NYSE American: UEC
Highlights:
- The Burke Hollow In-Situ Recovery ("ISR") Project's Production
Area-2 ("PA-2") has been established within the northern half of
the project;
- Burke Hollow PA-2 hosts three major sub-roll units of uranium
mineralization, ranging from 160 to 210 feet in depth and occurs
within the Goliad Formation Lower A sand, ranging in thickness from
20 feet to over 50 feet, and;
- To date, 533 exploration and delineation holes totaling 232,655
feet have been drilled within Burke Hollow PA-2 area. The
in-progress delineation drilling campaign is continuing with five
contract drilling rigs;
- An SK-1300 technical report summary for Burke Hollow will be
updated before the end of 2023 to reflect the drilling results;
- External and internal monitor well installation is to commence
after completing all delineation drilling;
- At the past producing Palangana ISR project, a total of 30
development and delineation holes were recently completed within
the fully permitted Production Area 4 ("PA-4").
- UEC's South Texas
hub-and-spoke strategy is anchored by its fully licensed Hobson
Processing Plant with licensed capacity of four million pounds
U3O8 annually. Hobson will process uranium loaded resin
recovered from satellite projects including Palangana and Burke
Hollow ISR projects.
CORPUS
CHRISTI, Texas, July 18,
2023 /PRNewswire/ - Uranium Energy Corp (NYSE
American: UEC) "UEC" or the "Company") is pleased to
announce it has advanced exploration and delineation activities at
its Burke Hollow and Palangana ISR projects in South Texas that are slated for further
near-term development in preparation for uranium
extraction.
The Company has established its second Production Area at the
Burke Hollow ISR Project located in Bee
County and has also recently conducted delineation drilling
at the past producing Palangana ISR Project in Duval County, Texas.
Andy Kurrus, VP of Resource
Development stated: "This is an important achievement in our
continuing program to advance the Burke Hollow project towards
uranium extraction. This ISR project is the largest Goliad
Formation deposit ever discovered in the South Texas Uranium Trend
and the largest discovery made in the last decade within
the United States. We are pleased
to have defined Production Area 2 and are looking forward to the
continuation of the project's advancement as we prepare for the
next phase of uranium extraction. The company will continue with
delineation drilling at PA-2 with five drilling rigs, followed by
the final design and installation of the PA-2 monitoring ring."
Palangana Production Area-4
Development Drilling
The fully permitted and past producing Palangana project is
being advanced for production re-start with development drilling at
Production Area-4. The company completed 30 delineation holes which
will guide future wellfield design and installation.
About Uranium Energy
Corp
Uranium Energy Corp is the fastest growing supplier of the fuel
for the green energy transition to a low carbon future. UEC is the
largest, diversified North American focused uranium company,
advancing the next generation of low-cost, environmentally friendly
In-Situ Recovery ("ISR") mining uranium projects in the United States and high-grade conventional
projects in Canada. The Company
has two production-ready ISR hub and spoke platforms in
South Texas and Wyoming. These two production platforms are
anchored by fully operational central processing plants and served
by seven U.S. ISR uranium projects with all their major permits in
place. Additionally, the Company has diversified uranium holdings
including: (1) one of the largest physical uranium portfolios of
U.S. warehoused U3O8; (2) a major equity stake in Uranium Royalty
Corp., the only royalty company in the sector; and (3) a pipeline
of resource stage uranium projects. The Company's operations are
managed by professionals with 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
securities 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 (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
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that certain actions, events or results "may", "could", "would",
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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. Many of these factors are
beyond the Company's ability to control or predict. 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 and in any document referred to in this news
release. 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 SEC. For forward-looking statements in this news
release, the Company claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. The Company assumes no obligation to
update or supplement any forward-looking statements whether as a
result of new information, future events or otherwise, except as
required by law. 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