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Yuty ISR Project

Project Snapshot

  • Independent National Instrument 43-101 ("NI 43-101") Technical Report reports a Measured Resource 2.054M tonnes @ 0.062 % eU3O8 containing 2.801M lbs eU3O8 an Indicated Resource 5.783M tonnes @ 0.048 % eU3O8 containing 6.113M lbs eU3O8 and an Inferred Resource 2.139M tonnes @ 0.047 % eU3O8 containing 2.226M lbs eU3O8;
  • The Yuty in-situ recovery (ISR) Project covers 500,000 acres and is located approximately 200 kilometers east and southeast of Asunción, the capital of Paraguay;
  • It is located within the Paraná Basin, which is host to a number of known uranium deposits, including Figueira and Amorinópolis in Brazil;
  • Preliminary studies indicate amenability to extraction by ISR methods;
  • Over $16 million spent developing Yuty by previous owner Cue Resources Ltd. (Cue) since 2006; and
  • Subject to extensive uranium exploration by Cue who completed 256 drill holes totaling 31,000 meters of core and rotary drilling.

 


 

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Project Overview

The Yuty ISR Project covers 500,000 acres and is located approximately 200 kilometers east and southeast of Asunción, the capital of Paraguay. It is located within the Paraná Basin, which is host to a number of known uranium deposits, including Figueira and Amorinópolis in Brazil. Preliminary studies indicate amenability to extraction by in situ recovery methods, which is the same process currently used by UEC at its Texas operations. Cue spent over $16 million developing Yuty since 2006.

In 1976, uranium exploration in southeastern Paraguay was initiated by Anschutz Corporation (“Anschutz”) of Denver, Colorado, on behalf of a joint venture with Korea Electric Power Corporation and Taiwan Power Company. This exploration was conducted under an exclusive exploration and exploitation concession covering 162,700 square kilometers, virtually the entire eastern half of Paraguay, and identified several large target areas including the Yuty Project. In total, approximately 75,000 meters of core and rotary drilling were completed by Anschutz between 1976 and 1983 when further work ceased due to low uranium prices.

In July 2006, Cue acquired an option on the Yuty Project and initiated rotary and diamond drilling programs. Between 2007 and 2010, Cue completed 256 drill holes totaling 31,000 meters of core and rotary drilling and acquired a 100% interest in the Yuty Project.

Effective March 30, 2012, UEC acquired all of the outstanding common shares of Cue, resulting in the acquisition of an undivided 100% interest in the Yuty Project.

Resource Estimates:
The current resource for the Yuty Project is 8.914 Million lbs of eU308 Measured plus Indicated, and 2.226 Million lbs of eU308 Inferred, which has been finalized in a technical report prepared for Cue titled “Updated Technical Report on the Yuty Uranium Project, Republic of Paraguay” dated August 24, 2011 (the “Yuty Technical Report”). The Yuty Technical Report shows an increased average grade and resource at the Yuty Project as follows:

Mineral Resource Category
Tonnes (million)
Grade eU3O8 (%)
eU3O8 (tonnes)
eU3O8 (million lbs)
Measured
2.054
0.062
1,270
2.801
Indicated
5.783
0.048
2,773
6.113
Measured + Indicated
7.837
0.052
4,043
8.914
Inferred
2.139
0.047
1,010
2.226

 

Notes
1. Tonnes and element lbs's have been rounded-off to the appropriate level of accuracy.
2. Resource estimate completed at a 0.02 % eU3O8 data and aerial boundary cut-off.