Uranium Energy Corp. (UEC) Completes Acquisition in Paraguay
U.S.-based Uranium Energy Corp. is an emerging uranium exploration, development and production company. The company recently announced that it completed the acquisition of a Paraguayan company which holds a 100% legal and beneficial interest in two unencumbered prospecting permits covering in total 247,000 acres located in the area of Coronel Oviedo in central Paraguay.
In order to complete the purchase, Uranium Energy has issued 225,000 restricted common shares. Once uranium is produced from the Coronel Oviedo Project, it will in addition pay a small royalty to the prior owner.
More of the uranium occurrences found on the property are ‘roll-front’ type deposits. These are similar to those currently producing uranium by low cost in-situ recovery methods in the western United States, central Asia and Australia. Prior to acquisition, Uranium Energy did have a company conduct an aquifer test as to whether the aquifer could sustain in-situ uranium recovery methods.
At present, Uranium Energy is preparing a geological model based on historical data for the property. The historical data is based on extensive uranium exploration by Anschutz Corporation between 1976 and 1983, and by Crescent Resources between 2006 and 2008. A total of 31 drill holes, out of 52, drilled by both companies showed significant uranium values. The known uranium mineralization indicated by the previous drilling occurred at depths between 450 and 750 feet. It also identified open-ended, tabular-like mineralization similar to that found at the company’s Goliad Project in Texas.
The company plans to pace its exploration program at Coronel Oviedo to be able to initiate an approximate 10,000 meter drilling program which is to occur during the third quarter of 2011. In order to support these operations in Paraguay, Uranium Energy has appointed Dr. Bernie Schmeling and Carlos Figueredo to a special advisory board.
Dr. Schmeling is a professional geophysicist, has more than 35 years’ experience in exploration and mining, and is internationally recognized as an expert in uranium in-situ mining. Mr. Figueredo has 25 years of experience in oil and mineral exploration in Paraguay. He formerly worked for Anschutz Corporation during its initial exploration efforts in the country and played a pivotal role in the earlier development of the Coronel Oviedo Project.
For more information on Uranium Energy Corporation, please visit the company’s website at www.uraniumenergy.com
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