DGAP-News: Uranium Energy Corp Reports Excellent Phase-One Drill Results at Salvo Project in South Texas
ID: 32909
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Miscellaneous
Uranium Energy Corp Reports Excellent Phase-One Drill Results at Salvo
Project in South Texas
21.12.2010 / 10:40
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Uranium Energy Corp NYSE Amex Equities Exchange Symbol - UEC
December 20, 2010
Uranium Energy Corp Reports Excellent Phase-One Drill Results at Salvo
Project in South Texas
- Intercepts include 9.5 feet grading 0.67% U3O8
- Initial qualified resource anticipated Q1 2011
- Company leases additional 2,541 acres along trend
Corpus Christi, TX - December 20, 2010 - Uranium Energy Corp is pleased to
announce strong phase- one exploration drilling results at the Company's
Salvo project located in Bee County, approximately 50 miles from the
Company's Hobson processing facility in South Texas. The objective of this
drilling program, initiated November 8, 2010, is to verify and expand the
NI 43-101 historic resource of 1.5 million pounds of U3O8 as reported on
July 19, 2010. This release reports results from the first 43 holes of the
phase-one campaign, with the remainder to be drilled in January.
Upon completion of the phase-one program, the Company plans to follow
immediately with a phase-two drilling campaign consisting of an additional
approximate 140 holes, plus metallurgical and other tests to confirm that
the mineralization here could be produced using in-situ recovery methods.
Clyde Yancey, VP of Exploration, stated, 'We are excited by the initial
drilling results at Salvo. We do indeed see potential for expanding the
resource at this project, and are now looking forward to the upcoming
phase-two program where we will be aggressively drilling prospective new
zones.'
Of the 43 holes drilled to date the following statistics have been compiled
from Prompt Fission Neutron (PFN) data.
A properly calibrated PFN tool provides a reading that directly
approximates uranium content:
- 12 holes show significant uranium mineralization, with grade x
thickness (GT) values greater than 0.30. The Company's engineers
estimate that zones with a GT greater than 0.30 will be shown to be
producible.
- 22 holes showing uranium mineralization with GT values between 0.012
and 0.30.
Following is a tabulation of the significantly mineralized holes with PFN
intercepts:
DRILL HOLE DESCRIPTION PFN LOG DEF* indicates a hole with mineralization in two different sands at different
Hole Total Depth in Feet Thickness Grade in GT - Grade
Number Depth of to Intercept in Feet % cU3O8 times
Hole Thickness
SCa_51.5-52.0* 580 538.0 9.5 0.669 6.360 0.9
SCa_51.5-52.0* 580 515.0 9.0 0.200 1.800 1.1
SCu_55.5-49.5 580 496.5 15.0 0.131 1.958 2.6
SCa_51.0-52.0 580 531.5 18.0 0.094 1.688 1.0
SCu_55.5-50.0 580 506.0 21.0 0.070 1.479 1.4
SCu_55.5-50.5 580 509.0 17.5 0.065 1.136 1.4
SCa_52.5-51.0 580 518.5 4.0 0.214 0.854 2.2
SCa_50.5-46.5 580 514.0 12.0 0.049 0.584 1.0
SCa_50.5-47.0 580 515.5 5.5 0.085 0.470 2.7
SCa_52.0-51.0 580 511.5 11.5 0.039 0.450 1.2
SCa_51.5-51.0 580 539.0 10.0 0.041 0.413 1.2
SCa_50.5-46.0 580 508.5 16.5 0.023 0.385 1.1
SCu_53.0-52.0 580 524.5 12.5 0.030 0.370 1.1
SCu_54.0-50.0 580 453.0 10.0 0.037 0.366 3.2
SCa_52.5-50.0 580 496.5 8.0 0.036 0.287 1.2
SCa_50.5-45.5 580 523.0 12.0 0.021 0.246 1.4
depths from surface
The last column in the table above provides the disequilibrium factor (DEF)
which measures the ratio between the chemical grade of U3O8 using PFN
procedures and Gamma procedures. The measured DEF value is a material
factor in this instance because historic DEF values, which averaged 1.6,
were not applied to the historic resource, and indicate a potential
expansion by one-half or more. The Company is verifying historic DEF
calculations and extending understanding of the project area potential.
In addition to keeping the phase-one drilling program on schedule, the
Company has been successful in acquiring additional leases along the
projected mineralized trend to the west and northwest. These new leases
total 2,541 acres, lie within the permitted area, have anomalous gamma
levels from oil and gas logs and will likely be incorporated into the
phase-two drilling program. The Salvo project area is now 4,054 acres.
The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI 43-101
and reviewed by Andrew Kurrus, P.G., Chief Geologist of Texas for the
Company, a QP under NI 43-101 standards.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium production, development and
exploration company operating North America's newest 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 has just initiated production, and the
Goliad in-situ recovery project which has been granted its Mine Permit and
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 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 and in the Technical Report 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, 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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Datum: 21.12.2010 - 10:40 Uhr
Sprache: Deutsch
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