Uranium Energy Corp acquires Channen Exploration Project in South Texas
- 10,704-acre property is the sixth addition to the Company’s South Texas hub-and-spoke production strategy.
- Property lies on-trend with the Company’s recently acquired Burke Hollow Project in Bee County, and on-trend with several historic and two active in-situ recovery mines.
- Company plans to launch near-term drilling program.
Corpus Christi, TX, May 15, 2012 – Uranium Energy Corp. (NYSE MKT: UEC, the “Company” or “UEC”) is pleased to announce that it has acquired the rights to explore for uranium on the Channen Project, a 10,704-acre property located in southern Goliad County, Texas (the “Project”). The project is situated on the Goliad trend within the prolific South Texas Uranium Belt, and is located approximately 50 miles to the southeast of the Company’s Hobson uranium processing facility.
The Channen Project lies on-trend with and approximately 20 miles northeast of the recently acquired Burke Hollow Project in Bee County, and approximately 25 miles to the south of the Company’s Goliad Project. The new property was initially identified after analyzing a group of logs exhibiting gamma-ray anomalies displaying uranium roll-front deposit type characteristics in several sandstone formations with information derived from the Company’s extensive exploration database.
Company geologists are currently planning an aggressive exploration program to include a drilling campaign that will be initiated upon receipt of exploration permits from the Railroad Commission of Texas. It is anticipated that the drill program will initially consist of a statistical grid covering the entire 10,704-acre property.
UEC’s hub-and-spoke production plan in South Texas
with the Company’s Hobson processing facility serving as the hub.
The technical information in this news release has been reported in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and has been approved by Andrew Kurrus, P.G., Chief Geologist, Texas, for UEC, a qualified person under NI 43-101.
About Uranium Energy Corp.
Uranium Energy Corp. is a U.S.-based uranium production, development and exploration company operating North America’s newest emerging uranium mine. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is ramping up initial production, and the Goliad in-situ recovery project which has been granted its Mine Permit and is in the initial stages of mine construction. 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.
Contact North America: Investor Relations, Uranium Energy Corp.:
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Stock Exchange Information:
Frankfurt Stock Exchange Symbol: U6Z
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