DGAP-News: Uranium Energy Corp Completes Acquisition of Coronel Oviedo Uranium Project in Paraguay
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Miscellaneous
Uranium Energy Corp Completes Acquisition of Coronel Oviedo Uranium
Project in Paraguay
24.05.2011 / 14:30
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Uranium Energy Corp Completes Acquisition of Coronel Oviedo Uranium Project
in Paraguay
Company Targets Initial 10,000-Meter Drilling Campaign To Commence Q3 This
Calendar Year.
Corpus Christi, TX - May 24, 2011 -- Uranium Energy Corp (NYSE-AMEX: UEC,
the 'Company') is pleased to announce that it has now completed the
acquisition of a Paraguayan company which holds a 100% legal and beneficial
interest in two unencumbered prospecting permits covering an aggregate of
247,000 acres located in the area of Coronel Oviedo, Paraguay (the
'Property'). Please see the Company's news release dated May 12, 2011 which
provides the details of the purchase and the history and geology of the
Coronel Oviedo Property.
The Company has issued 225,000 restricted common shares in the capital of
the Company to complete the purchase. In the event of uranium production
from the Property, the Company will pay a small royalty to the prior owner
as detailed in the earlier news release.
President and CEO Amir Adnani stated, 'We like this new district-scale
opportunity in stable and business-friendly Paraguay. The Coronel Oviedo
project makes an excellent fit for our technical team. The geology is very
similar to the South Texas uranium belt and is anticipated to be
ISR-amenable. We plan to drill the project in Q3, and we look forward to
reporting further on its potential. Our objective here is to achieve an
initial NI 43-101-qualified resource as quickly as possible.'
About the Coronel Oviedo Project
The Property covers over 247,000 acres in central Paraguay. Most of the
uranium occurrences in this environment are 'roll-front' type deposits
similar to those currently producing uranium by low-cost in-situ recovery
(ISR) methods in Texas, the western United States, Central Asia and
Australia.
Currently, the Company is preparing a geological model based on historical
data, and is pacing its exploration program at Coronel Oviedo to be able to
initiate an approximate 10,000-meter drilling program in the 3rd Quarter of
this calendar year.
Historical data is based on extensive uranium exploration on the Property
between 1976 and 1983 by Anschutz Corporation and by Crescent Resources
between 2006 and 2008. A total of 31 drill holes, out of the 52 holes
drilling by both Anschutz and Crescent, show significant uranium values.
The Crescent and Anschutz drilling identified open-ended, tabular-like
mineralization similar to that found at the Company's Goliad Project. The
known uranium mineralization on the Property intersected by the past
drilling is at depths between 450 and 750 feet.
Prior to completing the acquisition, the Company enlisted HydroSolutions,
of Denver, Colorado, to conduct a 24-hour aquifer test in the mineralized
area identified by the Anschutz-Crescent drilling programs to determine if
the aquifer could sustain extraction rates typical of ISR mining of
uranium; and it can.
To support operations in Latin America, the Company has appointed Dr.
Bernie D. Schmeling and Carlos Figueredo to a special advisory board
focusing on Paraguay. Dr. Schmeling, is a professional geophysicist and is
currently Chief Operating Officer of Semin S.A. With more than 35 years of
experience in exploration and mining, Dr. Schmeling is internationally
recognized as one of the few leading experts in uranium ISR exploration.
Carlos Figueredo has 25 years of experience in mineral and oil exploration
in Paraguay as Chief Geologist and Assistant Mineral Exploration Manager of
Semin S.A. He formerly worked for Anschutz Corporation during its initial
exploration efforts in Paraguay and played a pivotal role in the earlier
development of the Coronel Oviedo project.
The technical information in this news release was prepared in accordance
with the Canadian regulatory requirements set out in National Instrument
43-101 and reviewed by Clyde L. Yancey, P.G., Vice President of Exploration
for Uranium Energy Corp, a qualified person as defined by NI 43-101.
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 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, 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. This
press release shall not constitute an offer to sell or the solicitation of
an offer to buy securities.
Important Additional Information Will Be Filed With the SEC
In connection with the previously announced proposed merger (the 'Merger')
between the Company and Concentric Energy Corp. ('Concentric'), the Company
intends to file relevant materials with the United States Securities and
Exchange Commission (the 'SEC'), including a registration statement on Form
S-4 (the 'Registration Statement'), which will include a preliminary
prospectus and related materials to register the securities of the Company
to be issued in exchange for securities of Concentric. The Registration
Statement will incorporate a proxy statement (the 'Proxy Statement') that
Concentric plans to file with the SEC and mail to its stockholders in
connection with obtaining stockholder approval of the Merger. The
Registration Statement and the Proxy Statement will contain important
information about the Company, Concentric, the Merger and related matters.
Investors and security holders are urged to read the Registration Statement
and the Proxy Statement carefully when they are available. Investors and
security holders will be able to obtain free copies of the Registration
Statement and the Proxy Statement when they become available, and other
documents filed with the SEC by the Company and Concentric, through the web
site maintained by the SEC at www.sec.gov. Documents filed by the Company
with the SEC may be obtained free of charge by contacting the Company at:
Uranium Energy Corp.; attention: Mr. Mark Katsumata, CFO; 500 North
Shoreline, Suite 800N, Corpus Christi, Texas, 78401; Tel: (866) 748-1030
Concentric, and its directors and executive officers, may be deemed to be
participants in the solicitation of proxies from Concentric's stockholders
in connection with the Merger. Information regarding any special interests
of these directors and executive officers in the Merger will be included in
the Proxy Statement.
End of Corporate News
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125980 24.05.2011
Datum: 24.05.2011 - 14:30 Uhr
Sprache: Deutsch
News-ID 34189
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