Highlights:
- Located in South Texas, Burke
Hollow's initial Production Area Authorization 1 ("PAA-1") is the
newest and largest In-Situ Recovery ("ISR") wellfield being
developed in the United
States.
- Completing installation of the 106 monitor wells for PAA-1
marks a significant milestone achievement towards ISR uranium
production at the Burke Hollow project (the "Project").
- This is a significant development for UEC and an important step
in America's nuclear fuel supply chain to provide safe, clean and
reliable carbon-free energy.
- Advancing Burke Hollow towards production is timely as the U.S.
looks to reduce its imports of Russian uranium. The U.S. National
Nuclear Security Administration (NNSA) has recently begun the
process to acquire U.S. produced uranium for America's strategic
Uranium Reserve. NNSA has issued an initial solicitation to
purchase up to approximately one million pounds of domestically
produced uranium.
- With the successful installation of the PAA-1 monitor well
ring, UEC plans to transition into additional exploration and
delineation drilling within the 19,336-acre Project to define
additional production areas.
- UEC's South Texas
hub-and-spoke strategy is anchored by its fully licensed Hobson
Processing Plant and five ISR projects, including its fully
permitted Palangana, Goliad and
Burke Hollow projects.
- To learn more about the environmental, social and low-cost
advantages of uranium In-Situ Recovery,
visit https://www.uraniumenergy.com/projects/isr/
CORPUS
CHRISTI, Tex., July 27,
2022 /PRNewswire/ - Uranium Energy Corp (NYSE
American: UEC) "UEC" or the "Company") is pleased to announce
that it has completed the installation of the 106 monitor wells
necessary for its first Production Area Authorization at its Burke
Hollow Project located in Bee
County, Texas. The planned production area is
approximately two miles in length and, once complete, will
constitute the largest production area ever to be developed in
South Texas.
Andy Kurrus, VP of Resource
Development stated: "We are pleased to have completed the
installation of the Burke Hollow PAA-1 monitor well ring, a
critical step towards uranium extraction.
We have also defined resources outside of PAA-1 at the Project,
including several exploration targets and anomalous areas that have
only been lightly explored. We expect this to translate into an
extensive Project pipeline with additional exploration drilling and
production area development in the near future. The development of
Burke Hollow, the only recent uranium discovery in the United States, is the largest Goliad
Formation deposit ever discovered in the South Texas Uranium
Trend."
In this stage of Project advancement, well development and
baseline sampling are expected to be complete by mid-August
followed by aquifer testing. Preparation for an authorization
application which sits within the current mine permit for the
Project, is planned for submittal prior to the end of the calendar
year.
The mineralization in PAA-1 is hosted within the Pliocene aged
Goliad Formation, in what the Company has termed the "Lower B
Sand". This unit, positioned at approximately 390 to 450 feet in
depth, is comprised of four sub-units of mineralization.
In 2017, UEC refocused and then concentrated its Burke Hollow
efforts by specifically targeting this area with the delineation
drilling necessary to expand the resources identified earlier in
the Project. Commencement of the permitting phase began in
2019 with the conclusion of the delineation campaign that was
immediately followed by the first round of monitor well
installations.
About Uranium Energy
Corp
Uranium Energy Corp is America's leading, fastest growing,
uranium mining company listed on the NYSE American. UEC is a pure
play uranium company and is advancing the next generation of
low-cost, environmentally friendly In-Situ Recovery (ISR) mining
uranium projects. The Company has two production ready ISR hub and
spoke platforms in South Texas and
Wyoming, anchored by fully
licensed and operational processing capacity at the Hobson and Irigaray plants. UEC also has seven
U.S. ISR uranium projects with all of their major permits in
place. Additionally, the Company has other diversified
holdings of uranium assets, including: (1) one of the largest
physical uranium portfolios of U.S. warehoused
U3O8; (2) a major equity stake in the only
royalty company in the sector, Uranium Royalty Corp.; and (3) a
pipeline of resource-stage uranium projects in Arizona, Colorado, New
Mexico and Paraguay. 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.
Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103
Safe Harbor Statement
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
securities 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. Any other statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
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"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
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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, labor
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. Although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Many of these factors are
beyond the Company's ability to control or predict. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news
release. Important factors that may cause actual results to differ
materially and that could impact the Company and the statements
contained in this news release can be found in the Company's
filings with the Securities and Exchange Commission. For
forward-looking statements in this news release, the Company claims
the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
The Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy
securities.
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SOURCE Uranium Energy Corp