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Uranium Energy Corp (NYSE MKT: UEC, the “Company” or “UEC”) is pleased to announce that the International Atomic Energy Agency (“IAEA”) recently completed technical programs in Paraguay for the Paraguayan Vice Ministry of Mines and Energy in Asuncion designed to support the future exploration and development of uranium resources in the country. The Company’s Asuncion-based technical staff participated and contributed to the technical courses provided by the IAEA experts and led site visits to the Company’s Oviedo and Yuty ISR uranium projects.
Gustavo Da Silva, the Director of Mineral Resources for Paraguay, stated, “I take this opportunity to emphasize our satisfaction with the companies Transandes Paraguay S.A and Piedra Rica Mining S.A. [both wholly owned subsidiaries of UEC] that are carrying out activities in our country in a respectful way according to the environmental guidance, and most of all they are strengthening the country’s geoscientific knowledge.”
Victor Fernandez, UEC’s Country Manager, added, “We are very pleased to have served with the IAEA to provide this valuable training. The course was well attended and clearly appreciated. Paraguay has exceptional geological potential for uranium deposits. Getting this potential understood by the right governmental officials is a significant step.”
The IAEA program covered key areas of geology, geophysics and geochemistry for the discovery and evaluation of uranium deposits. The program was presented over a five-day period in August to 20 Ministry officials. UEC opened both its development-stage Yuty and exploration-stage Oviedo uranium ISR projects to the course, including reviews of uraniferous outcrops, cores, monitoring wells and reclaimed drill sites.
In Paraguay, UEC controls one of the largest in-situ recoverable property positions in the world with approximately 750,000 acres of prospective area. The Company’s Yuty Project has a National Instrument 43-101 (“NI 43-101”) Measured and Indicated Resource of 8.914 million pounds grading 0.052% U3O8 with an Inferred Resource of 2.226 million pounds grading 0.047% U3O8(1). The Company’s Oviedo Project has an Exploration Target of 23 to 56 million pounds grading 0.040% to 0.052% U3O8(2). Historic exploration by the Anschutz/Taiwan Power/Korea Electric Power joint venture and by Cameco/Cue Resources, plus recent exploration by UEC totals approximately US$50M in advancing these projects.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and was reviewed by Clyde L. Yancey, P.G., Vice President-Exploration for the Company, a Qualified Person under NI 43-101.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and exploration company. The Company’s fully-licensed Hobson processing plant is central to all of its projects in South Texas, including the Palangana in-situ recovery (ISR) mine, the permitted Goliad ISR project and the development-stage Burke Hollow ISR project. Additionally, the Company controls a pipeline of advanced-stage projects in Arizona, Colorado 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
