DGAP-News: Uranium Energy Corp Acquires Major South Texas Uranium Exploration Database
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Miscellaneous
Uranium Energy Corp Acquires Major South Texas Uranium Exploration
Database
31.08.2011 / 15:00
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August 31, 2011
Uranium Energy Corp Acquires Major South Texas Uranium Exploration Database
Corpus Christi, TX - August 31, 2011 - Uranium Energy Corp (NYSE-AMEX: UEC,
'UEC' or the 'Company') is pleased to announce that it has entered into a
definitive purchase and sale agreement with Uranium One Inc. which provides
for the acquisition by the Company of a South Texas uranium database
package (the 'Database') from Uranium One.
This strategic Database is to be acquired for a value of $900,000,
comprised of $400,000 in cash and 159,236 common shares of the Company at a
price of $3.14, and will significantly advance the Company's ongoing
exploration efforts in South Texas. The Database contains over 40 uranium
targets that the Company plans to evaluate.
The Database is an evaluation of the uranium potential within the Goliad
Formation located along the South Texas Uranium Belt, an area extending
from south of Houston to the Mexican border. The Company's Palangana,
Goliad, Salvo and Nichols projects are all within the Goliad Formation.
The study encompasses an area approximately the size of Pennsylvania.
Amir Adnani, President and CEO, stated, 'UEC's Hobson processing plant
forms the basis of our regional production strategy in South Texas and is
located in the area of study, making this Database particularly useful for
us. UEC is incorporating this Database and the associated acquisition and
exploration targets into its ongoing efforts to develop additional uranium
sources for processing at the Hobson plant.'
The acquisition of this data fits into Uranium Energy Corp's strategy of
targeting properties for acquisition that have already been the subject of
significant exploration and development by senior energy companies in the
past.
The Database includes raw and interpreted data compiled and updated by
Total Minerals, including logs from Mobil Oil Corporation's uranium
division (Mobil) from the mid-1980's. Specifically, the Database contains:
- 4,894 South Texas uranium logs - 2.8 million feet of drilling
- 13,882 South Texas oil and gas logs - 41.6 million feet
- Data on +40 uranium targets to be evaluated
- 752 maps and sections across South Texas
- 103 reports and analyses documenting the Study
In 1993, Total Minerals was succeeded in ownership of U.S. uranium
properties and facilities, including the Christensen-Irigaray property, by
Cogema. Cogema was later superseded by AREVA. Uranium One obtained the
Database as part of its recent acquisition of the Christensen-Irigaray ISR
projects from AREVA.
About Uranium Energy Corp
Uranium Energy Corp. (NYSE-AMEX: UEC) 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 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 profilefor 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, including the Private Securities Litigation Reform Act of 1995. 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'. Forward looking statements included in this
news release relate to management's expectation that the Database will
significantly advance the Company's ongoing exploration efforts in South
Texas. 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.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. 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.
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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