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Uranium Energy Corp Expands Its West Ranch Project in New Mexico
Database-Driven Acquisition Adds a Further 1.1 Million Pounds of Historic Drill-Indicated Uranium Resource to Company Totals
AUSTIN, TX – February 20, 2007 – Uranium Energy Corp is pleased to announce the expansion of its West Ranch property, located in McKinley County, New Mexico. The additional property is immediately west of, and contiguous to, the Company’s previously-disclosed West Ranch property (please see November 14, 2006 news release), and increases the historic resources for the West Ranch Project by 1.1 million pounds of uranium, to a new project total of 2.6 million pounds.
The additional property consists of approximately 744 acres of lode mining claims in northwestern New Mexico, on the northwest end of the historically-uraniferous Ambrosia Lake trend of the Grants Uranium District. The acquisition of these claims increases the West Ranch project to an area of over 3,000 acres, all of which is 100% under the control of Uranium Energy Corp. The acquisition was guided by the further review of the Company’s uranium exploration databases, and in particular, by the historic drilling results and geological evaluations conducted on the property by WESCO and Amax Uranium Corporation during the mid to late 1970s.
Reviewed data indicates mineralized trends within both the Brushy Basin and Westwater Canyon members of the Morrison Formation. The Brushy Basin trends are near surface, whereas the Westwater Canyon ore is at a depth of approximately 1,000 feet. Historical wide-spaced drilling indicates additional mineralization throughout the property.
Uranium Energy Corp has initiated exploration permitting with the State of New Mexico and the US Bureau of Land Management. A drilling program is planned to: i) confirm historical mineral intersections; ii) expand the historically-indicated ore zones, and; iii) test the uranium ore’s amenability to In-Situ Recovery (ISR) technology; preliminary assessments seem to indicate this amenability, by the presence of redistributed ore.
The Company is continuing its database-driven land expansion of the West Ranch property, and throughout the state. New Mexico contains the second largest uranium reserves in the country, according to the US Department of Energy.
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