Uranium Energy News Releases
Uranium Energy Corp Receives Production Area-1 Draft Authorization at Goliad
May 20, 2009
Company Provides Additional Updates on the Permitting Process for the Goliad ISR Uranium Project in South Texas
Austin Texas -- Uranium Energy Corp (NYSE AMEX: UEC, “the Company”) is pleased to announce that it has received a Draft Production Area Authorization for Production Area 1 at the Company’s Goliad ISR Uranium Project from the Texas Commission on Environmental Quality (“TCEQ”). The authorization was received on May 4, and the Company has 30 days to review the authorization for accuracy and to offer suggested changes to TCEQ. At the end of the 30-day review period in June, the Company expects to receive instructions from TCEQ to announce the receipt of the Final Draft Production Area Authorization publicly.
Status of Permitting Progress at the Goliad Project
As noted in an earlier press release on December 2, 2008, the Company completed its filing of all required permit applications for In-Situ Recovery of uranium at the Company’s flagship Goliad Project in South Texas. In Texas, uranium producers and near-term producers deal with one agency, the Texas Commission on Environmental Quality (“TCEQ”), for all required and related permits and licenses. Since December, 2008, significant progress has been made in processing the applications, and a brief update of the permit status follows:
- Mine Permit -- The final draft mine permit was issued by TCEQ in June 2008, and after providing public notice and responding to public comments, the Executive Director of TCEQ recommended issuance of the mine permit in November 2008.
The next step will be a public hearing, as normally occurs in the mine permitting process, so that opposing views can be aired and reviewed. The public hearing is conducted by the State Office of Administrative Hearings (“SOAH”). At the conclusion of the administrative hearing, SOAH will make its recommendation to TCEQ’s commissioners, and the commissioners will render a final decision. The first step of the administrative hearing process began on May 14 when a preliminary hearing was held by SOAH. Uranium Energy Corp is pleased with the outcome of the hearing and is looking forward to completing this final stage in the process.
- Production Area Authorization (PA-1) – As noted above, the Company received a draft authorization on May 4 and expects to publish notice of the final draft in June.
- Permit by Rule - The proposed Goliad operation was evaluated by TCEQ for an air quality permit and it was determined that since the operation will not produce significant air contaminants, TCEQ issued the Company a Permit by Rule in January this year.
- Radioactive Material License - TCEQ is conducting its technical review of the Radioactive Material License Application. The Company stands ready to promptly respond to TCEQ’s request for additional information that may be needed to complete the technical review of the application.
- Waste Disposal Well Permit - TCEQ has completed a significant part of the technical review of the application. During the review, TCEQ requested some additional information, and UEC expects to provide this information to the agency next week. Upon receiving the information, TCEQ will be able to complete the final stages of the technical review during the next few months.
- The U.S. Army Corps of Engineers issued the Company a Jurisdictional Determination in August 2008. Because the project will not impact waters of the U.S., a 404 permit is not required.
- A Cultural Resource Survey and Assessment was completed by an independent expert. The Survey concluded that the Goliad Project will not have any impact on cultural resources in the permit area, and that no further work is required on this matter by the Company. As required by the rules, the Texas Historical Commission reviewed the assessment and concurred, in July 2008, that the project will not have a significant impact on cultural resources.
- Texas Parks and Wildlife has completed its review of the proposed mine plan and concluded in May 2008 that there will be no significant impact to wildlife.
About Uranium Energy Corp
Uranium Energy Corp (NYSE-AMEX: UEC, “the Company”) is a US-based resource company with the objective of becoming a near-term ISR uranium producer in the United States. Utilizing its extensive information library of historic uranium exploration and development work, the Company has acquired and is advancing uranium properties throughout the southwestern US. A Draft Mine Permit was recently issued for the Company’s lead project, the Goliad ISR Uranium Project in South Texas. Operational management is comprised of pre-eminent uranium mining and exploration professionals whose collective experience in this industry gives the Company ongoing uranium mine-finding and mine development expertise.
Contact North America: Investor Relations, Uranium Energy Corp.
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Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning historical mineral resource estimates should be viewed as forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Forward looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statements filed with the United States Securities and Exchange Commission (the “SEC”) (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). 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 SEC. 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.