CORPUS CHRISTI, TX,
May 15, 2020 /PRNewswire/ - Uranium
Energy Corp (NYSE American: UEC, the "Company" or "UEC") is pleased
to report the completion of a 49-hole drilling and sampling
campaign at its Alto Parana titanium oxide project located in
eastern Paraguay. The drilling
program was completed prior to the recent COVID-19 measures the
Company announced and is the first phase of a Preliminary Economic
Assessment ("PEA") planned for the project. The recently completed
drilling campaign targeted the initial mining zone and will be used
to update the current resource*.
Amir Adnani, President and CEO,
stated, "This drilling program is an important step towards
development of the PEA, as we continue to advance our monetization
strategy for the project. While we are working to unlock Alto
Parana's value, our primary focus remains on the Company's core
U.S. uranium business with low cost, fully permitted in-situ
recovery projects in Texas and
Wyoming."
The Alto Parana project is one of the world's highest-grade and
largest ferro-titanium deposits with a CSA National Instrument
43-101 – Standards of Disclosure for Mineral Properties ("NI
43-101") compliant resource of 4.94 billion tonnes at 7.41%
TiO2*. Mineralization occurs at the surface, with
an average thickness of 6.61 meters. Additionally, future
development and mining can benefit from excellent infrastructure
with proximity to a major hydroelectric power source. Prior to
UEC's acquisition of Alto Parana, approximately $25 million was invested in the project,
including pilot testing from mining through the smelting
processes.
The 49-hole drill campaign was centered in the initial mining
area and was laid out on a 400-meter by 400-meter grid with each
test hole averaging 10 meters in depth. The entire interval was
core-drilled, and core recovery was maintained at 90% or greater. A
total of 49 holes were drilled and yielded approximately 500
samples. The samples are currently being prepared for the earliest
possible shipment to analytical laboratories in Canada and Peru. Once results are received, work will be
initiated on a new resource estimate* for the planned PEA. The
field work and resource estimate are being overseen by Don Hains, PG, as the Qualified Person under NI
43-101*.
In closing, Mr. Adnani added, "Last week we learned of the
passing of J. David Lowell, who
discovered the Alto Parana project and is known as one of the
world's most successful exploration geologists. We would like to
acknowledge his renowned career, express our gratitude for his work
on the Alto Parana project and offer our sincere condolences and
thoughts to his family, friends and associates."
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
NI 43-101 and was reviewed by Clyde L.
Yancey, PG, Vice President-Exploration for the Company and a
Qualified Person under NI 43-101.
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