Uranium Energy News Releases
Uranium Energy Corp Completes Acquisition of South Texas Mining Venture L.L.P. from Uranium One and Everest Exploration
December 21, 2009
Acquisition includes the Fully Licensed Hobson ISR Processing Facility, the Advanced La Palangana ISR Project and a Portfolio of Exploration Properties in
Austin, TX, December 21, 2009 – Uranium Energy Corp (NYSE-AMEX: UEC, the “Company”) is pleased to announce that, effective on December 18, 2009, it has now closed its previously announced acquisition of a 100% ownership interest in the South Texas Mining Venture, L.L.P. (“STMV”), a Texas limited liability partnership, from each of URN Resources Inc. (“URN”), a subsidiary of Uranium One Inc., and Everest Exploration, Inc. (“Everest”).
Following the Company’s previously announced Securities Purchase Agreement (the “SPA”) with URN, the Company has now acquired URN’s 99% interest in STMV and has now issued 2,500,000 restricted shares of the Company’s common stock to URN.
Following the Company’s previously announced Asset Purchase Agreement (the “APA”) with Everest, the Company has now acquired substantially all of the assets of Everest, including its 1% interest in STMV, and has now issued 200,000 restricted shares of the Company’s common stock and paid an aggregate of $1,000,000 to Everest to be used, in part, for the final reclamation on two properties previously mined and restored by Everest.
Each of the SPA and APA have been previously filed by the Company as Exhibits to Current Reports on Form 8-K which have been filed by the Company with the SEC (and available at www.sec.gov),
The assets of STMV include: the fully licensed and permitted Hobson ISR Processing Plant (“Hobson”); the La Palangana Uranium project (“Palangana”), which is at an advanced stage of permitting; a portfolio of exploration-stage properties located in South Texas; and significant data files that document decades of South Texas-focused uranium exploration and mining. The Hobson facility is expected to form the basis of a new regional operating strategy for the Company’s projects in
Amir Adnani, President and CEO of the Company, stated, “Management is very pleased to complete the acquisition of these assets. The Company’s focus now is the initial in-situ recovery of uranium and the start of production cash flow in 2010. The licensed Hobson facility shortens this runway. Likewise, the Palangana project is close to the completion of permitting, and joins our Goliad project as additional near-term production potential. The Company is acting to build a base for long-term growth in
Overview of the Hobson Processing Facility and the Palangana Project
The Hobson facility is located about 100 miles northwest of
The facility at Hobson is designed to process uranium-loaded resins from satellite facilities to a final product commonly known as yellowcake or U3O8. By utilizing the Hobson facility as a central processing site, the Company’s near-term plan is to have Goliad, and potentially Nichols and Palangana, ISR production processed at Hobson rather than to construct a new processing plant at Goliad. The Company’s Goliad and Nichols projects are 40 miles east and 5 miles southwest of Hobson, respectively.
The Palangana project is a prior-producing in-situ recovery (ISR) project located in the
a Final Mine Area Permit;
a Final Production Area-1 Authorization;
a Permit by Rule (an Air Exemption permit);
two Disposal Well Final Permits;
an existing Aquifer Exemption from previous mining endeavors is still current and active; and
a Draft Radioactive Material License has been issued by the TCEQ and it is expected to be finalized as an operating license very soon.
About Uranium Energy Corp
Uranium Energy Corp (NYSE-AMEX: UEC) is a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Goliad and Palangana in-situ recovery uranium projects which are in the final stages of mine permitting for production. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining. The Company is well financed to execute on its key programs.
Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (512) 535-0832
E-mail: [email protected]
Stock Exchange Information:
NYSE AMEX: UEC
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
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 statement 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). Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company’s filing with the SEC, such as the ability to obtain additional financing, 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 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. Investors are cautioned that historical production is not necessarily indicative of future production potential.