Uranium Energy Corp Announces Progress
with Drilling at Its Goliad Project
AUSTIN, TX - January 29, 2008 - Uranium Energy Corp announces
continuing development at the Company's Goliad Project in Texas. Notable developments include:
- Continuing success with step-out drilling that is increasing the
extent of known mineralized trends in both B and D sands at Goliad;
- Ongoing drilling to support the permitting process, extensive
coring program; and
- Addition of quality technical personnel at the project site.
Drilling and Coring Program
Uranium Energy Corp is pleased to report continued progress with
drilling activities toward the permitting of its Goliad Project in Goliad
County, Texas. The Company filed its mining permit application in August
2007. Drilling is ongoing with seven drilling rigs.
Drilling in November and December 2007 at Goliad consisted of 116
drill holes, targeting the B and D Sands. Sixty-two (62) of the drill holes
targeted the B Sand and 54 were drilled principally to assess D Sand
mineralization in the project area.
Zone
|
Number
of holes
|
Strongly
Mineralized
|
Mineralized
|
Shows
|
No
Shows
|
A
|
A
Zone Not Targeted
|
B
|
62
|
15
|
31
|
16
|
0
|
C
|
C
Zone Not Targeted
|
D
|
54
|
2
|
17
|
34
|
1
|
Strongly Mineralized -
Uranium mineralization above a GT of 0.30
Mineralized - Uranium mineralization between GT's of 0.2 and 0.3
Show - gamma anomaly to < 0.2GT
No Show - Barren
Drilling in the B Sand
was for regulatory and permitting activities. Rather than continuing to
confirm historical mineralization or step-out drilling, the B Zone drilling
activities during this period concentrated on identifying the limits of
mineralization around the strongly mineralized area. In order to obtain
a Production Area Authorization (PAA) permit from the Texas Commission on Environmental
Quality (TCEQ), the lateral extent of the mineralized area must be
determined. For this reason, drill holes were located to define the
limits of the strongly mineralized B Sand.
The November-December
program included:
- Obtaining information for
Production Area Authorization - 1 to submit to TCEQ for B Sand, which
included
- drilling to delineate the
outline of the B Sand mineral zone;
- in-fill drilling to verify
continuity of the identified mineral layers; and
- verification of confining
zones above and below the B Sand.
Fifty-four (54) step-out
holes were drilled to evaluate D Sand gamma anomalies. Of these, 17
encountered significantly elevated gamma zones and two encountered high-level
gamma zones. These intercepts indicate an extension of the current
mineralized trend in the D Sand.
Results of the
November-December drilling program include:
- Extending the B Sand and
further defining the strongly mineralized trend in order to
commence PAA-1 drilling; and
- Identifying new strongly
mineralized zones in previously un-drilled areas in the D Sand.
In October 2007, the
Company undertook an extensive coring program designed to support the
historic Goliad disequilibrium factors (DEFs), developed from prompt fission
neutron (PFN) logging during the early 1980's. DEF refers to the ratio
of the actual grade of uranium in the rock to the grade obtained from gamma
ray logging. A positive DEF of 1.0 or greater indicates a higher grade
of uranium than what is obtained from logging. Historic DEFs in the
range of 1.4 to 1.7 were demonstrated in each of the four mineralized sand
zones by PFN logging at the Goliad Project.
In order to confirm the
historic PFN DEF data, three holes were cored through each mineralized
interval of the four sand zones, offsetting previously drilled, highly
mineralized holes. Between 15 and 20 samples, one-foot each, were
collected from each hole, or approximately 45-60 samples from each zone.
The samples were shipped to Energy Laboratories in Casper, Wyoming, an
independent certified minerals lab, for analysis of chemical uranium content
and eU3O8. From these analyses, DEFs for each one-foot interval can be
calculated. The table below presents the gamma ray data obtained from
logging each of the core holes. This data will be compared to the
laboratory analytical data when received.
Hole
ID
|
Sand
|
Cored
Interval (ft)
|
Mineralization
Thickness (ft)
|
Grade
(%)
|
GT
(ft%)
|
CA-1
|
A
|
105.5
to 128.6
|
26.0
|
0.091
|
2.366
|
CA-2
|
A
|
107
to 136
|
12.5
|
0.049
|
0.609
|
CA-3
|
A
|
80
to 101
|
17.5
|
0.066
|
1.155
|
CB-1
|
B
|
166
to 182.6
|
9.0
|
0.089
|
0.801
|
CB-2
|
B
|
190
to 204.5
|
2.5
|
0.035
|
0.087
|
CB-3
|
B
|
185
to 201.1
|
5.5
|
0.031
|
0.171
|
CC-1
|
C
|
172.5
to 191.5
|
2.0
|
0.028
|
0.056
|
CC-2
|
C
|
No
sample recovery through mineralized zone.
|
CC-3
|
C
|
250
to 269.7
|
6.5
|
0.037
|
0.241
|
CC-4
|
C
|
240
to 258.5
|
8.5
|
0.047
|
0.400
|
CD-1
|
D
|
305
to 324.5
|
<0.02
|
CD-2
|
D
|
380
to 401.3
|
2.0
|
0.031
|
0.062
|
CD-3
|
D
|
390
to 410.3
|
16.0
|
0.056
|
0.896
|
*Grade cutoff was at
0.02%, consistent with the 43-101 historic resource
The results of the
coring program will be used to support the development of a Canadian National
Instrument 43-101 qualified resource. National Instrument 43-101 is the
Canadian requirement for disclosure of historic and ongoing work on mineral
bodies leading up to their development and ultimate mining. Only
mineral bodies meeting the stringent criteria as described in the document
can be classified as a 43-101 qualified resource.
Project Technical
Staff Additions
Uranium Energy Corp is
pleased to announce at this time the addition of two Production Geologists to
the Company's Goliad Project production staff. Augio Bian, PhD, Texas
A&M University-College Station, is a research hydrogeologist who will be supporting
both the geological and engineering teams. Dr. Bian recently received
his degree and will bring a considerable technical background to the
project. Carl Wentz, received his BSc in Geology in 2000 from Texas
A&M University-College Station. Mr. Wentz brings seven years of
practical field geology skills as well as environmental compliance experience
to the project. He will also be supporting both the geological and
engineering teams.
The technical
information in this news release was 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 of 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 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.
Contact North America: Investor Relations, Uranium Energy
Corp
Toll Free: (866) 748-1030
Phone: (604) 682-9775
Fax: (604) 682-3591
E-mail: info@uraniumenergy.com
Stock Exchange Information:
American Stock Exchange Symbol: UEC
Frankfurt Stock Exchange Symbol: U6Z
Berlin 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.
|