DGAP-News: Uranium Energy Corp Completes First Sale of Uranium
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Disposal
Uranium Energy Corp Completes First Sale of Uranium
26.10.2011 / 15:00
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NYSE Amex Equities Exchange Symbol - UECUranium Energy Corp Completes First Sale of Uranium
Corpus Christi, TX, October __, 2011 - Uranium Energy Corp (NYSE AMEX: UEC,
the 'Company') is pleased to announce the completion of its first uranium
sale which will be reflected in the Company's upcoming Fiscal 2012 Q1
report. A total of 60,000 pounds of U3O8 were sold for $52 per pound for
gross proceeds of $3.12 million under the terms of the multi-year uranium
sales contract as originally announced on June 14, 2011. This contract
calls for the delivery of 300,000 pounds of U3O8 from the Company's Hobson
processing facility over a three-year period starting in Fiscal 2012, with
the price to be based on published market price indicators at the time of
delivery.
Amir Adnani, President and Chief Executive Officer, stated, 'The Company
has achieved tremendous growth in the past two years on its way to becoming
North America's newest uranium producer. This growth started with the
acquisition of the STMV assets from Uranium One Inc. in December 2009 and,
just one year later, we completed development and began producing from the
Palangana Mine in November 2010, and have been stockpiling uranium
production since then. With the completion this month of our first uranium
sale, and the recording of first revenues from operations, the Company has
established yet another milestone.'
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 is in the final stages of mine
permitting for production. 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 mineralresources 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.
Under NI 43-101 an issuer may disclose an estimate of the quantity and
grade of a historical mineral resource made before the instrument came into
force if the estimate is an estimate of mineral resources prepared by or on
behalf of a person or company other than the issuer and the disclosure
identifies the source and date of the historical estimate, confirms that
the historical estimate is relevant, comments on its reliability, and
explains any differences between the categories used in the historical
resource and those permitted by NI 43-101. Any such resources are
historical in nature and were compiled before the implementation of NI
43-101 reporting standards, and the Company may not have independently
verified any such resource so is not treating them as current resources.
Any such historical resources were prepared to industry standards in place
at the time and are considered relevant today. Any such estimate, although
prepared by experienced personnel and considered relevant should not be
relied on.
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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