 In this section:
PROJECT OVERVIEW
Uranium Energy Crop’s Carnotite Project consists of a 360-acre claim block, containing the past producing Carnotite Mine, operated by Uravan Minerals. The property is approximately 20 miles from Cotter Corp’s large uranium processing facilities located at Cañon City, CO. A historical resource of 1,625,000 tonnes grading 0.08%, containing 2.6 million lbs of uranium was calculated from historical reports. The uranium ore also contains in the range of 0.1% Vanadium (V205) which will be recovered and sold as a by-product. Mining operations were ceased due to low uranium prices and the property was abandoned. Uranium Energy Corp plans to confirm grades and the existing resource estimate by conducting drilling throughout the property. The resources stated are historical in nature. Recent independent verification of the data has not yet been performed. The Company has not completed sufficient exploration to verify the historical resource estimate.
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