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Uranium Energy Corp Reports Fiscal 2013 Q2 Production Results And Provides Operations Update

Stocks in this article: UEC

NYSE MKT Equities Exchange Symbol - UEC

CORPUS CHRISTI, TX, March 12, 2013 /PRNewswire/ - Uranium Energy Corp (NYSE MKT: UEC, the "Company") is pleased to report financial and production results for the second quarter ended January 31, 2013.  Major second quarter highlights include the following:

  • Production Increased During the Quarter : Production from the Palangana Mine increased to 48,000 pounds of U 3O 8 compared to 29,000 pounds the previous quarter.  The startup of Production Area-3 in early December 2012 provided for stronger production levels during the quarter, especially for the month of January.  This increase in production has continued into fiscal Q3 with 28,000 pounds of U 3O 8 produced in February 2013;
  • Additional Production Areas at Palangana : Production Area-3 development was completed and production commenced in December 2012, with development and permitting activities continuing on Production Areas-4 and 5;
  • The Goliad ISR Project is Fully Permitted for Production : In December 2012, final regulatory authorization was received to initiate production at the now fully-permitted Goliad ISR Project.  The project is under construction with a three-phase electrical power system and a large site pad having been completed.  Procurement of processing equipment and supplies for the construction of the satellite facility and first production area are well underway;
  • Sale of 50,000 Pounds U 3O 8 Generated Revenues of $2.1 Million : During the quarter, the Company sold 50,000 pounds of U 3O 8 at $42 per pound for gross proceeds of $2.1 million, with a cash cost per pound sold of $31 excluding royalties. Cash cost per pound sold increased due primarily to lower production volume, however, rising production levels this quarter over the prior quarter are anticipated to reduce cash cost per pound sold in future quarters;
  • Cumulative Sales to Date : Cumulative sales of U 3O 8 since commencement of production to January 31, 2013 total 370,000 pounds at a cash cost per pound sold of $21 excluding royalties; and
  • The Company's Balance Sheet Remains Strong : As of January 31, 2013, the Company had $12.3 million of cash in the treasury and 36,000 pounds of U 3O 8 available for sale in inventory with a market value of approximately $1.6 million. The Company is a debt-free, 100%-unhedged producer.

Palangana Mine - Production Update

During the six months ended January 31, 2013, the Palangana Mine produced 77,000 pounds of U 3O 8 from Production Areas-1, 2 and 3, and the Hobson processing facility processed 83,000 pounds of U 3O 8.  At January 31, 2013, the Company had 36,000 pounds of U 3O 8 available for sale in inventory, with a market value of approximately $1.6 million.

With production continuing at Production Areas-1 and 2, Production Area-3 commenced production in early December 2012.  This resulted in an increase in Palangana Mine production from 29,000 pounds of U 3O 8 the previous quarter to 48,000 pounds this quarter, which is anticipated to reduce cash cost per pound sold in future quarters.  Development and permitting activities are continuing on Production Areas-4 and 5 as described below.

Palangana Mine - Development and Permitting Update

At Production Areas-4 and 5, the Company completed collection of environmental data to enlarge its mine area boundary, aquifer exemption boundary and its radioactive material license area.  Applications to expand the boundaries are planned for calendar Q2 2013.

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