NYSE Amex Equities Exchange Symbol - UEC
CORPUS CHRISTI, TX, Oct. 26, 2011 /PRNewswire/ - Uranium Energy Corp (NYSE AMEX: UEC, the "Company") is pleased to announce the completion of its first uranium sale which will be reflected in the Company's upcoming Fiscal 2012 Q1 report. A total of 60,000 pounds of U 3O 8 were sold for $52 per pound for gross proceeds of $3.12 million under the terms of the multi-year uranium sales contract as originally announced on June 14, 2011. This contract calls for the delivery of 300,000 pounds of U 3O 8 from the Company's Hobson processing facility over a three-year period starting in Fiscal 2012, with the price to be based on published market price indicators at the time of delivery.
Amir Adnani, President and Chief Executive Officer, stated, "The Company has achieved tremendous growth in the past two years on its way to becoming North America's newest uranium producer. This growth started with the acquisition of the STMV assets from Uranium One Inc. in December 2009 and, just one year later, we completed development and began producing from the Palangana Mine in November 2010, and have been stockpiling uranium production since then. With the completion this month of our first uranium sale, and the recording of first revenues from operations, the Company has established yet another milestone."
About Uranium Energy CorpUranium Energy Corp is a U.S.-based uranium production, development and exploration company operating North America's newest emerging uranium mine. The Company's fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is ramping up initial production, and the Goliad in-situ recovery project which is in the final stages of mine permitting for production. The Company's operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining . Stock Exchange Information: NYSE-AMEX: UEC Frankfurt Stock Exchange Symbol: U6Z WKN: AØJDRR ISN: US916896103 Notice to U.S. Investors The mineral resources referred to herein have been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are not compliant with U.S. Securities and Exchange Commission (the "SEC") Industry Guide 7 guidelines. In addition, measured mineral resources, indicated mineral resources and inferred mineral resources, while recognized and required by Canadian regulations, are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Accordingly, we have not reported them in the United States. Investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into mineral reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. In particular, it should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources or inferred mineral resources referred to in this news release are economically or legally mineable. Under NI 43-101 an issuer may disclose an estimate of the quantity and grade of a historical mineral resource made before the instrument came into force if the estimate is an estimate of mineral resources prepared by or on behalf of a person or company other than the issuer and the disclosure identifies the source and date of the historical estimate, confirms that the historical estimate is relevant, comments on its reliability, and explains any differences between the categories used in the historical resource and those permitted by NI 43-101. Any such resources are historical in nature and were compiled before the implementation of NI 43-101 reporting standards, and the Company may not have independently verified any such resource so is not treating them as current resources. Any such historical resources were prepared to industry standards in place at the time and are considered relevant today. Any such estimate, although prepared by experienced personnel and considered relevant should not be relied on.