CORPUS CHRISTI, TX,
Feb. 12, 2020 /PRNewswire/ - Uranium
Energy Corp (NYSE American: UEC, the "Company" or "UEC") applauds
President Trump's "Budget for America's Future" which includes a
10-year, $150M per year program
($1.5 billion total), to purchase
U.S. mined uranium for a strategic national Uranium Reserve.
In the budget, the Administration noted that: "Establishing a
Uranium Reserve provides assurance of availability of uranium in
the event of a market disruption and supports strategic U.S. fuel
cycle capabilities. This action addresses immediate challenges to
the production of domestic uranium and reflects the
Administration's Nuclear Fuel Working Group (NFWG) priorities. The
NFWG will continue to evaluate issues related to uranium supply
chain and fuel supply."
In commenting on the Uranium Reserve proposal, US Secretary of
Energy Dan Brouillette indicated:
"This is the very beginning of a long process to revitalize in many
respects the entirety of the nuclear fuel cycle. What you've seen
in the President's budget is a request for $150 million to begin the process of purchasing
uranium. But it won't stop there."
Former Secretary of Energy and UEC Chairman, Spencer Abraham, stated: "We appreciate the
Trump Administration's recognition of the national security risk
from U.S. over reliance on imported uranium for 99% of uranium
supplied to the commercial nuclear reactor fleet. The establishment
of a Uranium Reserve will allow domestic uranium companies to
restart some operations and begin to rebuild domestic uranium
mining capability. We hope Congress will support the
Administration's proposal and funding request. The sooner
action is taken the sooner we can put people back to work in the
uranium mining sector and begin reducing our overdependence on
uranium imports from countries that are not always aligned with
U.S. interests."
President and CEO, Amir Adnani,
added: "The Administration should be applauded for taking steps to
revive and expand domestic nuclear fuel production as outlined in
President Trump's July 12, 2019 memo
establishing the NFWG. We are pleased President Trump has taken the
first step to act on the recommendations of the NFWG by initiating
a program to purchase U.S. mined uranium for America's strategic
Uranium Reserve. This is great news for the domestic uranium mining
industry, and we look forward to working with the NFWG to help
fulfil the program's objectives."
Since inception in 2005, UEC's main strategic focus has been on
acquiring and developing U.S. in-situ recovery (ISR) projects that
are an environmentally friendly and a lower cost alternative to
conventional mining. The Company has a near term extraction profile
of 4 million pounds of U3O8 per year from our South Texas and Wyoming ISR projects.
The Company's South Texas
hub-and-spoke strategy contains the fully licensed and operational
Hobson Processing plant with a capacity of 2 million pounds a year,
and license amendments pending, to increase that capacity.
Our South Texas Palangana mine has proven production capabilities
and received renewal permits in 2019, authorizing extraction for an
additional ten years.
UEC has made the only new discovery of a uranium resource* in
the U.S. over the last decade at Burke Hollow in South Texas, and has been aggressively
advancing the project towards extraction over the last two years.
Burke Hollow has received all its major permits, has an expanded
Production Area 1 after this past year's drilling campaign and can
be a timely source of supply for the national Uranium Reserve.
The Company's Reno Creek ISR project in Wyoming is the largest, licensed,
pre-production project in the U.S. with a Measured and Indicated
Resource of 32 million tons grading 0.041% U3O8 containing 26
million pounds of uranium and Inferred Resources of 1.92 million
tons grading 0.039% U3O8 containing 1.49 million pounds*.
Reno Creek is licensed to produce 2 million pounds of U3O8 per year
and received a modified Permit to Construct in 2019, allowing the
Company to move forward with construction of ISR wellfields that
could also contribute to the U.S. Uranium Reserve Program.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and
exploration company. In South Texas, the Company's
hub-and-spoke operations are anchored by the fully-licensed Hobson
Processing Facility which is central to the Palangana, Burke Hollow
and Goliad ISR projects. In Wyoming, UEC controls the Reno
Creek project, which is the largest permitted, pre-construction ISR
uranium project in the U.S. Additionally, the Company
controls a pipeline of uranium projects in Arizona, New
Mexico and Paraguay, a
uranium/vanadium project in Colorado and one of the highest-grade and
largest undeveloped Ferro-Titanium deposits in the world, located
in Paraguay. The Company's operations are managed by
professionals with a recognized profile for excellence in their
industry, a profile based on many decades of hands-on experience in
the key facets of uranium exploration, development and mining.
Stock Exchange Information:
NYSE American: UEC
+Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
*Notice to U.S. Investors
The mineral resources referred to herein have been estimated in
accordance with the definition standards on mineral resources of
the Canadian Institute of Mining, Metallurgy and Petroleum referred
to in NI 43-101 and are not compliant with U.S. Securities and
Exchange Commission (the "SEC") Industry Guide 7 guidelines.
In addition, measured mineral resources, indicated mineral
resources and inferred mineral resources, while recognized and
required by Canadian regulations, are not defined terms under SEC
Industry Guide 7 and are normally not permitted to be used in
reports and registration statements filed with the SEC.
Accordingly, we have not reported them in the United States.
Investors are cautioned not to assume that any part or all of the
mineral resources in these categories will ever be converted into
mineral reserves. These terms have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It should be noted that
mineral resources which are not mineral reserves do not have
demonstrated economic viability. It cannot be assumed that
all or any part of measured mineral resources, indicated mineral
resources or inferred mineral resources will ever be upgraded to a
higher category. In accordance with Canadian rules, estimates
of inferred mineral resources cannot form the basis of feasibility
or other economic studies. Investors are cautioned not to
assume that any part of the reported measured mineral resources,
indicated mineral resources or inferred mineral resources referred
to herein are economically or legally mineable.
Safe Harbor Statement
Except for the statements of historical fact contained herein,
the information presented in this news release and oral statements
made from time to time by representatives of the Company are or may
constitute "forward-looking statements" as such term is used in
applicable United States and
Canadian laws and including, without limitation, within the meaning
of the Private Securities Litigation Reform Act of 1995, for which
the Company claims the protection of the safe harbor for
forward-looking statements. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any other statements that express
or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans, "estimates" or
"intends", or stating that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and should be
viewed as forward-looking statements. Such forward looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors
include, among others, the actual results of exploration
activities, variations in the underlying assumptions associated
with the estimation or realization of mineral resources, the
availability of capital to fund programs and the resulting dilution
caused by the raising of capital through the sale of shares,
accidents, labor disputes and other risks of the mining industry
including, without limitation, those associated with the
environment, delays in obtaining governmental approvals, permits or
financing or in the completion of development or construction
activities, title disputes or claims limitations on insurance
coverage. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will
prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
Although the Company believes that the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that its expectations will be
achieved. Forward-looking information is subject to certain
risks, trends and uncertainties that could cause actual results to
differ materially from those projected. Many of these factors
are beyond the Company's ability to control or predict.
Important factors that may cause actual results to differ
materially and that could impact the Company and the statements
contained in this news release can be found in the Company's
filings with the Securities and Exchange Commission. The
Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise. Accordingly, readers should not
place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news
release. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy securities.
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SOURCE Uranium Energy Corp