Uranium Energy Corp: Initial
Production Area Authorization (PAA) Development Completed at Goliad ISR
Uranium Project
Company also announces the hiring of Andrew Kurrus,
with over 30 years experience in South Texas uranium exploration and
production, as Senior Geologist
June 16, 2008, Austin, Texas
- Uranium Energy Corp (AMEX:UEC), a US-based resource company with the objective
of near-term uranium production, is pleased to report that all of the area
monitoring wells have been completed for the Company�s first production
area.
Following protocol,
Uranium Energy Corp formally invited the Texas Commission on Environmental
Quality (TCEQ) to observe the sampling procedure and to split water samples
with the Company. Analyses of the water will be used to define the baseline
quality of the groundwater in the first production area. Analyses will also
be used to establish restoration table values for the initial area. All
wells have been sampled, with samples having been sent to a qualified
laboratory for analysis.
Pumping wells (wells
inside the monitor well ring) have also been completed, and they will be used
for a required pumping test which is scheduled to take place the week of June
16th. Test results will be used to analyze various site-specific
aquifer parameters including: permeability, drawdown, recovery rate and
storage properties, and to demonstrate that the monitor wells are
hydrologically connected to the interior mineralized zone. The test will also
verify the continuity of the confining zone above the �B� Sand. Data from the
water quality sampling and the pumping test will provide the key elements for
the Production Area Authorization (PAA) application that the Company plans to
file with TCEQ later this summer. This is one of several permits to be issued
by the TCEQ that are needed to commence production.
During production and
restoration, the monitor wells will be tested on a routine basis (every two
weeks, as required by the regulations) to verify that water quality outside
the production zone is being protected.
To date, a total of 247
drill hole tests have been completed in the �B� Sand mineralized zone, and a
total of 116 drill hole tests completed in the �A� Sand mineralized
zone. Overall, since the Company initiated its drilling program in
summer of 2006, a total of 801 test holes have been drilled for a total of
271,689 feet of drilling.
In additional news, the
Company is pleased to report the hiring of Andrew Kurrus, an experienced
uranium exploration and mining geologist as Senior Geologist. Mr.
Kurrus is a professional geologist specializing in the discovery of economic
uranium deposits in South Texas. He has an impressive 30-year career in
South Texas which began with Intercontinental Energy Corp (IEC) in 1978, and
was followed by other notable uranium mining companies: Pioneer Nuclear,
Tenneco, Malapai Resources, Total Minerals Corporation, and COGEMA Mining
Inc. While at COGEMA Mining (now Areva), and most recently at Meste�a
Uranium LLC (owner of the Alta Mesa ISR uranium mine), he discovered
previously unknown ore body extensions at existing ISR operations that
contributed significantly to the economics of those projects. Mr.
Kurrus is registered as a Professional Geologist; he received his BSc and MSc
in Geology from the University of Arkansas.
The technical
information in this news release has been prepared in accordance with the
Canadian regulatory requirements set out in National Instrument 43-101 and
reviewed by Clyde L. Yancey, P.G., Vice President-Exploration for Uranium
Energy Corp, a qualified person under NI 43-101.
About Uranium
Energy Corp
Uranium Energy Corp
(AMEX: UEC) is a US-based 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 this
industry gives the Company ongoing uranium mine-finding and mine development
expertise.
Contact North
America: Investor Relations, Uranium Energy Corp
Toll Free: (866) 748-1030
Fax: (512) 233-2531
E-mail: info@uraniumenergy.com
Stock Exchange
Information:
American Stock Exchange Symbol: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: A�JDRR
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.
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