 In this section:
PROJECT OVERVIEW
Uranium Energy Corp’s Red Basin Project is comprised of approximately 1,800 acres, consisting of 73 lode claims, in the Red Basin Uranium District, located in Catron County, New Mexico. The acquisition of this project was driven by the Company’s evaluation of its Brenniman Database. (For more information about this database, please see the Company’s news release dated January 9, 2007). The Red Basin Project covers an area of high-grade uranium mineralization reportedly drilled by Kerr-McGee in the Tertiary de Baca Formation, immediately above the contact with the Cretaceous Mesaverde Group. An internal memo by Kerr-McGee states that mineralization is reported to be at a depth of between 200 and 400 feet. This has not been verified through drilling by the Company. Historic production grades, as reported by the New Mexico Bureau of Mines and Mineral Resources in the Red Basin District averaged 0.17% U3O8. The disclosure related to the historic production grades has not been independently verified. The statement is considered relevant, but cannot be relied upon without verification. The Red Basin is approximately 100 miles west of Socorro, New Mexico, and is positioned on the margin of two physiographic provinces, the Colorado Plateau and Basin and Range Province. The Tertiary and Cretaceous formations outcrop along this provincial margin trend, from just north of Magdalena, west to the Arizona state line. This uranium trend was the subject of intense exploration activity during the previous uranium cycle in the 1970s, from companies such as Kerr-McGee, Pioneer Nuclear, Gulf Minerals, Occidental Minerals, Energy Reserves Group, United Nuclear Corp, and Teton.
RECENT DEVELOPMENTS
Dec 5, 2007
Uranium Energy Corp Establishes Land Position in Historic Red Basin Uranium District in New Mexico
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; "Uranium Mining exploration in Red Basin")
