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Uranium Energy Corp. Announces an Indicated Resource of 17 Million Pounds U3O8 and an Inferred Resource of 12 Million Pounds U3O8 at the Company’s Anderson Project in Arizona

May 8, 2012

NYSE Amex Equities Exchange Symbol – UEC

CORPUS CHRISTI, TX, May 8, 2012 /PRNewswire/ – Uranium Energy Corp. (NYSE AMEX:
UEC, the “Company” or “UEC”) is pleased to announce that the Company
has received an independent resource estimate for its Anderson Project
located in Yavapai County, Arizona. The resource estimate was produced
by Bruce Davis, of BD Resource Consulting, Inc., and Robert Sim, of Sim
Geological, Inc., both Qualified Persons within the meaning of CSA
National Instrument 43-101 (“NI 43-101″). The technical report includes
mineral resources in both open pit and underground settings as follows:

     _________________________________________
    |         SUMMARY OF MINERAL RESOURCES    |
    |_________________________________________|
    |Cut-off Grade|k tonnes|U3O8(%)|Contained |
    |    U3O8%    |        |       |U3O8(Mlbs)|
    |_____________|________|_______|__________|
    |                 Open Pit Resources      |
    |_________________________________________|
    |Indicated                                |
    |_________________________________________|
    |         0.01|  25,422|  0.028|      15.5|
    |_____________|________|_______|__________|
    |Inferred                                 |
    |_________________________________________|
    |         0.01|   4,633|  0.024|       2.5|
    |_____________|________|_______|__________|
    |               Underground Resources     |
    |_________________________________________|
    |Indicated                                |
    |_________________________________________|
    |        0.035|   1,426|  0.049|       1.5|
    |_____________|________|_______|__________|
    |Inferred                                 |
    |_________________________________________|
    |        0.035|   8,362|  0.052|       9.5|
    |_____________|________|_______|__________|

Amir Adnani, President and CEO of UEC, stated, “The Anderson Project
strengthens the Company’s pipeline of projects in development because
of its large, defined resource estimate. Our Company is the leading
uranium player in Arizona with four quality projects, and Anderson is
our flagship project there. Arizona is business and energy-friendly and
operates three of the largest nuclear power plants in the United
States, all of which have recently received their 20-year license
extensions. We are starting the permitting process at Anderson now with
the collection of data for environmental baseline studies.”

The uranium mineral resource estimate was based on a total of 202,707
meters of drilling from 1,464 holes, including drilling completed by
Minerals Exploration Company (“MinEx”) (1,054 holes), Urangesellschaft
U.S.A. Inc. (“UG”) (385 holes) and 25 holes drilled by Concentric
Energy Corp. (“Concentric”) as of April 15, 2012, the effective date
for this estimate.  The mineral resource estimate has been generated
from drill hole sample assay results and the interpretation of a
geologic model which relates to the spatial distribution of uranium in
the deposit.  Grade estimates are made using acceptable geostatistical
methods with a nominal block size measuring 10 meters long, 10 meters
wide and 2 meters in height.  Resources have been classified by their
proximity to sample locations and are reported in accordance with the
Canadian Institute of Mining, Metallurgy and Petroleum’s definition
standards on mineral resources and mineral reserves.

The Anderson Project covers 9,852 acres (15.4 square miles) and is
comprised of 459 contiguous, unpatented lode mining and placer claims
and two Arizona State land sections. It is located in western Yavapai
County approximately 75 miles northwest of Phoenix and approximately
180 miles from UEC’s Workman Creek Project.  The northern section of
the Anderson Project area holds the open-pittable resource and the
adjacent southern section holds the underground resource.

Anderson Project History

The Anderson Project has an extensive history. In the 1950s the property
hosted a small-scale open pit mining operation which produced 10,758
tons of ore averaging 0.15% or 33,230 pounds of U(3)O(8).  Production ceased in 1959 when the Atomic Energy Commission
terminated its ore purchasing program.

In the 1970s MinEx, a subsidiary of Unocal Corporation, and UG acquired
the majority of the property. Since then over 1,400 exploration drill
holes have been completed on the Anderson property, including 1,340
downhole gamma surveys and 5,596 chemical assays. Almost all of these
were completed in the 1970s by MinEx on the property’s northern section
and by UG on the southern section.

In the late 1970s the property was brought to the feasibility stage
twice, however, by the early 1980s, global market events led both MinEx
and UG to abandon their mineral claims in the Anderson property.

In 2001 Concentric staked the majority of this claim block,
consolidating portions of the mineral claims held by both MinEx and UG.
In 2006 Concentric conducted the first drill program on the Anderson
property since the abandonment by MinEx and UG.  A 25-hole drill
program was completed to confirm the historical MinEx exploration
database by “twinning” a significant number of former MinEx drill
holes.  A total of 24 rotary holes and one core hole, totaling 8,087
feet, were completed. No confirmation holes were drilled on the former
UG portion of the property. In 2008 Concentric commissioned Mountain
States Research & Development International, Inc. to complete a process
engineering assessment, the results of which are presented in a report
titled “Final Report Preliminary Process Engineering and Cost
Estimates, Anderson Uranium Project, Yavapai County, Arizona.”

The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI
43-101 and was reviewed by Clyde L. Yancey, P.G., Vice
President-Exploration for the Company, a QP under NI 43-101. We expect
that the technical report will be available within 45 days.

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.

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.

 

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