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Uranium Energy Corp Announces an Inferred Resource of 5.5 Million Pounds U3O8 at the Company’s Workman Creek Project in Arizona

March 6, 2012

NYSE Amex Equities Exchange Symbol – UEC

CORPUS CHRISTI, TX, March 6, 2012 /PRNewswire/ – Uranium Energy Corp
(NYSE-AMEX: UEC, the ‘Company’) is pleased to announce that the Company
has received an independent National Instrument 43-101 Technical Report
for its Workman Creek Project located in Gila County, Arizona, that
reports an inferred mineral resource of 3,222,000 tons containing
5,542,000 lbs. of U(3)O(8) with an average grade of 0.086% U(3)O(8), at a cut-off grade of 0.05%.

The Workman Creek Project consists of 183 unpatented lode mining claims
covering 3,620 acres.  The Project is located in a remote area of the
Dripping Springs Mining District of Gila County, Arizona, about 30
miles north of Miami, Arizona, 85 miles northeast of Phoenix and
approximately 180 miles from the Company’s Anderson Project.  The
current claim configuration represents the Workman Creek North and
South projects, areas originally held and developed by Wyoming Minerals
Corp (“WMC”), a subsidiary of Westinghouse, in the 1970s and 1980s.

The uranium mineralization in the Dripping Springs Mining District was
first noted in 1950, but not thoroughly explored until 1955 following
an airborne radiometric survey conducted by the U.S. Atomic Energy
Commission.  The survey identified approximately 20 target areas and
initiated a staking rush into the Sierra Ancha Mountains of Gila
County.

In the 1970s, WMC established a significant acreage position in the area
and began a systematic development program.  Major work conducted by
WMC including the drilling of over 400 exploration and development
holes, geological mapping, regional and detailed geochemical studies,
petrographic studies, mineralogical paragenetic studies, geophysical
surveys and metallurgical studies, all of which culminated in a
positive feasibility study prepared by Dravo Engineers in 1980. The
Company has access to all of this information about the project area.

Based on favorable economics indicated in the Dravo Engineers
feasibility study, detailed designs for open pit and underground mining
were developed, coupled with a conventional acid leach, solvent
extraction and precipitation process.  Metallurgical leaching studies
indicated that uranium recovery was in the range of 94%.  The work by
Dravo Engineers was further supported and complimented by work
performed by Mountain States Research and Development, of Tucson,
Arizona, and the Colorado School of Mines Research Institute of Golden,
Colorado.  However, these historical studies pre-date NI 43-101
standards and should not be treated as current.  The Company has not
performed the necessary work to verify these historical studies and the
results should not be relied upon.

The complete Technical Report titled “Technical Report on the Workman
Creek Project” dated effective March 2, 2012, as prepared for the
Company, is filed on the SEDAR website, at www.sedar.com, and on the Company’s website at www.uraniumenergy.com.  The Technical Report is authored by Neil G. McCallum, P.Geol., and
Gary H. Giroux, P. Eng., both being qualified persons as defined in NI
43-101.  Mr. McCallum is with Dahrouge Geological Consultants Ltd and
Mr. Giroux is an independent consulting engineer.

The authors of the Technical Report concluded that, based on geological
similarities and other historic mining activity dating back to the
1950s, there is excellent potential for significant uranium
mineralization on the other claim blocks which constitute the Workman
Creek Project.  They further stated that the claim blocks outside of
the main resource area have seen limited documented exploration work,
and the recommended program is designed to expand results from previous
drill testing.

The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI
43-101 and approved by Clyde L. Yancey, P.G., Vice
President-Exploration for the Company, a Qualified Person under
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 has been
granted its Mine Permit and is in the initial stages of mine
construction.  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.

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 herein 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.  This press release shall not constitute an offer to sell or
the solicitation of an offer to buy securities.

Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com

SOURCE Uranium Energy Corp


Source: PR Newswire