DGAP-News: Uranium Energy Corp Announces an Inferred Resource of 5.5 Million Pounds U3O8 at the Company's Workman Creek Project in Arizona
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Miscellaneous
Uranium Energy Corp Announces an Inferred Resource of 5.5 Million
Pounds U3O8 at the Company's Workman Creek Project in Arizona
06.03.2012 / 14:30
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Uranium Energy Corp.
NYSE Amex Equities Exchange Symbol - UEC
Uranium Energy Corp Announces an Inferred Resource of 5.5 Million Pounds
U3O8 at the Company's Workman Creek Project in Arizona
Corpus Christi, TX - March 6, 2012 - Uranium Energy Corp (NYSE-AMEX: UEC,
the 'Company') is pleased to announce that the Company has received an
independent National Instrument 43-101 Technical Report for its Workman
Creek Project located in Gila County, Arizona, that reports an inferred
mineral resource of 3,222,000 tons containing 5,542,000 lbs. of U3O8 with
an average grade of 0.086% U3O8, at a cut-off grade of 0.05%.
The Workman Creek Project consists of 183 unpatented lode mining claims
covering 3,620 acres. The Project is located in a remote area of the
Dripping Springs Mining District of Gila County, Arizona, about 30 miles
north of Miami, Arizona, 85 miles northeast of Phoenix and approximately
180 miles from the Company's Anderson Project. The current claim
configuration represents the Workman Creek North and South projects, areas
originally held and developed by Wyoming Minerals Corp ('WMC'), a
subsidiary of Westinghouse, in the 1970s and 1980s.
The uranium mineralization in the Dripping Springs Mining District was
first noted in 1950, but not thoroughly explored until 1955 following an
airborne radiometric survey conducted by the U.S. Atomic Energy Commission.
The survey identified approximately 20 target areas and initiated a staking
rush into the Sierra Ancha Mountains of Gila County.
In the 1970s, WMC established a significant acreage position in the area
and began a systematic development program. Major work conducted by WMC
including the drilling of over 400 exploration and development holes,
geological mapping, regional and detailed geochemical studies, petrographic
studies, mineralogical paragenetic studies, geophysical surveys and
metallurgical studies, all of which culminated in a positive feasibility
study prepared by Dravo Engineers in 1980. UEC has access to all of this
information about the project area.
Based on favorable economics indicated in the Dravo Engineers feasibility
study, detailed designs for open pit and underground mining were developed,
coupled with a conventional acid leach, solvent extraction and
precipitation process. Metallurgical leaching studies indicated that
uranium recovery was in the range of 94%. The work by Dravo Engineers was
further supported and complimented by work performed by Mountain States
Research and Development, of Tucson, Arizona, and the Colorado School of
Mines Research Institute of Golden, Colorado. However, these historical
studies pre-date NI 43-101 standards and should not be treated as current.
The Company has not performed the necessary work to verify these historical
studies and the results should not be relied upon.
The complete Workman Creek Project NI 43-101 Technical Report as prepared
for the Company is filed on the SEDAR website, at www.sedar.com, and on the
Company's website at www.uraniumenergy.com. The Technical Report is
authored by Neil G. McCallum,P.Geol., and Gary H. Giroux, P. Eng., both
being qualified persons as defined in NI 43-101. Mr. McCallum is with
Dahrouge Geological Consultants Ltd and Mr. Giroux is an independent
consulting engineer.
The authors of the Technical Report concluded that, based on geological
similarities and other historic mining activity dating back to the 1950s,
there is excellent potential for significant uranium mineralization on the
other claim blocks which constitute the Workman Creek Project. They
further stated that the claim blocks outside of the main resource area have
seen limited documented exploration work, and the recommended program is
designed to expand results from previous drill testing.
The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI 43-101
and reviewed by Clyde L. Yancey, P.G., Vice President-Exploration for the
Company, a QP under NI-43-101.
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.
The Company'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. The Company'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.
Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info(at)uraniumenergy.com
Stock Exchange Information:
NYSE-AMEX: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
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
herein 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.
End of Corporate News
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