Uranium Energy News Releases
Uranium Energy Corp Acquires Exclusive Rights to Historic Kerr-McGee Uranium Database
March 12, 2008
Database Includes 37 Years of Detailed Uranium Exploration and Development Results Across the US, Canada and Australia
AUSTIN, TX – March 12, 2008 – Uranium Energy Corp announces the acquisition of the historic Kerr-McGee uranium database from Tronox Worldwide LLC, a spin-off of the former uranium-producing giant. The information acquired constitutes one of the largest uranium databases of its kind, covering nearly every US state (with the exception of Wyoming and New Mexico), Canada and Australia, and consists of the exploration and development results by one of the largest uranium mining companies in the US between 1952 and 1989. Kerr-McGee was purchased by Anadarko Petroleum in 2006.
Kerr-McGee was the first oil company to enter the uranium industry when it acquired mining properties in Arizona in 1952. By the time the company divested its uranium interests in 1989, it had explored hundreds of properties and developed and produced more than 100 million pounds of U3O8., including production in six of the eight parts of the nuclear fuel cycle, including exploration, mining, milling, conversion of uranium oxide into uranium hexafluoride, pelletizing and fabrication of fuel elements.
The database consists of approximately 300 containers of maps, geologic reports, prospects, assays, electric logs of exploration and development drill holes, resource evaluations, engineering feasibility analyses, economic evaluations and details of advanced-stage development projects. The drill hole data includes the results from more than half a million feet of drilling. The database also contains extensive Airborne Radiometric Detection Apparatus (ARDA) results representing airborne radiometric surveys across known and highly potential uranium-bearing regions of the US. The ARDA technology was developed by and proprietary to Kerr McGee.
Uranium Energy has immediate applications for this information. Company geologists will, first, review and prioritize the data that adds to the exploration and development of the Company’s current projects. This work will primarily focus on the Company’s holdings in Texas, the Colorado Plateau and Arizona. Company geologists will utilize the data to generate new prospects and projects for acquisition and exploration. In addition, data that relates to existing projects currently managed by other uranium exploration companies will be prepared for use in possible business arrangements with these companies.
Amir Adnani, president and CEO, stated: “The Kerr-McGee database is the twelfth database now acquired by Uranium Energy Corp. This library of all twelve databases contains well over five million feet of uranium drill results covering Australia, Canada and virtually every state in the US, specifically concentrated on the main uranium-producing states: NM, WY, TX, CO, UT, AZ, and NV. From this data, the Company has acquired and is assessing or actively exploring key projects in WY (2), TX (4), NM (4), AZ (2), and the Uravan Mineral Belt of CO/UT (3). The Company controls one of the largest uranium exploration and development information libraries in the US and is only starting to realize the value of this asset.”
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 this industry gives the Company hands-on uranium mine-finding and development expertise.
Contact North America: Investor Relations, Uranium Energy Corp
Toll Free: (866) 748-1030
Phone: (604) 682-9775
Fax: (604) 682-3591
E-mail: [email protected]
Stock Exchange Information:
American Stock Exchange Symbol: UEC
Frankfurt Stock Exchange Symbol: U6Z
Berlin Stock Exchange Symbol: U6Z
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the United States Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.