DGAP-News: Uranium Energy Corp Reports Continuation of Strong Phase-One Drill Results at Salvo Project in South Texas
ID: 33721
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Miscellaneous
Uranium Energy Corp Reports Continuation of Strong Phase-One Drill
Results at Salvo Project in South Texas
06.04.2011 / 14:45
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Uranium Energy Corp. NYSE Amex Equities Exchange Symbol - UECUranium Energy Corp Reports Continuation of Strong Phase-One Drill Results
April 6, 2011
at Salvo Project in South Texas
- Intercepts include 6.5 feet grading 0.262% U3O8
- Updated resource estimate anticipated later this month
Corpus Christi, TX - April 6, 2011 - Uranium Energy Corp (NYSE-AMEX: UEC,
the 'Company') is pleased to announce continuing 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. A total of 106 holes have been completed since the
drilling program was initiated on November 8, 2010. The scope of the
program 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 an additional 63 holes drilled from January 4 through April 1
this year. The first 43 holes of the campaign were drilled between
November 8 and December 17, 2010 as reported on December 20, 2010.
Upon completion of the phase-one program this month, the Company plans to
have its current NI 43-101 Technical Report updated by independent
qualified professionals, and to continue with additional delineation
drilling, 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, 'The drilling results at Salvo are
exciting for the Company, and we look forward to the new resource estimate
as a starting place for expansion of the project here. We are also
examining current drill results to further refine our upcoming phase-two
program where we will be drilling prospective new zones.'
Of the most recent 63 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:
- 15 intercepts show significant uranium mineralization, with grade times
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.
- 6 intercepts show uranium mineralization with GT values between 0.06
and 0.30.
Following is a tabulation of the significantly mineralized PFN intercepts:
DRILL HOLE DESCRIPTION PFN LOG DEFHole Total Depth in Feet Thickness Grade in GT - Grade* indicates a hole with mineralization in two different sands at different
Number Depth of to Intercept in Feet % cU3O8 times
Hole Thickness
SCu_57.0-52.5* 580 513.5 6.5 0.262 1.701 0.31
SCu_53.5-51.5 580 523.0 25.0 0.068 1.694 1.02
SCa_51.0-51.5 580 538.5 8.5 0.139 1.178 1.17
SCa_46.5-61.0 580 536.5 7.5 0.153 1.150 1.38
SCa_43.0-63.5 580 532.0 5.5 0.207 1.140 3.48
SCu_54.0-52.5 580 529.0 10.0 0.113 1.130 1.13
SCa_48.5-52.0* 580 540.0 15.0 0.070 1.040 0.93
SCa_48.0-52.0* 560 540.0 11.0 0.092 1.012 1.33
SCa_55.5-53.0 580 525.0 11.0 0.066 0.723 1.14
SCu_53.5-52.0* 580 535.0 10.5 0.067 0.707 1.01
SCa_51.5-51.5* 580 537.5 10.0 0.054 0.541 0.87
SCu_57.0-53.0* 580 520.5 9.0 0.058 0.518 1.13
SCa_47.5-53.0 580 542.5 7.5 0.057 0.431 1.09
SCa_53.0-51.5* 580 539.0 6.5 0.057 0.373 0.76
SCa_48.0-52.5 580 545.0 4.5 0.078 0.353 1.03
SCu_53.5-52.0* 580 528.0 5.5 0.063 0.349 1.29
SCa_53.0-51.5* 580 533.5 4.5 0.060 0.268 1.09
SCa_51.5-51.5* 580 516.0 8.5 0.024 0.206 1.30
SCu_57.0-53.0* 580 530.0 4.0 0.049 0.194 1.80
SCa_46.5-53.5 580 535.0 6.5 0.024 0.153 0.92
SCu_57.0-52.5* 580 529.0 6.5 0.022 0.145 0.99
SCu_57.5-53.5 580 528.0 4.0 0.018 0.072 0.62
depths from surface
NOTE: 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 PFN procedures provide a direct
reading of uranium mineralization whereas Gamma procedures provide an
indirect estimate of uranium content. Therefore, a positive DEF value is
indicative of additional mineralization that potentially could be
underreported using Gamma procedures alone. The DEF will be addressed in
the preparation of the new resource estimate.
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 ofuncertainty 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 beno 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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118653 06.04.2011Unternehmensinformation / Kurzprofil:Bereitgestellt von Benutzer: EquityStory
Datum: 06.04.2011 - 14:45 Uhr
Sprache: Deutsch
News-ID 33721
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