AUSTIN, TEXAS (FRANKFURT: U6Z)(BERLIN: U6Z) announces that it
has acquired 100% interest in the New River Uranium Project,
located in northern Maricopa County, Arizona, on state lands in an
historic mining area. Teck Corporation, on behalf of Univex Mining,
previously conducted exploration and development on the property,
resulting in an historical resource estimate of 30 million tons
having an average grade of 0.02% eU3O8, or approximately 12 million
pounds of eU3O8.
Teck performed geologic mapping, drilling and gamma surveys on
the property in 1979 for Univex Mining. In addition, limited
metallurgical testing was carried out by Lakefield Research of
Lakefield, Ohio. Fourteen holes were drilled in the central portion
of the property. The drill logs and cuttings indicate that uranium
is disseminated within tuffaceous lakebed sediments typically at
depths varying from 150 to 230 feet with occurrences as shallow as
65 feet below the surface.
It is anticipated that the project would be amenable to shallow
mining methods. The mineralized zone, as indicated by drilling, is
approximately 60 feet thick, representing 30 million tons of
material with an average grade of 0.02% eU3O8, derived from
gamma-ray logs, using a cut-off grade of 0.015%. The historic
resource, based on the 14 drill holes conducted in the central
portion of the property, is approximately 12 million pounds of
eU3O8. The mineralized trends identified by drilling are
open-ended.
The foregoing historical resource estimate for New River was
completed prior to the implementation of NI 43-101; however, given
the quality of the historic work, the Company believes the resource
estimate to be relevant. A qualified person has not completed
sufficient work to classify the historic mineral resources as
current mineral resources, and the estimate should not be relied
upon.
The New River Project uranium occurrence is geologically similar
to the Anderson Mine uranium deposit in Yavapai County, Arizona.
The Anderson Mine, earlier explored by Unocal Corporation, is now
owned by privately-held Concentric Energy, and has a reported
historic resource estimate of approximately 50 million pounds U3O8.
This estimate has not been independently verified and cannot be
relied upon.
During 2008, Uranium Energy Corp plans to further investigate
the property and confirm the historic data by performing core
drilling and gamma surveys in areas that were previously drilled.
The Company also plans to explore other areas of the property that
demonstrate potential for additional mineralization based on known
geologic trends.
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.
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 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 statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "estimates" or "intends", or
stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved) 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.
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. 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. 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. 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. 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).
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.
Any 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 historical mineral
resources referred to by the Company in this news release have not
been estimated in accordance with the definition standards on
mineral resources of the Canadian Institute of Mining, Metallurgy
and Petroleum referred to in National Instrument 43-101, commonly
referred to as "NI 43-101". As a reporting issuer in Canada, we are
required by Canadian law to provide disclosure in accordance with
NI 43-101. U.S. reporting requirements for disclosure of mineral
properties are governed by the SEC Industry Guide 7. NI 43-101 and
Guide 7 standards are substantially different, however Guide 7 does
allow the disclosure of mineral resources where required to be
disclosed by foreign law.
Contacts: Uranium Energy Corp Investor Relations Toll Free:
1-866-748-1030 or (604) 682-9775 (604) 682-3591 (FAX) Email:
info@uraniumenergy.com Website: www.uraniumenergy.com