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Uranium Energy Corp Reports Fiscal 2013 Q1 Production Results And Provides Operations Update

Stocks in this article: UEC

NYSE MKT Equities Exchange Symbol - UEC

CORPUS CHRISTI, TX, Dec. 10, 2012 /PRNewswire/ - Uranium Energy Corp (NYSE MKT: UEC, the "Company") is pleased to report financial and production results for the first quarter ended October 31, 2012.  Major first quarter highlights and subsequent events include the following:

  • The Goliad ISR Project is Fully Permitted for Production: The Company has received all of the required authorizations from the Texas Commission on Environmental Quality, including an Aquifer Exemption which has also now received concurrence from EPA Region 6.  Goliad production will greatly increase throughput of U 3O 8 at the Hobson plant;
  • Additional Production Areas at Palangana: Production Area-3 development was completed and production has now commenced, with development and permitting activities continuing on Production Areas-4 and 5;
  • Sale of 50,000 Pounds U 3O 8 Generated Revenues of $2.2 Million: During the quarter, the Company sold 50,000 pounds of U 3O 8 at $43 per pound for gross proceeds of $2.2 million, with a cash cost per pound sold of $26 excluding royalties. Cash cost per pound increased this quarter due primarily to lower production volume;
  • Cumulative Sales to Date: Cumulative sales of U 3O 8 since commencement of production to October 31, 2012 total 320,000 pounds at a cash cost per pound sold of $20 excluding royalties;
  • Exploration Drilling on South Texas Projects Continues: The Company completed extensive drilling campaigns on the Burke Hollow and Channen Projects. Both projects are located within 50 miles of the Hobson plant; and
  • The Company's Balance Sheet Remains Strong: As of October 31, 2012, the Company had $17.2 million of cash in the treasury and 34,000 pounds of U 3O 8 available for sale in inventory with a market value of approximately $1.4 million. The Company is a debt-free, 100%-unhedged producer.

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