Uranium Energy News Releases
Uranium Energy Corp Completes Staking of Granite Mountain Thrust Project in Central Wyoming Uranium District
November 13, 2007
AUSTIN, TX – November 13, 2007 – Uranium Energy Corp announces that it has acquired the Granite Mountain Thrust Project (GMT) by staking 4,686 acres in the world-class Central Wyoming Uranium District, in Fremont County. The GMT Project is located on the north slope of Green Mountain, adjacent to the uranium mining claims held by Rio Tinto plc (formerly Kennecott Corp) which are reported to contain a resource of 30 to 50 million pounds eU3O8. (The disclosure related to the Rio Tinto deposit has not been independently verified. The statement is considered relevant, but cannot be relied upon without verification. The company is not treating this as a current NI 43-101 compliant disclosure.)
The Crooks Gap Mining District, which was a major area of uranium production for Western Nuclear Corp and others during the 1960s and 1970s, is located on the western slope of Green Mountain within the Granite Mountain Thrust Fault System. The GMT Project is approximately four to eight miles east-northeast of the Crooks Gap Mining District along the fault system trend. Over 10 million pounds of U3O8 were produced from the Crooks Gap Mining District between 1953 and 1982 using open pit and underground mining methods.
The property was acquired by staking 236 mining claims. The project location was targeted specifically, based on historic information obtained from the Company’s drilling database. The original drilling was conducted by Pioneer Nuclear Corp and Western Nuclear Corp during the 1960s and 1970s.
The Company also purchased five geophysical shot lines of seismic data totalling 25 miles over the project area and surrounding terrain. Following the geophysical interpretation of the seismic data, cross-sections were produced depicting the probable geologic structure, and the projected extension of the uranium host: the Eocene-age, Battle Springs Formation, which extends from the Rio Tinto resource area north to the GMT Project area. Other data from the Company’s historical database – such as anomalous gamma-ray indications from oil well logs within the Battle Springs Formation – were also utilized to guide the Company’s acquisition.
In the GMT Project area, the Battle Springs Formation is 2,000 to 3,000 feet thick and is partly equivalent to the Wasatch and Wind River Formations in other uraniferous Wyoming basins. Drilling depths of 2,500 to 4,000 feet are anticipated and may necessitate directional drilling from central drill pads located in accessible locations. Uranium Energy Corp has budgeted for the drilling of six exploration holes on the GMT Project during 2008, totalling 15,000 feet.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in national Instrument 43-101 and reviewed by Clyde L. Yancey, P.G., Vice President of Exploration for Uranium Energy Corporation, a qualified person under NI 43-101.
About Uranium Energy Corp
Uranium Energy Corp (AMEX: UEC) is a US-based junior resource company with the objective of becoming a near-term ISR uranium producer in the United States. The Company controls one of the largest historical uranium exploration and development databases in the US. Through the use of these databases, the Company has acquired advanced uranium properties throughout the southwestern US. The operational management is comprised of pre-eminent uranium mining and exploration professionals, whose collective experience in the uranium mining industry gives the Company ongoing uranium mine-finding and uranium mine development expertise. For more information, please visit www.uraniumenergy.com.
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