DGAP-News: Uranium Energy Corp.: Uranium Energy Corp Acquires Burke Hollow Project in South Texas
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Miscellaneous
Uranium Energy Corp.: Uranium Energy Corp Acquires Burke Hollow
Project in South Texas
22.03.2012 / 09:00
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Uranium Energy Corp Acquires Burke Hollow Project in South Texas
- 17,510-Acre Property is the Newest Addition to the Company's South
Texas Hub-and-Spoke Production Strategy
- Property Previously Explored by Total Minerals, 11 of the 12 Widely
Spaced Drill Holes Intersected Mineralization
- Company Plans to Launch Drilling Program with Six Rigs in 60 Days
- Geologically On-trend with Several Historic and Two Active In-Situ
Recovery Mines
Corpus Christi, TX, March 21, 2012 - Uranium Energy Corp. (NYSE AMEX: UEC,
the 'Company' or 'UEC') is pleased to announce that it has acquired the
rights to explore for uranium on the Burke Hollow Project, a 17,510-acre
property located in eastern Bee County, Texas (the 'Project'). The
previously explored project is situated on the Goliad trend within the
prolific South Texas Uranium Belt, and is located approximately 50 miles to
the southeast of the Company's Hobson uranium processing facility.
Amir Adnani, President and CEO, stated, 'The Burke Hollow Project makes a
significant addition to our expanding hub-and-spoke production strategy in
South Texas. The exploration conducted by Total Minerals on this project
in the 1990s demonstrated strong intercepts, and we are planning an
aggressive drilling program to commence within the next sixty days.
'The Burke Hollow Project is now our largest project in South Texas in
terms of acreage and, with its proximity to our centralized Hobson
processing plant, holds the potential of becoming our fifth satellite
project. The South Texas Uranium Belt covers a large area, approaching the
size of the state of Pennsylvania, and in-situ recovery methods (ISR), the
low-cost and environmentally friendly way to recover uranium, have been
used to mine most of the uranium in this region. The Company is building a
leadership presence in the South Texas Uranium Belt, both in terms of
emerging production and acreage for future resource growth.'
Ken Barrow, President of Thomson-Barrow Corporation, the mineral owner of
the Project, added, 'As a fifth-generation Texan, and as a degreed and
trained geologist who's toured UEC's Palangana and Hobson operations, we're
very pleased that UEC will be exploring the family's Burke Hollow project.
UEC clearly means business, and has the technical personnel and funding to
make the absolute most of this project, one that we believe holds great
potential.'
Total Minerals, a division of the Total Group, the France-based global
energy company ('Total'), conducted exploration work and drilling on this
Project in 1993 as part of its South Texas Goliad exploration program.
Following geophysical and geochemical results, Total drilled 12 holes along
a northwest to southeast-oriented line. Eleven of the twelve holes
intersected mineralization with drill-hole placement that exceeded several
thousand feet in length.
The Company owns Total's South Texas exploration program database, and its
historic drill information, as noted in the table below, which indicates
the occurrence of strong eU3O8 intercepts. These intercepts occur in
multiple horizons within both the Goliad Formation sands and the Lissie
Formation sands at depths ranging from 180 to 400 feet. This is historical
information and has not been independently drill verified by Company
geologists or a qualified person under Canadian NI 43-101 standards.
However, given the quality of the historic data, the Company believes the
data could be relevant.
Total Minerals Historical Exploration Drilling Results, 1993
Burke Hollow Project
Bee County, Texas
Hole # Total Top of Thickne Grade Grade
Depth Mineralization ss % eU308 Thickness
BH-1 800' Barren
BH-2 800' 228.0 10.0' 4.0X BG
BH-3 800' 228.5 1.0' 0.010 0.010
BH-3 800' 246.5 1.0' 0.010 0.010
BH-4 800' 186.5 4.5' 0.012 0.054
BH-4 800' 219.0 10.5' 0.086 0.903
BH-4 800' 365.0 4.0' 0.010 0.040
BH-4 800' 370.5 8.0' 0.021 0.168
BH-5 800' 160.0 48.0' 4.5X BG
BH-6 400' 148.0 16.0' 5.0X BG
BH-7 400' 191.5 3.0' 0.012 0.036
BH-7 400' 227.0 1.5' 0.019 0.028
BH-8 400' 182.0 4.5' 0.015 0.068
BH-8 400' 356.0 5.5' 0.020 0.110
BH-9 400' 192.5 8.5' 0.022 0.187
BH-9 400' 212.0 7.5' 0.065 0.480
BH-9 400' 367.5 11.0' 0.114 1.250
BH-10 400' 225.0 3.5' 0.033 0.115
BH-10 400' 366.0 11.0' 6.0X BG
BH-11 400' 215.0 5.5' 0.040 0.220
BH-11 400' 365.5 4.5' 0.016 0.072
BH-12 400' 179.0 10.0' 0.015 0.150
BH-12 400' 350.5 3.0' 0.030 0.090
BH-12 400' 361.0 9.0' 0.040 0.360
*BG (Background Gamma)In addition to the exploration information at hand from the prior work
completed by Total, the Company's analysis of the Project is additionally
guided by a large volume of oil and gas drilling information where gamma
ray recordings were made. To date, selected gamma ray well logs from forty
oil and gas wells located on the Burke Hollow Project indicate that uranium
mineralization may also occur in deeper intervals located below 400 feet in
areas undrilled in the past by Total Minerals. The Company is still
aggregating and studying available oil and gas well log information to
enhance its understanding of the mineralization potential of the Project.
Company geologists are currently planning an aggressive exploration program
to include a drilling campaign that will be initiated upon receipt of
exploration permits from the Railroad Commission of Texas. It is
anticipated that the drill program will commence in the next 60 days and
will consist of a statistical grid covering the entire 17,510-acre
property. Subsequent offset holes will be drilled based on results,
including extending and delineating mineralized zones discovered by Total
Minerals.
The technical information in this news release has been reported in
accordance with the Canadian regulatory requirements set out in National
Instrument 43-101 and has been approved by Andrew Kurrus, P.G., Chief
Geologist, Texas, for UEC, a qualified person 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
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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