NYSE Amex Equities Exchange Symbol - UEC
CORPUS CHRISTI, TX, March 6, 2012 /PRNewswire/ - Uranium Energy Corp (NYSE-AMEX: UEC, the 'Company') is pleased to announce that the Company has received an independent National Instrument 43-101 Technical Report for its Workman Creek Project located in Gila County, Arizona, that reports an inferred mineral resource of 3,222,000 tons containing 5,542,000 lbs. of U 3O 8 with an average grade of 0.086% U 3O 8, at a cut-off grade of 0.05%.
The Workman Creek Project consists of 183 unpatented lode mining claims covering 3,620 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, 85 miles northeast of Phoenix and approximately 180 miles from the Company's Anderson Project. The current claim configuration represents the Workman Creek North and South projects, areas originally held and developed by Wyoming Minerals Corp ("WMC"), a subsidiary of Westinghouse, in the 1970s and 1980s.
The uranium mineralization in the Dripping Springs Mining District was first noted in 1950, but not thoroughly explored until 1955 following an airborne radiometric survey conducted by the U.S. Atomic Energy Commission. The survey identified approximately 20 target areas and initiated a staking rush into the Sierra Ancha Mountains of Gila County.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. The Company has access to all of this information about the project area.