CORPUS CHRISTI, TX,
March 20, 2020 /PRNewswire/ - Uranium
Energy Corp (NYSE American: UEC, the "Company" or "UEC") is
providing an update on measures the Company has taken to address
the safety of its employees in response to COVID-19 and the
proactive steps being taken to lower operating expenses and adjust
timing on capital expenditures.
For the protection of our employees, we have arranged for our
teams at the Vancouver,
Corpus Christi and Paraguay offices to work remotely. Maintenance
protocols at our Hobson Processing Plant and Palangana In-Situ
Recovery (ISR) mine remain unchanged.
Previous plans to resume last year's successful drilling program
at the Burke Hollow ISR project will be postponed along with the
associated capital outlays until market conditions normalize.
In the meantime, the UEC team will continue to advance our ISR
projects with engineering and geologic evaluations that support the
Company's production readiness strategy.
As of our latest quarterly filing (for the period ending
January 31, 2020), we held
approximately $21 million of cash and
securities.
President and CEO, Amir Adnani
stated: "As we work through these challenging times, we will
continue to maintain our core principles, keeping our employees
safe and operating the Company with fiscal discipline.
Additionally, the recent global events and supply disruptions
further underscore the importance of domestic supply chains for
vital resources. The proposed budget from the U.S.
Administration outlining a 10-year, $1.5
billion program to purchase domestically mined uranium for a
national Uranium Reserve will be crucial to reviving the 100% idled
U.S. uranium industry. We are confident our fully permitted
and low-cost ISR projects in Texas
and Wyoming are ideally-suited to
supply the national Uranium Reserve as well as longer-term utility
demand."
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
Safe Harbor Statement
Except for the statements of historical fact contained herein,
the information presented in this news release constitutes
"forward-looking statements" as such term is used in applicable
United States and Canadian laws.
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 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. 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. Accordingly, readers should not place undue
reliance on forward-looking statements contained in this news
release.
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SOURCE Uranium Energy Corp