DGAP-News: Uranium Energy Corp. Announces an Indicated Resource of 17 Million Pounds U3O8 and an Inferred Resource of 12 Million Pounds U3O8 at the Company's Anderson Project in Arizona
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Drilling Result
Uranium Energy Corp. Announces an Indicated Resource of 17 Million
Pounds U3O8 and an Inferred Resource of 12 Million Pounds U3O8 at the
Company's Anderson Project in Arizona
08.05.2012 / 13:20
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NYSE Amex Equities Exchange Symbol - UECUranium Energy Corp. Announces an Indicated Resource of 17 Million Pounds
U3O8 and an Inferred Resource of 12 Million Pounds U3O8 at the Company's
Anderson Project in Arizona
Corpus Christi, TX, May 8, 2012 - Uranium Energy Corp. (NYSE AMEX: UEC, the
'Company' or 'UEC') is pleased to announce that the Company has received an
independent resource estimate for its Anderson Project located in Yavapai
County, Arizona. The resource estimate was produced by Bruce Davis, of BD
Resource Consulting, Inc., and Robert Sim, of Sim Geological, Inc., both
Qualified Persons within the meaning of CSA National Instrument 43-101 ('NI
43-101'). The technical report includes mineral resources in both open pit
and underground settings as follows:
SUMMARY OF MINERAL RESOURCES
Cut-off Grade U3O8% k tonnes U3O8 (%) Contained U3O8 (Mlbs)Amir Adnani, President and CEO of UEC, stated, 'The Anderson Project
Open Pit Resources
Indicated
0.01 25,422 0.028 15.5
Inferred
0.01 4,633 0.024 2.5
Underground Resources
Indicated
0.035 1,426 0.049 1.5
Inferred
0.035 8,362 0.052 9.5
strengthens the Company's pipeline of projects in development because of
its large, defined resource estimate. Our Company is the leading uranium
player in Arizona with four quality projects, and Anderson is our flagship
project there. Arizona is business and energy-friendly and operates three
of the largest nuclear power plants in the United States, all of which have
recently received their 20-year license extensions. We are starting the
permitting process at Anderson now with the collection of data for
environmental baseline studies.'
The uranium mineral resource estimate was based on a total of 202,707
meters of drilling from 1,464 holes, including drilling completed by
Minerals Exploration Company ('MinEx') (1,054 holes), Urangesellschaft
U.S.A. Inc. ('UG') (385 holes) and 25 holes drilled by Concentric Energy
Corp. ('Concentric') as of April 15, 2012, the effective date for this
estimate. The mineral resource estimate has been generated from drill hole
sample assay results and the interpretation of a geologic model which
relates to the spatial distribution of uranium in the deposit. Grade
estimates are made using acceptable geostatistical methods with a nominal
block size measuring 10 meters long, 10 meters wide and 2 meters in height.
Resources have been classified by their proximity to sample locations and
are reported in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum's definition standards on mineral resources and
mineral reserves.
The Anderson Project covers 9,852 acres (15.4 square miles) and is
comprised of 459 contiguous, unpatented lode mining and placer claims and
two Arizona State land sections. It is located in western Yavapai County
approximately 75 miles northwest of Phoenix and approximately 180 miles
from UEC's Workman Creek Project. The northern section of the Anderson
Project area holds the open-pittable resource and the adjacent southern
section holds the underground resource.
Anderson Project History
The Anderson Project has an extensive history. In the 1950s the property
hosted a small-scale open pit mining operation which produced 10,758 tons
of ore averaging 0.15% or 33,230 pounds of U3O8. Production ceased in
1959 when the Atomic Energy Commission terminated its ore purchasing
program.
In the 1970s MinEx, a subsidiary of Unocal Corporation, and UG acquired the
majority of the property. Since then over 1,400 exploration drill holes
have been completed on the Anderson property, including 1,340 downhole
gamma surveys and 5,596 chemical assays. Almost all of these were
completed in the 1970s by MinEx on the property's northern section and by
UG on the southern section.
In the late 1970s the property was brought to the feasibility stage twice,
however, by the early 1980s, global market events led both MinEx and UG to
abandon their mineral claims in the Anderson property.
In 2001 Concentric staked the majority of this claim block, consolidating
portions of the mineral claims held by both MinEx and UG. In 2006
Concentric conducted the first drill program on the Anderson property since
the abandonment by MinEx and UG. A 25-hole drill program was completed to
confirm the historical MinEx exploration database by 'twinning' a
significant number of former MinEx drill holes. A total of 24 rotary holes
and one core hole, totaling 8,087 feet, were completed. No confirmation
holes were drilled on the former UG portion of the property. In 2008
Concentric commissioned Mountain States Research&Development
International, Inc. to complete a process engineering assessment, the
results of which are presented in a report titled 'Final Report Preliminary
Process Engineering and Cost Estimates, Anderson Uranium Project, Yavapai
County, Arizona.'
The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI 43-101
and was reviewed by Clyde L. Yancey, P.G., Vice President-Exploration for
the Company, a QP under NI 43-101. We expect that the technical report
will be available within 45 days.
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
underSEC 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 suchforward-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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