Uranium Energy Corp Completes Staking of Granite Mountain Thrust Project in Central Wyoming Uranium District
November 13 2007 - 9:00AM
Marketwired
AUSTIN, TEXAS (FRANKFURT: U6Z)(BERLIN: U6Z) announces that it
has acquired the Granite Mountain Thrust Project (GMT) by staking
4,686 acres in the world-class Central Wyoming Uranium District, in
Fremont County. The GMT Project is located on the north slope of
Green Mountain, adjacent to the uranium mining claims held by Rio
Tinto plc (formerly Kennecott Corp) which are reported to contain a
resource of 30 to 50 million pounds eU3O8. (The disclosure related
to the Rio Tinto deposit has not been independently verified. The
statement is considered relevant, but cannot be relied upon without
verification. The company is not treating this as a current NI
43-101 compliant disclosure.)
The Crooks Gap Mining District, which was a major area of
uranium production for Western Nuclear Corp and others during the
1960s and 1970s, is located on the western slope of Green Mountain
within the Granite Mountain Thrust Fault System. The GMT Project is
approximately four to eight miles east-northeast of the Crooks Gap
Mining District along the fault system trend. Over 10 million
pounds of U3O8 were produced from the Crooks Gap Mining District
between 1953 and 1982 using open pit and underground mining
methods.
The property was acquired by staking 236 mining claims. The
project location was targeted specifically, based on historic
information obtained from the Company's drilling database. The
original drilling was conducted by Pioneer Nuclear Corp and Western
Nuclear Corp during the 1960s and 1970s.
The Company also purchased five geophysical shot lines of
seismic data totalling 25 miles over the project area and
surrounding terrain. Following the geophysical interpretation of
the seismic data, cross-sections were produced depicting the
probable geologic structure, and the projected extension of the
uranium host: the Eocene-age, Battle Springs Formation, which
extends from the Rio Tinto resource area north to the GMT Project
area. Other data from the Company's historical database - such as
anomalous gamma-ray indications from oil well logs within the
Battle Springs Formation - were also utilized to guide the
Company's acquisition.
In the GMT Project area, the Battle Springs Formation is 2,000
to 3,000 feet thick and is partly equivalent to the Wasatch and
Wind River Formations in other uraniferous Wyoming basins. Drilling
depths of 2,500 to 4,000 feet are anticipated and may necessitate
directional drilling from central drill pads located in accessible
locations. Uranium Energy Corp has budgeted for the drilling of six
exploration holes on the GMT Project during 2008, totalling 15,000
feet.
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
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.
Contacts: Uranium Energy Corp Contact North America Investor
Relations Toll Free: 1-866-748-1030 or (604) 682-9775 (604)
682-3591 (FAX) Email: info@uraniumenergy.com Website:
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