Uranium Energy News Releases
Uranium Energy Corp Provides an Update on Its Goliad Operations
September 27, 2007
AUSTIN, TX – September 27, 2007 – Uranium Energy Corp (OTCBB: URME) (Frankfurt: U6Z) (Berlin: U6Z) is pleased to provide its fifth update this year of its progress at its Goliad Project in South Texas.
Since acquiring the Goliad project, the Company has drilled over 360 holes and completed extensive sampling, mapping and reporting by experienced independent and internal technical staff in generating a number of studies for permitting applications. The Company plans to develop an in-situ uranium recovery facility, following the completion of further resource definition and engineering studies, that must meet the stringent review and analysis of the Texas Commission on Environmental Quality (TCEQ) for air, water, and radiation emissions before permits and licenses are granted. In-situ recovery is a mining process developed in South Texas over the past 30 years. The process is well understood and has been applied successfully at other South Texas mining projects.
According to the Nuclear Energy Institute, there are 104 operating nuclear reactors in the US providing 20% of domestic electricity supply. On September 25th, 2007, a milestone announcement was made by NRG Energy, a major utility, which stated that it had submitted applications for two new nuclear reactors in Texas, marking the first time in nearly 30 years that a utility has submitted a complete application to build new reactors. The existing nuclear plants in the US are consuming 55 million pounds of uranium annually while domestic production is approximately equal to only 4 million pounds per year. This heavy dependence on foreign sources of uranium emphasizes the strategic opportunity for US-based developers of uranium projects, such as Uranium Energy Corp, to bring much needed US-mined uranium to support the necessary expansion of this vital industry. As with the oil industry, Texas is positioned to lead the way in nuclear energy.
The South Texas geology is host to many uranium deposits stretching from Houston to Brownsville. Every Texas county south of San Antonio possesses uranium deposits of various sizes and concentrations. The industry is highly regulated to ensure safety for employees, neighbors and the environment. Financial surety - money put aside by the companies to ensure proper restoration and closure of uranium mining areas - is a requirement before any mining can occur. Public meetings and public hearings are an important part of the development process so the community can understand the project and its safeguards, and the Company can address concerns.
The Texas Railroad Commission, the regulatory authority that oversees mineral exploration in the state of Texas, has issued two separate letters, one to the Goliad County Groundwater Conservation District, and another to the Goliad County Commission, regarding concerns that groundwater contamination might have resulted from exploration drilling in the Goliad area. The Railroad Commission stated:
‘To date, the Commission’s investigation of your complaint has not revealed any practice or activity at UEC’s Uranium Exploration Permit No. 123 that is out of compliance with the Texas Uranium Mining Regulations or the Uranium Surface Mining and Reclamation Act. We consider this investigation to be closed.’
The Company also confirms that it is in compliance with Texas Railroad Commission (RRC) surface drill-hole site restoration procedures. As reported in the Company’s release dated May 16, 2007, the RRC had issued a notice of violation to the Company regarding surface restoration procedures. A visit to the project site by RRC inspectors during the summer confirmed that all drill-hole sites are now in compliance with existing requirements.
Uranium Energy Corp has committed to the Texas Railroad Commission and Goliad County officials and the populace, that it will operate in a transparent manner, and be a good steward of the environment. The development of the Goliad Project will provide an important economic engine for Goliad County, and will enhance the county’s tax base, creating new revenue for the county’s school district and other county and municipal agencies.
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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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.