines
                                (Name of Issuer)

                                  Common Shares
                         (Title of Class of Securities)

                                    46051L104
                                 (CUSIP Number)

                                December 31, 2006
             (Date of Event Which Requires Filing of This Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

|_|   Rule 13d-1(b)
|X|   Rule 13d-1(c)
|_|   Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



CUSIP No. 46051L104

--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Passport Materials Master Fund, LP
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

                                                                 (a)  |_|
                                                                 (b)  |X|
--------------------------------------------------------------------------------
3.   SEC USE ONLY


--------------------------------------------------------------------------------
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     British Virgin Islands
--------------------------------------------------------------------------------
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           -0-
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          1,760,400 (see Item 4)
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         -0-
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            1,760,400 (see Item 4)
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,760,400
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.67%*
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON

     PN
--------------------------------------------------------------------------------

----------
*     The percentage is based on the 31,065,800 shares issued and outstanding
      which number is calculated by adding (i)30,479,000 (the number of shares
      reported per Bloomberg) and (ii)586,800 (the number of shares issuable
      upon exercise of the warrants held by such reporting persons).



CUSIP No. 46051L104

--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Passport Holdings, LLC
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

                                                                 (a)  |_|
                                                                 (b)  |X|
--------------------------------------------------------------------------------
3.   SEC USE ONLY


--------------------------------------------------------------------------------
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
--------------------------------------------------------------------------------
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           -0-
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          1,760,400 (see Item 4)
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         -0-
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            1,760,400 (see Item 4)
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,760,400
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.67%*
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON

     OO
--------------------------------------------------------------------------------

----------
*     The percentage is based on the 31,065,800 shares issued and outstanding
      which number is calculated by adding (i)30,479,000 (the number of shares
      reported per Bloomberg) and (ii)586,800 (the number of shares issuable
      upon exercise of the warrants held by such reporting persons).



CUSIP No. 46051L104

--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Passport Management, LLC
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

                                                                 (a)  |_|
                                                                 (b)  |X|
--------------------------------------------------------------------------------
3.   SEC USE ONLY


--------------------------------------------------------------------------------
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
--------------------------------------------------------------------------------
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           -0-
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          1,760,400 (see Item 4)
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         -0-
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            1,760,400 (see Item 4)
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,760,400
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.67%*
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON

     OO
--------------------------------------------------------------------------------

----------
*     The percentage is based on the 31,065,800 shares issued and outstanding
      which number is calculated by adding (i)30,479,000 (the number of shares
      reported per Bloomberg) and (ii)586,800 (the number of shares issuable
      upon exercise of the warrants held by such reporting persons).



CUSIP No. 46051L104

--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Passport Capital, LLC
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

                                                                 (a)  |_|
                                                                 (b)  |X|
--------------------------------------------------------------------------------
3.   SEC USE ONLY


--------------------------------------------------------------------------------
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
--------------------------------------------------------------------------------
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           -0-
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          1,760,400 (see Item 4)
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         -0-
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            1,760,400 (see Item 4)
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,760,400
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.67%*
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON

     OO
--------------------------------------------------------------------------------

----------
*     The percentage is based on the 31,065,800 shares issued and outstanding
      which number is calculated by adding (i)30,479,000 (the number of shares
      reported per Bloomberg) and (ii)586,800 (the number of shares issuable
      upon exercise of the warrants held by such reporting persons).



CUSIP No. 46051L104

--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     John Burbank
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

                                                                 (a)  |_|
                                                                 (b)  |X|
--------------------------------------------------------------------------------
3.   SEC USE ONLY


--------------------------------------------------------------------------------
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States
--------------------------------------------------------------------------------
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           -0-
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          1,760,400 (see Item 4)
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         -0-
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            1,760,400 (see Item 4)
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,760,400
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.67%*
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON

     OO
--------------------------------------------------------------------------------

----------
*     The percentage is based on the 31,065,800 shares issued and outstanding
      which number is calculated by adding (i)30,479,000 (the number of shares
      reported per Bloomberg) and (ii)586,800 (the number of shares issuable
      upon exercise of the warrants held by such reporting persons).



Item 1(a).  Name of Issuer:

            Uranium Energy Corp. (the "Company").

Item 1(b).  Address of Issuer's Principal Executive Offices:

            #507 837 WEST HASTINGS ST
            VANCOUVER BC V6C 3N6
            BC A1 V6E 3N6
            6046851017

Item 2(a).  Name of Persons Filing:

            Passport Materials Master Fund, LP ("Fund I");
            Passport Management, LLC ("Passport Management");
            Passport Holdings, LLC ("Passport Holdings")
            Passport Capital, LLC ("Passport Capital"); and
            John Burbank ("Burbank," together with Fund I, Passport Management,
              Passport Holdings and Passport Capital, the "Reporting Persons").

            Burbank is the sole managing member of Passport Capital; Passport
            Capital is the sole managing member of Passport Holdings and
            Passport Management. Passport Holdings is the General Partner to
            Fund I. Passport Management is the investment manager to Fund I. As
            a result, each of Passport Management, Passport Holdings, Passport
            Capital and Burbank may be considered to share the power to vote or
            direct the vote of, and the power to dispose or direct the
            disposition of, the Shares owned of record by Fund I. This statement
            on Schedule 13G shall not be construed as an admission that any of
            the Reporting Persons (other than Fund I) is the beneficial owner of
            the securities covered by this statement.

Item 2(b).  Address of Principal Business Office:

            For each Reporting Person:

            PASSPORT CAPITAL, LLC
            402 JACKSON STREET
            SAN FRANCISCO, CA 94111

Item 2(c).  Citizenship:

            See row 4 of each Reporting Persons' respective cover page.

Item 2(d).  Title of Class of Securities:

            Common Shares of the Company (the "Common Shares")

Item 2(e).  CUSIP Number:

            46051L104



Item 3.     Not applicable.

Item 4.     Ownership.

            (a)   Amount beneficially owned:

                  See Item 9 of each Reporting Persons' respective cover page.

            (b)   Percent of class:

                  See Item 11 of each Reporting Persons' respective cover page.

            (c)   Number of shares for which each Reporting Person has sole or
                  shared voting on disposition:

                  See Items 5-8 of each Reporting Persons' respective cover
                  page.

Item 5.     Ownership of Five Percent or Less of a Class.

            If this statement is being filed to report the fact that as of the
            date hereof the reporting person has ceased to be the beneficial
            owner of more than five percent of the class of securities, check
            the following |_|.

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

            Not Applicable.

Item 7.     Identification and Classification of the Subsidiary Which Acquired
            the Security Being Reported By the Parent Holding Company.

            Not Applicable.

Item 8.     Identification and Classification of Members of the Group.

            Not Applicable.

Item 9.     Notice of Dissolution of a Group.

            Not Applicable.

Item 10.    Certification.

            By signing below I certify that, to the best of my knowledge and
            belief, the securities referred to above were not acquired and are
            not held for the purpose of or with the effect of changing or
            influencing the control of the issuer of the securities and were not
            acquired and are not held in connection with or as a participant in
            any transaction having that purpose or effect.



                                    SIGNATURE

      After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated: February 14, 2007
       -----------------

                                      PASSPORT MATERIALS MASTER FUND, LP


                                           By: PASSPORT HOLDINGS, LLC
                                               as General Partner

                                           By: PASSPORT CAPITAL, LLC,
                                               as Managing Member

                                           By:   /s/ JOHN BURBANK
                                               -------------------------------
                                               John Burbank,
                                               Managing Member


                                      PASSPORT HOLDINGS, LLC

                                           By: PASSPORT CAPITAL, LLC,
                                               as Managing Member

                                           By:   /s/ JOHN BURBANK
                                               -------------------------------
                                               John Burbank,
                                               Managing Member


                                      PASSPORT MANAGEMENT, LLC

                                           By: PASSPORT CAPITAL, LLC,
                                               as Managing Member

                                           By:   /s/ JOHN BURBANK
                                               -------------------------------
                                               John Burbank,
                                               Managing Member


                                      PASSPORT CAPITAL, LLC

                                      By:    /s/ JOHN BURBANK
                                           -------------------------------------
                                           John Burbank,
                                           Managing Member


                                        /s/ JOHN BURBANK
                                      ------------------------------------------
                                      John Burbank



                                                                       Exhibit 1

                             JOINT FILING AGREEMENT

      In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned agree to the joint filing on behalf of each of
them the statement on Schedule 13G to which this agreement is attached as an
exhibit.

      The undersigned further agree that each party hereto is responsible for
the timely filing of such Schedule 13G and any amendments thereto, and for the
completeness and accuracy of the information concerning such party contained
therein; provided, however, that no party is responsible for the completeness or
accuracy of the information concerning any other party making the filing, unless
such party knows or has reason to believe that such information is inaccurate.

      IN WITNESS WHEREOF, the parties have executed this Joint Filing Agreement
on February 14, 2007.

                                       PASSPORT MATERIALS MASTER FUND, LP


                                            By: PASSPORT HOLDINGS, LLC
                                                as General Partner

                                            By: PASSPORT CAPITAL, LLC,
                                                as Managing Member

                                            By:   /s/ JOHN BURBANK
                                                --------------------------------
                                                John Burbank,
                                                Managing Member


                                       PASSPORT HOLDINGS, LLC

                                            By: PASSPORT CAPITAL, LLC,
                                                as Managing Member

                                            By:   /s/ JOHN BURBANK
                                                -------------------------------
                                                John Burbank,
                                                Managing Member


                                       PASSPORT MANAGEMENT, LLC

                                            By: PASSPORT CAPITAL, LLC,
                                                as Managing Member

                                            By:   /s/ JOHN BURBANK
                                                -------------------------------
                                                John Burbank,
                                                Managing Member


                                       PASSPORT CAPITAL, LLC

                                       By:   /s/ JOHN BURBANK
                                           ------------------------------------
                                           John Burbank,
                                           Managing Member


                                         /s/ JOHN BURBANK
                                       -----------------------------------------
                                       John Burbank