NYSE MKT Exchange Symbol - UEC
CORPUS CHRISTI, TX, July 25, 2012 /PRNewswire/ - Uranium Energy Corp (NYSE MKT: UEC; "UEC" or the 'Company') today issued a Mid-Year Shareholder Report. The report from CEO Amir Adnani follows in its complete form:
I am pleased to provide you with this mid-year report on the status of Uranium Energy Corp and its key projects.First and foremost, I would like to thank you as a UEC shareholder for your continued support and confidence in the Company and its management. UEC remains focused on expanding uranium production in South Texas, increasing in-ground resources and furthering our substantial pipeline of projects, while increasing cash flow from operations. The first half of the year demonstrated that the global nuclear industry is reviving rapidly with positive developments in the U.S., China and other countries. The recent restart of two reactors in Japan is a sign that the Japanese remain committed to nuclear power. Increasing world-wide nuclear capacity is anticipated to gradually create lasting and historic increases in the demand for uranium. As one of the few uranium producers in the world, UEC is well-financed and well-positioned for this recovery. ACHIEVEMENTS AND HIGHLIGHTS FROM THE FIRST HALF OF 2012 Production Results at the Palangana ISR Mine: Two new production areas ("PA") were defined bringing the total number of PAs to five at the Palangana Mine, with PA 1 and 2 being online with uranium recovery. PA-1 has received a number of recompletions of existing wells, resulting in improved recent recovery rates, and at PA-2 operations were initiated in late March as planned. Cumulative production since the start of production in November 2010 through April 30 this year has been 273,000 pounds of U 3O 8 at an average cash cost of $18 per pound. May and June production numbers were higher than the preceding months, and a low-cost production profile is being maintained. Palangana ISR Mine Production and Development Advances: A Production Area Authorization application was submitted to the Texas Commission on Environmental Quality ("TCEQ") for Production Area-3 (PA-3) in March. Wellfield development of injection and production wells is coinciding with the progress made on the TCEQ application. Thus far, drilling of the planned wells is nearly complete with the area targeted for initial production during the second half of this year. Initial core leach studies indicate encouraging recovery yields at PA-3. The Company is also pleased to be adding Production Areas 4 and 5 to the Palangana Mine production pipeline with permitting and development work initiated this year. The mine permit amendment application is scheduled for submission for these zones during the calendar year fourth quarter.