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TheStreet Open House

Uranium Energy Corp Completes Acquisition Of 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, Dec. 6, 2011 /PRNewswire/ - Uranium Energy Corp (NYSE-AMEX: UEC, the "Company") is pleased to announce that it has now completed its acquisition of the Workman Creek uranium project, previously announced on November 8, 2011, located in Gila County, Arizona (the "Workman Creek Project"), from Cooper Minerals, Inc. ("Cooper").

President and CEO Amir Adnani stated, "The Workman Creek Project represents the Company's fourth project in pro-business and mining-friendly Arizona. This acquisition further demonstrates management's 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.  It 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.

In the 1970s, 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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