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TheStreet Open House

Uranium Energy Corp Acquires The Workman Creek Project In Arizona

Stocks in this article: UEC

NYSE Amex Equities Exchange Symbol - UEC

  • Over 400 exploration and development holes drilled by Wyoming Minerals Corp in the 1970's
  • Positive historic feasibility study prepared by Dravo Engineers in 1980
  • All historic and recent data obtained and being evaluated by Company geologists

CORPUS CHRISTI, TX, Nov. 8, 2011 /PRNewswire/ - Uranium Energy Corp (NYSE-AMEX: UEC, the "Company") is pleased to announce that it has entered into a definitive property acquisition agreement (the "Agreement") with Cooper Minerals, Inc. ("Cooper") to acquire the Workman Creek uranium project in Gila County, Arizona (the "Project").

In accordance with the terms of the Agreement, which is subject to satisfactory due diligence and the receipt by the Company of prior regulatory approval to closing, in order to acquire the Project the Company is required to make cash payments totaling $84,640 and to issue 300,000 restricted common shares of the Company to Cooper at closing.

President and CEO Amir Adnani stated, "The Workman Creek project represents the Company's fourth project in Arizona, a state that's pro-business and mining-friendly. This acquisition fits into the Company's strategy of targeting properties for acquisition that have already been the subject of significant exploration and development by majors in the past.  Management continues to demonstrate our commitment to expanding and diversifying our project portfolio at a viable cost for long-term growth."

The Workman Creek Project

The Workman Creek Project consists of 176 unpatented lode mining claims covering 3,520 acres.  The Project is located in a remote area of the Dripping Springs Mining District of Gila County, Arizona, about 30 miles north of Miami, Arizona and 85 miles northeast of Phoenix, Arizona.  The current claim configuration being acquired by the Company represents the Workman Creek North and South project areas originally held and developed by Wyoming Minerals Corp ("WMC"), a subsidiary of Westinghouse, in the 1970s and 1980s.

The uranium mineralization of the Dripping Springs Mining District were first noted in 1950, but not thoroughly explored until 1955 following an airborne radiometric survey conducted by the US Atomic Energy Commission.  The survey identified approximately 20 target areas and initiated a staking rush into the Sierra Ancha Mountains of Gila County.

It was not until the 1970s when WMC established a significant acreage position in the area and began a systematic development program.  Major work conducted by WMC including the drilling of over 400 exploration and development holes, geological mapping, regional and detailed geochemical studies, petrographic studies, mineralogical paragenetic studies, geophysical surveys and metallurgical studies, all of which culminated in a positive feasibility study prepared by Dravo Engineers in 1980.

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