Gold/Mining/Energy | Uranium Energy Corp.


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From: MissionIR6/23/2011 11:10:20 AM
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Uranium Energy Corp. (UEC) Anticipates Construction for Goliad Project in July 2011

Uranium Energy Corp. is an industry leader in the production, development and exploration of uranium ore. The company is focused on developing uranium sites, and currently has a prominent project underway in Texas. Located in north-central Goliad County, Texas, the Goliad Project consists of 13 ISR uranium mining leases that cover 1,421 net acres of contiguous properties.

The project is located in the Interior Coastal Plains portion of the Gulf Coastal Plains physiographic province. Experts characterize the geology by tertiary age sedimentary units that dip and thicken toward the Gulf of Mexico. Uranium mineralization is commonly seen in tertiary age formations and is often found within sand/sandstone types of deposits. According to UEC’s website, the permeable sands have also shown strong reductants, which have created widespread or localized areas of reducing conditions in the groundwater. These have caused dissolved uranium migrating in oxidizing groundwater to precipitate and concentrate.

Between 2006 and 2007, UEC drilled over 599 confirmation and delineation holes to a 43-101 compliant resource of 6.9 million pounds U3O8. Of that number, 5.4 million pounds is measured and indicated and 1.5 million pounds is inferred. Across the properties, UEC has measured mineralization to be in four sand horizons from depths of 90 feet to 450 feet. The average thickness across these sand horizons is 14.5 feet, and they have an average grade of 0.075%. An independent party reviewed the Project’s metallurgical testing, and found recoveries of 86% to 89%.

Previously, Coastal Uranium held the leases to these properties as the original holder. From 1979-1980, the company conducted a reconnaissance exploration project over a very large area that included the current Uranium Energy Corp. leases. Moore Energy Corp. acquired the leases from Coastal Uranium and drilled 479 holes during 1983 and 1984. After completing exploration drilling in 1984, Moore Energy estimated uranium reserves of approximately 3,366,000 tons at an average grade of about 0.05% eU3O8 and an average disequilibrium factor of 1.494. This equates to approximately 5.2 million pounds of eU3O8 – an estimate historical in nature.

The latest Technical Report, filed on March 4th 2008, provides for a measured and indicated resource estimate for the company’s Goliad Project of 5,475,200 pounds at an average grade of 0.05% eU3O8, up from the previously reported and historical resource of 5.2 million pounds eU3O8 which was set forth in the Company’s previously filed Goliad Project NI 43-101 technical report. An additional 1,547,500 pounds of eU3O8 at an average grade of 0.05% is classified as an inferred mineral resource in the Technical Report. The estimate is based on the results from 1,086 drill holes at the Goliad Project, 599 by Uranium Energy Corp, 487 by other parties.

According to data provided by UEC, Commissioners of the Texas Commission on Environmental Quality (TCEQ) have approved the Mine Permit, the Production Area Authorization for Production Area One (PA-1), and have granted the request for designation of an Exempt Aquifer. The Goliad Project has only one pending Texas authorization remaining, which is a Radioactive Material License. It is currently at an advanced technical review stage with TCEQ.

Uranium Energy Corp. expects that the Goliad Project will become its second uranium-producing asset in Texas. When the company receives the Radioactive Material License for the project, UEC will commence construction at the project site. UEC anticipates that the remaining license will be approved this month.

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From: MissionIR6/23/2011 11:17:03 AM
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Uranium Energy Corp. (UEC) is “One to Watch”

Uranium Energy Corp. is a U.S.-based exploration and development company focused on uranium production in the U.S. The company’s operations are managed by professionals who have earned a reputable profile through many decades of hands-on experience in the key facets of uranium exploration, development and mining.

Uranium Energy controls one of the largest databases of historic uranium exploration and development in the nation. Using this knowledge base, the company has acquired and is advancing exploration properties of merit throughout the southwestern U.S., a region known as being the most concentrated area for uranium mining in the United States.

Uranium Energy’s fully licensed and permitted Hobson processing facility has a capacity of up to 3 million pounds per annum and is central to all of the company’s projects in South Texas. Well financed to execute on its key programs, the company’s Palangana is-situ recovery project is fully permitted and ramping up to full production, and its Goliad in-situ recovery project is in the final stages of mine permitting for production.

The company’s strategy of acquiring exploration databases and leveraging those databases to generate acquisition targets has proven to be effective thus far. With plans to continue aggressively pursuing this successful strategy, Uranium Energy Corp is well positioned to capitalize on the world’s first significant alternative energy boom.

Key Investment Highlights

- Aggressive Exploration Program Underway in South Texas
- Controls Twenty-Seven Projects in the U.S. with 35+ mm lbs. U3O8
- Operates the First New U.S. ISR Uranium Mine in Five Years
- Strong Balance Sheet with $34 Million in Cash and No Debt

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From: MissionIR6/24/2011 9:56:01 AM
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Uranium Energy Corp. (UEC) Announces Developments on Palangana Project

Based in the United States with operations underway throughout North America, Uranium Energy Corp. is dedicated to furthering the production, development and exploration of uranium ore. UEC is focused on developing uranium sites and currently has two projects located in South Texas. One of these projects is the Palangana Project, which is an in-situ recovery (ISR) project that is steadily increasing production.

The Palangana Project is located in the South Texas uranium belt, a prime location for uranium development. Positioned approximately 100 miles south of the Hobson facility, the Palanga Project consists of approximately 6,200-acres. In the past, Union Carbide Corporation (UCC), Chevron and Everest Exploration Inc. drilled over 4,000 exploration, development and production holes. In the late 1970s, UCC produced uranium at the project using ISR technology. Harry Anthony, UEC’s Chief Operating Officer, was a member of UCC’s ISR mining team and oversaw the development and production of this project.

The latest 43-101 for Palangana was filed on Feb 23rd 2010. The Technical Report provides a Measured and Indicated Resource Estimate for the project of 1,057,000 pounds at an average grade of 0.135% eU3O8. This resource is located in two zones referred to as Production Area #1 and Production Area #2. An additional 1,154,000 pounds of eU3O8 at an average grade of 0.176% is classified as an Inferred Resource Estimate, and is located in six new exploration zones.

These resource estimates were completed by SRK Consulting U.S. Inc., and were based on the results from 2,694 drill holes at the Palangana Project completed by previous operators. The Resource Estimates are mainly located east of the Palangana Dome.

Uranium Energy has completed Phase I of the wellfield at Production Area 1, with more than 45 injection wells and production wells drilled, cased and tested. The average depth of wells throughout the PAA-1 wellfield is 450 feet. Each well has yielded promising volumes of water during each testing phase. UEC is adding gaseous oxygen and carbon dioxide to the circulating ground water, which has activated the mining process of dissolving the uranium from surrounding sandstones.

Phases II and III of the PAA-1 wellfield will each contain 45 production and injection wells. To date, all Phase II wells have been completed, and are targeted to commence mining this year. UEC has begun installation of Phase III wells with three rigs actively casing and then completing each well.

Additionally, UEC’s permitting and development teams are working towards bringing Palangana’s Production Area 2 closer to production. UEC’s exploration group commenced a drilling program during the third quarter consisting of approximately 50 holes at the proposed Production Area 3 wellfield. Resource expansion efforts are continuing in other areas at Palangana.

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From: MissionIR6/24/2011 10:03:25 AM
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Uranium Prices Could Reach New Highs as Japan Recovers from Nuclear Disaster

The nuclear crisis in Japan has caused many changes for the country and for the global economy. Analysts are keeping watch over certain goods and materials, but nothing has been more widely discussed than uranium. Despite the incident, analysts expect spot uranium prices to reach levels that were seen in Japan prior to the nuclear crisis. Amir Adnani, the Chief Executive Officer of Uranium Energy Corp. (AMEX: UEC), a U.S.-based company, said that demand for the ore remains intact, and as such, prices of spot uranium could continue to rise to reach new highs.

In his interview, Adnani noted that spot uranium prices reached an all-time high of $140/lb in July of 2007, and stated that, “There is no reason why prices shouldn’t reach all time highs, as the end-user is not affected by the price of uranium.” Adnani said that the current supply of uranium is not enough to meet global demand. After the Fukushima crisis, global demand fell from 185 million pounds to 175 million, while supply remained steady at approximately 130 million.

Uranium has been highlighted in discussions about the nuclear crisis in Japan because it is used to fuel nuclear power plants. Mr. Adnani said that before the earthquake and tsunami damaged the Fukushima Daiichi nuclear complex, people expected the price of uranium to reach around $80/lb by the end of the year. Spot uranium traded at around $70/lb just prior to the nuclear crisis; after Fukushima, uranium prices slumped to $56/lb as investors nervously weighed the potential for a global reconsideration concerning nuclear power.

Some are cautious to say that uranium prices will rise because 17 nuclear plants worldwide have closed post-Fukushima. However, Adnani believes that uranium demand will not be affected, mainly because of the fact that, globally, construction of 62 nuclear reactors is underway, only 3% of which are from G-7 countries. Adnani believes this to be significant, stating, “The fundamental difference between reactors from the G-7 and those from growing economies is that the reactors in growing economies are state-run entities that have very little input from the public.”

He theorized that those governments are more likely to advance their nuclear power capabilities. He used the example of China, where access to capital is easier for state-run projects than for private-run projects. Private-run projects can be swayed by negative public opinion and are often subject to lobbying from shareholders.

The nuclear disaster in Japan has been compared to the infamous Chernobyl disaster in the Soviet Union, but Adnani notes that Chernobyl was more severe. As events in Japan continue to unfold, Adnani believes that “nuclear power is likely to continue to be at the forefront of the world’s energy mix, as the burning of fossil fuels continues to damage the environment and people become more aware of this.”

According to Adnani, UEC was the only company in the world to commission a uranium project last year. At full capacity, the company can process 3 million pounds of uranium a year, very close to the United States’ existing annual domestic output of 3.5 million pounds. In the quarter ending Jan. 31, production of uranium concentrate reached approximately 21,000 pounds. Production is expected to increase every quarter to reach 1 million pounds at the end of July 2012. As UEC’s CEO, Adnani feels that his company is in position to capitalize on the projected resurgence of spot uranium prices.

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From: MissionIR6/24/2011 10:05:15 AM
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Uranium Energy Corp. (UEC) Signs Merger Deal with Private Mining Company

Uranium Energy Corp. recently reported that the company has entered into a merger deal with Concentric Energy, a privately owned mining company with operations in Arizona.

Uranium Energy Corp. will issue 1.25 million shares of the company’s common stock in exchange for all outstanding shares of Concentric Energy Corp. The merger has been approved by the boards of directors of both companies.

Concentric Energy Corp. owns a 100% interest in the Anderson property, a uranium production area located in Yavapai County, Arizona. The property is composed of 289 contiguous mineral claims on 5,785 acres.

Uranium Energy Corp. said that open pit mining of uranium ore at the Anderson property began in 1955 after levels of radioactivity were found at the site. The company said that more than 10,000 tons of uranium ore were mined at the Anderson property and transported off site for further processing. Production from the property ended in 1959 after the Atomic Energy Commission ended its uranium purchasing program.

In the late 1970’s, approximately 1,400 exploration holes were drilled at the site by various mining companies to assess the feasibility of constructing a mining and processing facility on the property. These feasibility studies did not lead to the construction of any mining operations.

Concentric Energy staked a claim to the Anderson property in 2001, and began a drill program in 2006. The company has drilled 25 exploratory holes totaling more than 8,000 feet.

For more information on the company, go to www.uraniumenergy.com

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From: MissionIR6/24/2011 10:07:01 AM
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Uranium Energy Corp. (UEC) Signs Long Term Contract to Supply Uranium Compound

Uranium Energy Corp. recently announced that the company has signed a long term contract to supply a uranium compound to an unidentified customer.

Uranium Energy Corp. said that the contract calls for the company to deliver 300,000 pounds of triuranium octoxide (U3O8) over a three year period beginning in August 2011. There is no set delivery schedule in the contract and the company will receive current market prices at the time of delivery.

Uranium Energy Corp. plans to utilize its Hobson processing facility to fulfill the terms of the contract. The Hobson plant is located in Karnes County, Texas, and underwent a complete refurbishment in 2008.

The plant is designed to receive uranium resin from satellite mining operations located in south Texas and process it into triuranium octoxide for shipment to customers. Triuranium octoxide is one of the main ingredients of yellowcake, a concentrated uranium powder used in the preparation of fuel rods for use in nuclear reactors.

The Hobson plant is currently receiving uranium resin from the Palangana mine, which started up production in November 2010. The Palangana mine is located on 6,200 acres approximately 100 miles south of the Hobson plant.

Uranium Energy Corp. estimates that the mine contains measured and indicated resources of 1.06 million pounds of uranium in two separate production areas.

For more information on the company, go to www.uraniumenergy.com

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From: MissionIR6/24/2011 11:59:52 AM
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Uranium Energy Corp. (UEC) Owes It All to Experience

In a relatively short time, Uranium Energy Corp. has managed to separate itself from virtually every other uranium exploration company in the country. While other emerging companies have struggled both financially and technologically to establish themselves in the industry, UEC has been able to successfully identify and mine the most promising sites in the U.S., acquire and bring online one of the county’s few fully licensed and permitted uranium processing plants, and even secure a multi-year uranium sales contract for 300,000 pounds of uranium.

The reason for the dramatic difference between UEC and everyone else is clearly the technical team behind the company. Together they represent a depth of uranium industry experience unmatched for a developing company.

• Harry Anthony (COO, Director) is internationally recognized for his knowledge of the uranium industry. A professional engineer for 36 years, Mr. Anthony has gained particular recognition for his pioneering work in the field of In Situ Recovery (ISR), a far more cost effective and environmentally sound method of uranium extraction now used around the world.

• Clyde Yancey (VP of Exploration) has been heavily involved with the uranium industry for 33 years, from his initial work with the Uranium and Thorium Resources Branch of the USGS, through his years of industrial work in exploration and ISR. Mr. Yancey brings a special expertise in the field of reclamation, and is a Registered Professional Geologist in Wyoming and Texas.

• Robert Underdown (VP of Production) has held a variety of senior operational positions at ISR uranium mines in Texas since 1978, with an extensive background in the design, management, and reclamation of ISR uranium mines. He has a thorough working knowledge of regulatory agencies, and has held responsibility for the management and safety of hundreds of mining personnel.

• Curtis Sealy (VP of Health, Safety, and the Environment) is a Registered Professional Engineer with 40 years of experience in mine construction and other large-scale engineering projects, and has industrial uranium mining experience with several companies. Most recently he served as VP of Environmental and Regulatory Affairs for Energy Metals Corp., acquired by Uranium One in 2007.

• Ed Brezinski (VP of Marketing & Sales) has over 25 years of experience with utility companies and uranium commodity brokers, with a focus on the marketing of uranium and related products. Prior to joining UEC, he served as Vice President of Nuclear Fuel Supply for NYSE-listed Energy Solutions Inc.

• Leonard Garcia (VP of Land) brings over 30 years of experience in mineral title research, lease negotiations, and acquisitions. He has worked with some of the biggest energy related companies in the country and is a Registered Professional Landman.

For information on the full UEC technical team, visit www.UraniumEnergy.com/about_us/technical_team

For other information on UEC, visit www.UraniumEnergy.com

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From: MissionIR6/24/2011 12:08:22 PM
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Uranium Energy Corp. (UEC) Technical Analysis for Friday, June 24, 2011

UEC is forming a higher low and appears to be mounting a climb off the bottom. The indicators have turned and are trending towards bullish positions which will have the eyes of technical traders as resistance at $3.25 is being broken down.

To view the video chart, visit the following link: missionir.com 

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From: MissionIR6/24/2011 3:08:43 PM
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Uranium Energy Corp. (UEC) Completes Acquisition in Paraguay

U.S.-based Uranium Energy Corp. is an emerging uranium exploration, development and production company. The company recently announced that it completed the acquisition of a Paraguayan company which holds a 100% legal and beneficial interest in two unencumbered prospecting permits covering in total 247,000 acres located in the area of Coronel Oviedo in central Paraguay.

In order to complete the purchase, Uranium Energy has issued 225,000 restricted common shares. Once uranium is produced from the Coronel Oviedo Project, it will in addition pay a small royalty to the prior owner.

More of the uranium occurrences found on the property are ‘roll-front’ type deposits. These are similar to those currently producing uranium by low cost in-situ recovery methods in the western United States, central Asia and Australia. Prior to acquisition, Uranium Energy did have a company conduct an aquifer test as to whether the aquifer could sustain in-situ uranium recovery methods.

At present, Uranium Energy is preparing a geological model based on historical data for the property. The historical data is based on extensive uranium exploration by Anschutz Corporation between 1976 and 1983, and by Crescent Resources between 2006 and 2008. A total of 31 drill holes, out of 52, drilled by both companies showed significant uranium values. The known uranium mineralization indicated by the previous drilling occurred at depths between 450 and 750 feet. It also identified open-ended, tabular-like mineralization similar to that found at the company’s Goliad Project in Texas.

The company plans to pace its exploration program at Coronel Oviedo to be able to initiate an approximate 10,000 meter drilling program which is to occur during the third quarter of 2011. In order to support these operations in Paraguay, Uranium Energy has appointed Dr. Bernie Schmeling and Carlos Figueredo to a special advisory board.

Dr. Schmeling is a professional geophysicist, has more than 35 years’ experience in exploration and mining, and is internationally recognized as an expert in uranium in-situ mining. Mr. Figueredo has 25 years of experience in oil and mineral exploration in Paraguay. He formerly worked for Anschutz Corporation during its initial exploration efforts in the country and played a pivotal role in the earlier development of the Coronel Oviedo Project.

For more information on Uranium Energy Corporation, please visit the company’s website at www.uraniumenergy.com

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From: MissionIR3/21/2012 9:53:45 AM
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Uranium Energy Corp. (UEC) Announces Acquisition of 17,510-Acre Property; Plans to Launch Aggressive Drilling Program in 60 Days

Today, Uranium Energy Corp. announced that it has acquired the rights to explore for uranium on the Burke Hollow Project. Located in eastern Bee County, Texas, the 17,510-acre property is approximately 50 miles to the southeast of the company’s Hobson uranium processing facility, situated on the Goliad trend within the prolific South Texas Uranium Belt.

Amir Adnani, President and CEO, stated, “The Burke Hollow Project makes a significant addition to our expanding hub-and-spoke production strategy in South Texas. The exploration conducted by Total Minerals on this project in the 1990s demonstrated strong intercepts, and we are planning an aggressive drilling program to commence within the next sixty days.”

“The Burke Hollow Project is now our largest project in South Texas in terms of acreage and, with its proximity to our centralized Hobson processing plant, holds the potential of becoming our fifth satellite project,” he continued. “The South Texas Uranium Belt covers a large area, approaching the size of the state of Pennsylvania, and in-situ recovery methods (ISR), the low-cost and environmentally friendly way to recover uranium, have been used to mine most of the uranium in this region. The Company is building a leadership presence in the South Texas Uranium Belt, both in terms of emerging production and acreage for future resource growth.”

Ken Barrow, President of Thomson-Barrow Corporation, the mineral owner of the Project, commented, “As a fifth-generation Texan, and as a degreed and trained geologist who’s toured UEC’s Palangana and Hobson operations, we’re very pleased that UEC will be exploring the family’s Burke Hollow project. UEC clearly means business, and has the technical personnel and funding to make the absolute most of this project, one that we believe holds great potential.”

Total Minerals, a division of the Total Group, the France-based global energy company, conducted exploration work and drilling on this Project in 1993 as part of its South Texas Goliad exploration program. Following geophysical and geochemical results, Total drilled 12 holes along a northwest to southeast-oriented line. Eleven of the twelve holes intersected mineralization with drill-hole placement that exceeded several thousand feet in length.

The company owns Total’s South Texas exploration program database, and its historic drill information, which indicates the occurrence of strong eU3O8 intercepts. These intercepts occur in multiple horizons within both the Goliad Formation sands and the Lissie Formation sands at depths ranging from 180 to 400 feet. This is historical information and has not been independently drill verified by company geologists or a qualified person under Canadian NI 43-101 standards. However, knowing the quality of the historic data, the company believes the data could be relevant.

In addition to the exploration information compiled from the prior work completed by Total, the company’s analysis of the Project is additionally guided by a large volume of oil and gas drilling information where gamma ray recordings were made. To date, selected gamma ray well logs from forty oil and gas wells located on the Burke Hollow Project indicate that uranium mineralization may also occur in deeper intervals located below 400 feet in areas undrilled in the past by Total Minerals. The company is still aggregating and studying available oil and gas well log information to enhance its understanding of the mineralization potential of the Project.

Uranium Energy’s geologists are currently developing an aggressive exploration program to include a drilling campaign that will commence once exploration permits from the Railroad Commission of Texas are received. It is anticipated that the drill program will commence in the next 60 days and will consist of a statistical grid covering the entire property. Subsequent offset holes will be drilled based on results, including extending and delineating mineralized zones discovered by Total Minerals.

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