NYSE Amex Equities Exchange Symbol - UEC
CORPUS CHRISTI, TX, April 26 /PRNewswire/ - Uranium Energy Corp (NYSE-AMEX: UEC) (the "Company") is pleased to announce that an updated, independent National Instrument 43-101 ("NI 43-101") Technical Report on the Company's Salvo Project located in Bee County, Texas, is in the process of being completed and reports an Inferred mineral resource of 1.2 million tons grading 0.08 percent U 3O 8 or 2.839 million pounds U 3O 8.
The Salvo Project NI 43-101 Technical Report will be filed shortly on the SEDAR website at www.sedar.com, and will be available for viewing on the Company´s website at www.uraniumenergy.com. The Technical Report is authored by Thomas A. Carothers, P.Geo., a qualified person as defined in NI 43-101, who has over 30 years of uranium experience, substantially in the South Texas uranium trend.
Amir Adnani, President and CEO, stated, "Management is very pleased with the progress and resource expansion at Salvo. Phase-two drilling has commenced and will continue through the summer in order to bring much of the resource into the Measured and Indicated categories, and to further expand the resource. The Company targets Salvo to become its third in-situ recovery satellite project, after Palangana and Goliad, to produce and provide U 3O 8 resins for processing at the Company's nearby Hobson plant."The Salvo project consists of 4,238 acres of contiguous leases located about ten miles southwest of the town of Beeville, Texas. The Salvo project is approximately 45 miles from the Company´s Hobson processing facility. In-situ recovery ("ISR") is potentially the most suitable mining method for this project based on evaluation of grade and depth of the mineralized zones. A preliminary core leach test indicated that the mineralization is amenable to leaching with an oxygenated agent. The mineralized horizons are confined by impermeable clay layers above and below the mineralization and are considered to be ideal for the use of ISR methodology. The deposits are generally not oxidized, and should have good groundwater flow characteristics.