DGAP-News: Uranium Energy Corp.: Uranium Energy Corp Reports Independent NI 43-101-Qualified Inferred Resource of 2.8 Million Pounds U3O8 at the Company's Salvo Project in South Texas
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Miscellaneous
Uranium Energy Corp.: Uranium Energy Corp Reports Independent NI
43-101-Qualified Inferred Resource of 2.8 Million Pounds U3O8 at the
Company's Salvo Project in South Texas
26.04.2011 / 17:44
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Uranium Energy Corp Reports Independent NI 43-101-Qualified Inferred
Resource of 2.8 Million Pounds U3O8 at the Company's Salvo Project in South
Texas
Corpus Christi, TX - April 26, 2011 - Uranium Energy Corp (NYSE-AMEX: UEC,
the 'Company') is pleased to announce that an updated, independent National
Instrument 43-101 ('NI 43-101') Technical Report on the Company's Salvo
Project located in Bee County, Texas, is in the process of being completed
and reports an Inferred mineral resource of 1.2 million tons grading 0.08
percent U3O8 or 2.839 million pounds U3O8.
The Salvo Project NI 43-101 Technical Report will be filed shortly on the
SEDAR website at www.sedar.com, and will be available for viewing on the
Company's website at www.uraniumenergy.com. The Technical Report is
authored by Thomas A. Carothers, P.Geo., a qualified person as defined in
NI 43-101, who has over 30 years of uranium experience, substantially in
the South Texas uranium trend.
Amir Adnani, President and CEO, stated, 'Management is very pleased with
the progress and resource expansion at Salvo. Phase-two drilling has
commenced and will continue through the summer in order to bring much of
the resource into the Measured and Indicated categories, and to further
expand the resource. The Company targets Salvo to become its third in-situ
recovery satellite project, after Palangana and Goliad, to produce and
provide U3O8 resins for processing at the Company's nearby Hobson plant.'
The Salvo project consists of 4,238 acres of contiguous leases located
about ten miles southwest of the town of Beeville, Texas. The Salvo
project is approximately 45 miles from the Company's Hobson processing
facility.
In-situ recovery ('ISR') is potentially the most suitable mining method for
this project based on evaluation of grade and depth of the mineralized
zones. A preliminary core leach test indicated that the mineralization is
amenable to leaching with an oxygenated agent. The mineralized horizons
are confined by impermeable clay layers above and below the mineralization
and are considered to be ideal for the use of ISR methodology. The
deposits are generally not oxidized, and should have good groundwater flow
characteristics.
The basis for the Inferred resource are two large-scale historical mineral
investigations performed by Mobil Oil (1982) and Uranium Resources Inc
('URI') (1984), plus the results from 105 drill holes from the Company's
ongoing drilling program initiated in November 2010 to March 31, 2011. URI
had prepared an historical resource estimate of 1.5 million pounds in 1984
based on 314 drill holes.
Based on an evaluation of all current data, the Technical Report estimates
an Inferred mineral resource of approximately 1.2 million tons grading 0.08
percent U3O8 or 2.839 million pounds U3O8 after adjustment for a positive
disequilibrium factor ('DEF').
DEF measures the ratio between the chemical grade of U3O8 using Prompt
Fission Neutron ('PFN') procedures and Gamma procedures. PFN procedures
provide a direct reading of uranium mineralization whereas Gamma procedures
provide an indirect estimate of uranium content. A positive DEF value is
indicative of additional mineralization that potentially could be
underreported using Gamma procedures alone.
The average DEF determined by historic Princeton Gamma Tech ('PGT') logging
done by URI is estimated by the Company to be approximately 1.6, based on
an average of 20 intercepts from 8 holes logged in 1984. The Company's
current drilling program has resulted in additional data regarding the
positive disequilibrium of the mineralization with DEF values ranging
generally from 1.1 to 2.0, thus verifying the suitability of the historical
PGT DEF values. See the Company's news releases dated April 6, 2011 and
December 20, 2010.
With the initial qualified resource estimate complete, the Company has
started its phase-two drilling campaign at Salvo which will continue
through the summer. Metallurgical and other tests will also be performed to
confirm that the mineralization here could be produced using in-situ
recovery methods.
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 Clyde L. Yancey, P.G., Vice President-Exploration 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, 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.
End of Corporate News
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121461 26.04.2011
Datum: 26.04.2011 - 17:44 Uhr
Sprache: Deutsch
News-ID 33874
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