Uranium Energy News Releases
Uranium Energy Corp Continues to Make Progress at Its Goliad Project
Company Announces Progress on Key Areas of Exploration and Development, Including:
1) Mine permit process advancing
2) Confirmation drilling continues to verify historically indicated resources
3) Positive disequilibrium factors confirmed through laboratory analysis
AUSTIN, TX – April 16, 2007 – Uranium Energy Corp announces continued progress on various aspects of ISR uranium exploration and development at its 100%-controlled Goliad project in Goliad County, Texas.
Mine Permit Process Advancing
Progress toward permitting of the Goliad Project for In-Situ Recovery (ISR) mining through the Texas Commission on Environmental Quality (TCEQ) and Texas Department of State Health Services (TDSHS) continues to move forward. Information on the proposed plant site, water and air quality monitoring, and geologic data are being prepared for submission to these agencies.
Confirmation Drilling
The Company reports continued progress on confirmation drilling and activities toward permitting of the Goliad Project. Confirmation drilling, ongoing since May 2006, has been directed toward confirming the 5.2 million pounds of historically-indicated uranium resources identified by Moore Energy Company in the early 1980s. The confirmation drilling has identified areas of potential resource expansion. Preliminary step-out drilling in one of these areas has identified additional B Sand resources.
Recent confirmation and expansion drilling efforts have been concentrated on the B Sand trend in the western part of the project area. Since the previous drilling report dated March 5, 2007, the Company has completed 68 additional confirmation holes. Thirty of the holes encountered ore grade mineralization, of which 28 were in the B Sand. One C Sand and one D Sand hole were also completed. Drilling is continuing indefinitely, with five drilling rigs on site.
SELECTED ORE GRADE CONFIRMATION HOLES
|
Hole # |
Sand |
Ore Thickness (Ft) |
Average Grade |
Grade Thickness |
|
32201-N47 |
C |
13.0 |
.037 |
0.48 |
|
32201-N120 |
B |
23.5 |
.057 |
1.34 |
|
32201-N113 |
B |
8.5 |
.099 |
0.84 |
|
32201-N114 |
B |
21.0 |
.083 |
1.74 |
|
32201-N28 |
B |
13.5 |
.046 |
0.62 |
|
32201-N25 |
B |
12.0 |
.132 |
1.58 |
|
32201-N26 (second zone) |
B |
6.5 |
.121 |
0.79 |
* GT of 0.3 or greater indicates ore grade mineralization
Disequilibrium Factors
During exploration of the Goliad property in the early 1980s, then-current techniques identified Disequilibrium Factor (DEF) ranging from about 1.4 to 1.7 for ore grade mineralization in the various sand units.
The disequilibrium factor (DEF) refers to the ratio of the actual grade of uranium in the rock to the grade obtained from conducting gamma ray probes. A positive DEF of 1.0 or greater indicates a higher grade of uranium than what is obtained from probing. The results of recent laboratory analyses of core samples confirm a positive disequilibrium in the A Sand ore body ranging from 1.15 to 1.7, thereby confirming the historical values.
Exploration Equipment Acquired
In an effort to practice fiscally responsible exploration and development, while increasing the range of exploration and development flexibility, Uranium Energy Corp has purchased a complete truck-mounted, field probing unit. The unit is similar to commercial truck-mounted probe units previously contracted by the Company for standard borehole probing of gamma, spontaneous potential, and resistance.
The Company is also taking delivery of a down-hole PFN probing tool and a directional surveying tool to augment the standard probing suite. Use of the PFN tool will allow a more consistent analysis of the disequilibrium factors throughout the ore bodies, and will assist in developing more concise resource estimates.
About Uranium Energy Corp
Uranium Energy Corp (URME: OTCBB) is a US-based junior resource company with the objective of becoming a near-term ISR uranium producer in the United States. The Company is developing its advanced-stage Goliad Project in South Texas, with ISR uranium production projected to begin in 2009. Uranium Energy Corp controls one of the largest historical uranium exploration and development databases in the US. Through the use of these databases, the Company has acquired advanced uranium properties throughout the southwestern US. The operational management is comprised of pre-eminent uranium mining and exploration professionals, whose collective experience in the uranium mining industry gives the Company ongoing uranium mine-finding and uranium mine development expertise. Uranium Energy Corp is well positioned to capitalize on the current alternative energy boom. For more information, please visit www.uraniumenergy.com.
Contact North America: Investor Relations, Uranium Energy Corp
Toll Free: (866) 748-1030
Phone: (604) 682-9775
Fax: (604) 682-3591
E-mail: [email protected]
Website: www.uraniumenergy.com
Stock Exchange Information:
OTCBB Symbol: URME
Frankfurt Stock Exchange Symbol: U6Z
Berlin Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US9168961038
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the United States Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.