Highlights:
- UEC's South Texas
hub-and-spoke strategy is anchored by its fully licensed Hobson
Processing Plant and includes five ISR projects, including its
fully permitted Palangana, Goliad
and Burke Hollow projects;
- Burke Hollow's initial Production Area is the newest and
largest ISR wellfield being developed in the U.S.;
- 55% of U.S. carbon-free energy comes from the country's nuclear
plants, all predominantly fueled by foreign-sourced uranium. The
newly formed U.S. Uranium Reserve will help reverse this trend
while supporting the Biden Administration's climate objectives to
further reduce carbon emissions; and
- To learn more about the environmental, social and low-cost
advantages of uranium In-Situ Recovery, visit:
https://www.uraniumenergy.com/projects/isr/
CORPUS CHRISTI, Texas,
Jan. 26, 2021 /PRNewswire/ -
Uranium Energy Corp (NYSE American: UEC) ("UEC" or the
"Company") is pleased to announce the restart of wellfield
development and resource* delineation drilling at the Company's
Burke Hollow in-situ recovery ("ISR") uranium project in South
Texas. Advancing and expanding Burke Hollow's resources
strategically dovetails with UEC's plans to participate in
supplying the U.S. Uranium Reserve ("UR") as outlined in the
Nuclear Fuel Working Group report published by the U.S. Department
of Energy ("DOE"). The UR is designed as a 10-year, $1.5 billion program to purchase newly mined U.S.
origin uranium.
UEC Chairman and former U.S. Energy Secretary, Spencer Abraham, stated, "U.S. energy policies
and bi-partisan legislative initiatives in 2020 have laid the
foundation for domestic nuclear fuel to supply America's largest
source of carbon-free energy and support strategic defense
priorities. By restoring the domestic nuclear fuel supply chain,
with its high standards in the areas of health, safety and
environment, the U.S. will reduce over-dependency on foreign
sources while supporting the generation of significant baseload,
carbon-free energy from American nuclear power plants."
Secretary Abraham continued, "Initial funding of $75 million to establish the U.S. Uranium Reserve
was approved in the FY 2021 bipartisan omnibus spending bill and
the DOE has begun the process of developing a plan on how to
implement the program. This is expected to be a competitive bid
process, focused on existing fully permitted and low-cost
projects."
Amir Adnani, President and CEO,
added, "UEC is positioned as the leader in U.S. low-cost,
environmentally friendly and fully permitted ISR projects. Burke
Hollow's initial production area is amongst the largest uranium ISR
wellfields ever developed in the 45-year history of uranium mining
in South Texas. It's a key
building block in our production readiness portfolio which includes
the largest U.S. resource base of fully permitted ISR projects in
Texas and Wyoming. The low-impact ISR method of uranium
recovery being developed at Burke Hollow is the most
environmentally friendly way to mine uranium which is now
responsible for approximately 50% of global production."
Burke Hollow ISR Project – Production Area Drilling
Campaign
In the 2021 drilling campaign, the Company will expand and
complete the Production Area Authorization #1 ("PAA-1") monitor
well ring to include the two newly identified trends from the last
campaign, resulting in a total of five fronts or trends within
PAA-1. The Company estimates that approximately 45 additional
exterior monitoring wells will be installed to accommodate the
trend extensions, complementing the 76 monitor wells previously
installed.
Andrew Kurrus, VP of Resource
Development, stated, "We are excited about the potential of this
project. Our PAA #1 at Burke Hollow is the only Production Area
being developed in the United
States. In addition to PAA#1, the extensive,
lightly-explored trend extensions and remaining undrilled areas of
the project have the potential to be the largest Goliad Formation
deposit discovered to date in the South Texas Uranium Belt."
The Company plans to drill at least 30 exploration and
delineation holes to further define the five mineralized fronts in
PAA-1. Additionally, all exterior and interior monitor wells will
be completed in designed intervals, supporting permit requirements
that include sampling and pumping tests in anticipation of
commencing production activities.
The project area is a 19,335-acre property located in eastern
Bee County located in the South
Texas Uranium Belt 50 miles to the southeast of the Company's
Hobson Processing Plant. Burke Hollow has received all four of its
major permits required for uranium extraction from the Texas Commission on Environmental Quality and
the Environmental Protection Agency.
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 a large, high-grade
ferro-titanium project 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
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