DGAP-News: Uranium Energy Corp Begins Production at Palangana ISR Project
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Miscellaneous
Uranium Energy Corp Begins Production at Palangana ISR Project
17.11.2010 / 14:43
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Uranium Energy Corp Begins Production at Palangana ISR Project
- UEC launches first new ISR uranium mine in U.S. in 5 years
- First production area comes on-line in South Texas below budget and on
schedule
Corpus Christi, TX - November 17, 2010 - Uranium Energy Corp (NYSE AMEX:
UEC; the 'Company') is pleased to announce that the Company has started
uranium production using in-situ recovery (ISR) methods at the Palangana
Project in South Texas.
Phase I of three separate development phases of the wellfield at Production
Area 1 (PAA-1) is 100% complete, with more than 45 injection wells and
production wells drilled, cased and tested. The Company is very pleased
with the water volume that each well has yielded during the testing phase.
Now, gaseous oxygen and carbon dioxide are being added to the circulating
ground water, which has activated the mining process of dissolving the
uranium from surrounding sandstones.
Amir Adnani, President and CEO, stated, 'We are exceedingly proud that
Palangana is the first new ISR uranium mine to achieve production in the
U.S. in over 5 years. Kudos are due to our many professionals who have been
working very hard to reach this important milestone. Palangana is one of
the Company's four projects in South Texas. This initial production is
really just the first step in the Company's regional strategy of greatly
expanding resources and production in the re-emerging South Texas Uranium
Belt, with the next project, the nearby Goliad ISR project, anticipated to
join Palangana as a producing asset next year.'
Harry Anthony, Chief Operating Officer, added, 'The next milestone will be
the start of regular deliveries of uranium-loaded resin beads to our Hobson
processing plant, scheduled to commence before month-end. Shortly
thereafter, we will be marketing and delivering yellowcake, the Company's
valuable final product. Hobson is a newly refurbished, state-of-the-art
processing plant, and anchors the Company's South Texas regional strategy
with up to 3.0 million pounds of annual capacity.'
Phase 1 of the PAA-1 wellfield is in operation with 30 injection wells and
15 production wells on-line, with each being brought gradually up to
maximum flow rates of approximately 50 gallons per minute.
Phases II and III of the PAA-1 wellfield each will contain 45 production
and injection wells. All Phase II wells have been completed, and are
targeted to commence mining in the first quarter of 2011. Installation of
Phase III wells is underway with three rigs actively casing and then
completing each well. The Company is scheduling these wells to come on-line
and to start production during the second quarter of 2011. The average
depth of wells throughout the PAA-1 wellfield is 450 feet.
Uranium Market
The spot uranium price continues to rise, presently at $59.50/lb. U3O8, up
from a base set earlier this year just above $40/lb. The term or contract
price is $62.00/lb. U3O8. Both prices are quotes from Ux Consulting, an
industry price-publishing source. Uranium Energy Corp, as a new
uranium-producing company, is ideally positioned with no debt and
100%-unhedged production.
About In-Situ Recovery (ISR) Mining
Uranium Energy Corp is employing in-situ recovery or ISR mining technology
at the Palangana uranium project. ISR is injected-solution mining that
reverses the natural process that deposited the uranium in the sandstones.
On-site ground water is being fortified with gaseous oxygen and introduced
to the uranium ore body through a pattern of injection wells. The solution
dissolves the uranium from the sandstone host.
The uranium-bearing solution is brought back to surface through production
wells where the uranium is concentrated on resin beads for trucking to the
Company's Hobson processing plant to be concentrated further and dried into
yellowcake for market. This pattern of injection and recovery wells, plus
surrounding monitor wells that serve as a safeguard, is called a wellfield.
For more information on ISR mining, visit www.uraniumenergy.com and view
the animated video noted on the home page.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium production, development and
exploration company. 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 has just initiated
first 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
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, labour 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 new 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. The securities offered and sold in the private
placement Offering have not been registered under the United States
Securities Act of 1933, as amended (the 'Securities Act'), or any state
securities laws, and may not be offered or sold in the United States absent
registration, or an applicable exemption from registration under the
Securities Act and applicable state securities laws.
End of Corporate News
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103823 17.11.2010
Datum: 17.11.2010 - 14:43 Uhr
Sprache: Deutsch
News-ID 32649
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