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

Stocks in this article: UEC

Production Area-4 monitor well drilling, baseline sampling and pumping tests have been completed. A Production Area-4 application is expected to be submitted in calendar Q2 2013.

Goliad ISR Project

The Goliad ISR Project is now fully permitted for production.  In December 2012, the Company announced that the U.S. Environmental Protection Agency concurred with the TCEQ issuance of the Aquifer Exemption permit.  A three-phase electrical power system for the entire project and a large caliche site pad for the main plant complex and disposal well have been constructed.  Procurement of long-lead items including processing equipment and supplies for the construction of the satellite facility and the first production area are well underway.

Burke Hollow ISR Project Update

At the Burke Hollow Project, environmental data collection has commenced and will continue throughout 2013.  A drainage study has been completed and an ecology, cultural resource and socioeconomic assessment is planned for calendar Q2 2013.  Regional baseline wells are also being installed for groundwater data collection and permitting work is expected to be ramped up in calendar Q2 2013.

Further exploration and development drilling is being planned, with permitting activities already initiated to move the Burke Hollow ISR Project immediately into the production pipeline, consistent with the Company's hub-and-spoke production model for its South Texas assets.

South Texas Exploration and Development Update

Salvo ISR Project

At the Salvo Project, permits remain in compliance with the state regulatory agencies, and restoration of drill sites has been approved after regular inspections conducted by the Texas Railroad Commission.

A review of historic and recent drilling results completed by the Company shows good potential for future resource development. Exploration and delineation drilling is planned for the proposed Production Area-1 in the future.

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