Uranium Energy Corp Acquires New River Project in Arizona
The Property, Explored by Teck
Corporation in the 1970s, Has an Historic Resource of 12 Million Pounds of
U3O8; Company Also Acquires the Historical Exploration Data
AUSTIN, TX – November 8, 2007 – Uranium Energy Corp
announces that it has acquired 100% interest in the New River Uranium
Project, located in northern Maricopa
County, Arizona, on
state lands in an historic mining area. Teck
Corporation, on behalf of Univex Mining, previously
conducted exploration and development on the property, resulting in an
historical resource estimate of 30 million tons having an average grade of
0.02% eU3O8, or approximately 12 million pounds of eU3O8.
Teck
performed geologic mapping, drilling and gamma surveys on the property in
1979 for Univex Mining. In addition, limited
metallurgical testing was carried out by Lakefield Research of Lakefield, Ohio.
Fourteen holes were drilled in the central portion of the property. The
drill logs and cuttings indicate that uranium is disseminated within tuffaceous lakebed sediments typically at depths varying
from 150 to 230 feet
with occurrences as shallow as 65 feet below the surface.
It is anticipated that the project would be amenable to shallow mining
methods. The mineralized zone, as indicated by drilling, is
approximately 60 feet
thick, representing 30 million tons of material with an average grade of
0.02% eU3O8, derived from gamma-ray logs, using a cut-off grade of
0.015%. The historic resource, based on the 14 drill holes conducted in
the central portion of the property, is approximately 12 million pounds of
eU3O8. The mineralized trends identified by drilling are open-ended.
The foregoing historical resource estimate for New
River was completed prior to the implementation of NI 43-101;
however, given the quality of the historic work, the Company believes the
resource estimate to be relevant. A qualified person has not completed
sufficient work to classify the historic mineral resources as current mineral
resources, and the estimate should not be relied upon.
The New River Project uranium occurrence is geologically similar to
the Anderson Mine uranium deposit in Yavapai County, Arizona.
The Anderson Mine, earlier explored by Unocal Corporation, is now owned by
privately-held Concentric Energy, and has a reported historic resource
estimate of approximately 50 million pounds U3O8. This estimate has not
been independently verified and cannot be relied upon.
During 2008, Uranium Energy Corp plans to further investigate the
property and confirm the historic data by performing core drilling and gamma
surveys in areas that were previously drilled. The Company also plans
to explore other areas of the property that demonstrate potential for
additional mineralization based on known geologic trends.
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 of Exploration for Uranium Energy Corporation, 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. For more information, please visit www.uraniumenergy.com.
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
Website: www.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
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Safe Harbor
Statement
Except for the statements of historical fact contained herein, the
information presented in this news release constitutes “forward-looking
statements” as such term is used in applicable United States
and Canadian laws. These statements relate to analyses and other information
that are based on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Any statements that express
or involve discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as “expects”
or “does not expect”, “is expected”,
“anticipates” or “does not anticipate”, “plans,
“estimates” or “intends”, or stating that certain
actions, events or results “may”, “could”,
“would”, “might” or “will” be taken,
occur or be achieved) are not statements of historical fact and should be
viewed as forward-looking statements. Such forward looking statements involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such risks and other factors
include, among others, the actual results of exploration activities,
variations in the underlying assumptions associated with the estimation or
realization of mineral resources, the availability of capital to fund
programs and the resulting dilution caused by the raising of capital through
the sale of shares, accidents, labour disputes and other risks of the mining
industry including, without limitation, those associated with the
environment, delays in obtaining governmental approvals, permits or financing
or in the completion of development or construction activities, title
disputes or claims limitations on insurance coverage. Although the
Company has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those anticipated in
such statements. 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. Accordingly,
readers should not place undue reliance on forward-looking statements
contained in this news release and in any document referred to in this news
release. Forward looking statements are made based on
management’s beliefs, estimates and opinions on the date the statements
are made and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other circumstances
should change, except as required by applicable law. Such
forward-looking statements reflect our current views with respect to future
events and are subject to certain risks, uncertainties and assumptions,
including, the risks and uncertainties outlined in our most recent financial
statements and reports and registration statement filed with the United
States Securities and Exchange Commission (the
"SEC") (available at www.sec.gov)
and with Canadian securities administrators (available at www.sedar.com).
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 SEC. 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. Any statements concerning historical mineral resource
estimates should be viewed as forward-looking statements to the extent that
they involve estimates of the mineralization that will be encountered if the
property is developed. Any historical mineral resources referred to by the
Company in this news release have not been estimated in accordance with the
definition standards on mineral resources of the Canadian Institute of
Mining, Metallurgy and Petroleum referred to in National Instrument 43-101,
commonly referred to as “NI 43-101”. As a reporting issuer in Canada, we
are required by Canadian law to provide disclosure in accordance with NI
43-101. U.S.
reporting requirements for disclosure of mineral properties are governed by
the SEC Industry Guide 7. NI 43-101 and Guide 7 standards are
substantially different, however Guide 7 does allow the disclosure of mineral
resources where required to be disclosed by foreign law.
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