Uranium Energy News Releases
Uranium Energy Corp Expands Property Portfolio in New Mexico and Enters Into Strategic Alliance with Uranium Industry Specialists
August 15, 2007
New Acquisition Borders Strathmore Minerals’ Roca Honda Uranium Project, and is on Trend with Rio Grande Resources’ Mt. Taylor Uranium Deposit
AUSTIN, TX – August 15, 2007 – Uranium Energy Corp (OTCBB: URME)(Frankfurt: U6Z)(Berlin: U6Z) announces the acquisition of the San Mateo Mesa Project, consisting of 1,400 acres located in McKinley County, New Mexico. The property was acquired from Sedi-Met Inc, a private company controlled by Gene Saucier and David Wentworth, who were formerly geologists for Conoco. Messrs. Saucier and Wentworth are highly respected in the uranium sector, and have agreed to enter into an alliance with Uranium Energy Corp, with a view to developing this project. These gentlemen are intimately familiar with the geology in this area.
The San Mateo Mesa Project is north of Strathmore Minerals’ Roca Honda uranium project, and is on trend and in the same horizon with Rio Grande Resources’ Mt. Taylor uranium project. In a Technical Report for the Roca Honda project, dated March 31st, 2006, and titled “Technical Report on the Roca Honda Uranium Property, McKinley County, New Mexico”, Strathmore reports resources of 3,782,000 tons of uranium at an average grade of 0.23% (17,512,000 pounds, measured and indicated) and 4,546,000 tons of uranium at an average grade of 0.17% (15,832,000 pounds inferred). Rio Grande Resources reports on its corporate website (www.ga.com/riogrande.php) that Mt. Taylor project, a conventional underground mine contains the largest uranium resource in the United States and is currently on standby. The disclosure related to the Mt Taylor deposit has not been independently verified. The statement is considered relevant, but cannot be relied upon without verification. The company is not treating this as a current NI43-101 compliant disclosure.
Uranium Energy Corp possesses historical drilling results completed by Conoco in 1972 that identified uranium mineralization in five out of fourteen test holes at an average depth of 2,500 feet immediately to the south of the San Mateo Mesa Project. The mineralized intercepts range from 6 feet of 0.06% uranium to 10 feet of 0.30% uranium, with the highest intercept occurring approximately ¼ mile south of the San Mateo Mesa project boundary. This mineralization trend is expected to project onto the San Mateo Mesa property based on subsurface mapping. Furthermore, a number of northeast trending faults intersect a Westwater Canyon sandstone “thick” on the project and are expected to preserve projected primary mineralized trends as well as act to control the localization of any redistributed mineralization. The Westwater Canyon member of the Morrison Formation is the primary host unit for uranium mineralization in the Grants uranium district, including the Roca Honda and Mt. Taylor projects.
The terms of the acquisition require Uranium Energy Corp to conduct a certain amount of drilling on the property by the three-year anniversary of the agreement. Uranium Energy Corp and Sedi-Met are excited to work together in the exploration of the San Mateo Mesa Project. Both parties view this as an opportunity to explore one of the last areas in the Grants Mineral Belt where the objective of a multi-million pound uranium deposit is reasonable based on the geologic trends which are important in this district and the proximity to both the Mt. Taylor and Roca Honda projects.
Uranium Energy Corp is in the process of permitting a total of 10 exploration holes with the US Forest Service and State of New Mexico on their San Mateo Mesa project. Currently, the archeological survey is being performed. The exploration permit will be submitted in late August 2007, and it is anticipated that the agency review will take two to three months. Therefore, the Company estimates that a drilling program can start in early 2008.
Clyde L. Yancey, P.Geo., Vice President Exploration of Uranium Energy Corp, and a qualified person as defined by National Instrument 43-101, has reviewed this news release and is responsible for its content.
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 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.
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