Uranium Energy Corp Acquires Past
Producing F-33 Project in Grants Mineral Belt, New Mexico
Former Mine Hosts Both Uranium and Vanadium
Potential at Shallow Depths
AUSTIN, TX – November 26, 2007 – Uranium Energy Corp
announces that it has acquired the former uranium producing F-33 Project,
located in Cibola County, New Mexico. The property consists of 172
unpatented mining claims, equal to 3,300 acres, plus one mining lease of
patented lands, equal to 88 acres. The Anaconda Company (now BP plc)
held a part of the property, and mined 48,720 tons averaging 0.31% U3O8, for
total production of 305,040 pounds of U3O8. It also mined 31,306 tons
averaging 0.12% of V2O5 from 1954 to 1959. Homestake Mining Company
(now Barrick Gold Corp) subsequently leased the mine from Anaconda, and mined
109,231 tons averaging 0.191% U3O8, for total production of 417,412 pounds,
from 1971 through 1974.
Uranium Energy Corp also acquired Anaconda’s and
Homestake’s database for the property, consisting of mine maps of the
subsurface workings, 177 drill logs, drilling maps, production records, and
resource estimates. In August 1974, at the end of mining activities,
Homestake reported a historic resource estimate of 58,700 tons at a grade of
0.21% U3O8 for a contained total of 246,400 pounds U3O8. It was noted,
based on wide-spaced drilling performed by Homestake, that this resource was
open–ended. Company geologists are actively reviewing the
Anaconda/Homestake data to establish an infill drilling program in the
open-ended areas.
The foregoing historical resource estimate for the F-33 Project was
completed prior to the implementation of Canadian National Instrument
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
company is not treating this historical estimate as a current estimate.
The Jurassic age Todilto
Limestone host-rock for the uranium deposits of the F-33 Project was the source
of approximately 2% of the total uranium produced from the Grants Mineral
Belt historically. The primary source of uranium is the overlying
Jurassic age Morrison Formation. The Todilto consists of two main
units, a lower limestone unit that mostly ranges from 5 to 10 feet thick, but
reaches a thickness of 40 feet at the F-33 property, and an upper gypsum unit
that ranges in thickness to 95 feet. The gypsum unit is absent in
outcrop at Grants, however occurs in the subsurface north of Grants, and outcrops
east of the Grants area.
The advantages of
Todilto uranium mineralization over Morrison uranium mineralization in the
Grants Mineral Belt are as follows:
i) the uranium
mineralization occurs at the outcrop and can be readily accessed by
underground mining techniques and/or shallow open pits;
ii) it is above the
water table and therefore dry;
iii) it occurs at an
overall higher grade percentage than Morrison deposits;
iv) it contains the
valuable bi-product commodity of vanadium.
The Company plans to initiate permitting on this project in the near future
so that both confirmation and extension drilling can commence in 2008.
Clint Milne, the newly Senior Geologist for Uranium Energy Corp is scheduled
to open a Grants, New Mexico office in early 2008, and to supervise the
exploration of this property.
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
has been reviewed by Clyde L. Yancey, P.G., Vice President of Exploration for
Uranium Energy Corp. Mr. Yancey is 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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