DGAP-News: Uranium Energy Corp Closes Acquisition of Cue Resources Ltd
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Acquisition
Uranium Energy Corp Closes Acquisition of Cue Resources Ltd
30.03.2012 / 14:00
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Uranium Energy Corp Closes Acquisition of Cue Resources Ltd
Corpus Christi, TX - March 30, 2012 -- Uranium Energy Corp ('UEC' or the
'Company') (NYSE-AMEX: UEC) and CUE Resources Ltd. ('CUE') (TSX-V: CUE) are
pleased to announce that UEC's acquisition of CUE by way of a plan of
arrangement (the 'Transaction') has closed, effective at 12:01 am on March
30, 2012. Following the completion of the Transaction, CUE is now a
wholly-owned subsidiary of UEC. In connection with the Transaction, UEC
will issue 2,345,926 UEC common shares to former CUE shareholders as well
as 171,303 UEC shares to settle certain debts of CUE. CUE, through its
wholly-owned subsidiary, held an undivided 100% legal and beneficial
interest in and to certain concession contracts covering a 230,650-hectare
uranium exploration property located in southeastern Paraguay known as the
Yuty ISR Project. See the Company's news release dated January 23, 2012
for additional information on the now completed plan of arrangement.
President and CEO Amir Adnani stated, 'Given the proximity of the Yuty
project to our Coronel Oviedo property, this transaction enables clear
operational synergies and allows us to consider implementing the
hub-and-spoke production strategy we have successfully deployed in South
Texas. We believe that Paraguay is host to a highly prospective,
large-scale ISR-amenable uranium district with mineralization that is very
similar to that of South Texas. In addition, consistent with other recent
UEC project acquisitions, we have acquired an asset with an extensive
defined resource at an attractive price. Given the 11-million pound total
resource at Yuty, the Company now has both an exploration and development
focus in this business-oriented, stable country. We're excited about the
opportunities that lie ahead.'
Dundee Securities Ltd. acted as financial advisor to UEC in connection with
the Transaction.
The Yuty ISR Project
The Yuty ISR Project covers 230,650 hectares and is located approximately
200 kilometers east and southeast of Asunción, the capital of Paraguay. It
is located within the ParanáBasin, which is host to a number of known
uranium deposits, including Figueira and Amorinópolis in Brazil.
Preliminary studies indicate amenability to extraction by in situ recovery
(ISR) methods, which is the same process currently used by UEC at its South
Texas operations. CUE has spent over CAD$16 million developing Yuty since
2006.
Between 2007 and 2010, CUE completed 256 drill holes totaling 31,000 meters
of core and rotary drilling and acquired a 100% interest in the Yuty
Project. The current resource for the Yuty Project was finalized in a
technical report prepared for CUE titled 'Updated Technical Report on the
Yuty Uranium Project, Republic of Paraguay' dated August 24, 2011 (the
'Yuty Technical Report'). The Yuty Technical Report shows an average grade
and resource at the Yuty Project as follows:
Measured Resource 2.054M tonnes (at) 0.062 % eU3O8 containing 2.801M lbs eU3O8
Indicated Resource 5.783M tonnes (at) 0.048 % eU3O8 containing 6.113M lbs
eU3O8
Inferred Resource 2.139M tonnes (at) 0.047 % eU3O8 containing 2.226M lbs eU3O8
The technical information in this newsrelease was prepared in accordance
with the Canadian regulatory requirements set out in NI 43-101 and is
extracted from the Yuty Technical Report, which is filed on CUE's SEDAR
profile and is available for viewing at www.sedar.com. The technical
information in this news release and the Yuty Technical Report have been
reviewed by Clyde L. Yancey, P.G., Vice President of Exploration for UEC,
being a qualified person as defined by NI 43-101. To the best of UEC's
knowledge, information, and belief, there is no new material scientific or
technical information that would make the disclosure of the mineral
resources contained in this news release inaccurate or misleading.
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.
UEC'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. UEC'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. For detailed information
visit UEC's web site at www.uraniumenergy.com.
For further information please contact:
Investor Relations, Uranium Energy Corp:Toll Free: (866) 748-1030Fax: (361)
888-5041E-mail: info(at)uraniumenergy.com
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 in
this news release 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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