NYSE American: UEC
CORPUS
CHRISTI, TX, May 23, 2023
/CNW/ - Uranium Energy Corp (NYSE American: UEC) (the
"Company" or "UEC") is pleased to announce that it has selected SLR
Consulting (Canada) Ltd. ("SLR")
and Wood (Canada) Ltd. ("Wood") to
conduct an S-K 1300 Initial Assessment Economic Study ("S-K 1300
IAES") for the Company's 100% owned Roughrider Project (the
"Project or "Roughrider"). Additionally, the Company has selected
Canada North Environmental Services ("CanNorth") to conduct
environmental baseline work for the Roughrider
Project.
The planned development work at the Roughrider Project will
benefit from the prior work of former owner Rio Tinto including a
thorough technical, community engagement and an environmental
assessment and review process, albeit no longer current, with the
Saskatchewan Ministry of Environment. (1)
- SLR has been selected to lead the Company's S-K 1300 IAES for
the Project due to their experience in successfully advancing top
tier uranium projects in the prolific Athabasca Basin.
- The S-K 1300 IAES will focus on the capital and operating
costs, construction and production schedule of the Roughrider
Project through identified options and opportunities.
- Wood has been selected to design a uranium processing facility
and to compare against potential UEC toll milling options with
third parties – see Figures 1 and 2 below.
- CanNorth has started the baseline studies at the Roughrider
Project. Previously, CanNorth was retained by Rio Tinto to
conduct comprehensive environmental and heritage baseline
investigations to thoroughly assess the environmental impact of the
Roughrider Project and to prepare for future licensing and
regulatory requirements. (1)
- CanNorth is one of the largest environmental service providers
in Western Canada and is 100%
owned by Kitsaki Management Limited Partnership, the business arm
of the Lac La Ronge Indian Band.
- Helicopter support is being provided by Aberdeen Helicopters
Ltd., which is 100% owned and operated by a member of Tri-River
Métis Association and is in partnership with Athabasca Catering
Ltd.
- The Project has access to all-weather roads and power
infrastructure. There is an airport accessible to the public at
Points North Landing six kilometres from the deposit area.
- Low carbon intensity design options will be utilized.
There are high-voltage transmission lines, which brings
hydro-electric generated power within 20 km of the Roughrider
Project site, which will enable comparably low carbon production of
uranium.
- Total Project resources are 27.8 million lbs.
U3O8 in 389,000 tonnes grading 3.25%
U3O8 in the Indicated category and 36.0
million lbs. U3O8 in 359,000 tonnes grading
4.55% U3O8 in the Inferred category.
(2)
Amir Adnani, President and CEO,
stated: "Prior owners of Roughrider, Hathor and Rio Tinto, did
not have the benefit of the regional scale and portfolio that UEC
has created by acquiring UEX and the exciting growth-oriented and
resource-stage projects in Christie Lake, Horseshoe Raven and
Hidden Bay. This allows us to evaluate and explore both the
potential at Roughrider in addition to regional synergies for a
hub-and-spoke model. As a result, UEC will be evaluating all
uranium processing options, along with a build versus potential
toll processing options given the close proximity to two existing
mills."
James Hatley, VP Production,
Canada, stated: "UEC has
several operational configurations to consider during this project
assessment stage. In addition to the S-K 1300 IAES and
environmental studies, our exploration team is planning further
resource delineation to upgrade the mineral resources, complete
geotechnical drilling and brownfields exploration of existing
trends. In parallel with the drill program, our team will establish
a site presence and conduct additional community engagement. UEC is
assessing the historical work completed at Roughrider by Rio Tinto
which substantially reduces our development timeline and
costs."
(1) Rio Tinto – Roughrider Advanced Exploration
Program, 2013-2014,
https://publications.saskatchewan.ca/#/categories/115
(2) Item 1302 of Regulation S-K1300 Technical Resource
Summary Report (the "TRS") prepared in accordance with S-K 1300 and
was filed on May 2, 2023 with the
Securities and Exchange Commission ("SEC") through EDGAR on Form
8-K and is also available on SEDAR as a "Material Document" filed
on May 2, 2023. The TRS was prepared
on behalf of the Company by SRK Consulting (UK) Ltd.
About the Roughrider Uranium
Project
The Roughrider Project is a conventional uranium project located
in the eastern Athabasca Basin of
northern Saskatchewan, Canada; one
of the world's premier uranium mining jurisdictions; see Figure 1.
The Project is located approximately 13 kilometres west of Orano's
McClean Lake Mill, in close
proximity to UEC's existing Athabasca Basin properties; see Figure 2. The
depth to mineralization at the Project is approximately 200 metres
and hosted primarily in the basement rocks below the
unconformity.
www.uraniumenergy.com
About Uranium Energy
Corp
Uranium Energy Corp is the fastest growing supplier of the fuel
for the green energy transition to a low carbon future. UEC is the
largest, diversified North American focused uranium company,
advancing the next generation of low-cost, environmentally friendly
In-Situ Recovery ("ISR") mining uranium projects in the
United States and high-grade
conventional projects in Canada.
The Company has two production-ready ISR hub and spoke platforms in
South Texas and Wyoming. These two production platforms are
anchored by fully operational central processing plants and served
by seven U.S. ISR uranium projects with all their major permits in
place. Additionally, the Company has diversified uranium holdings
including: (1) one of the largest physical uranium portfolios of
U.S. warehoused U3O8; (2) a major equity
stake in Uranium Royalty Corp., the only royalty company in the
sector; and (3) a pipeline of resource stage uranium projects. The
Company's operations are managed by professionals with decades of
hands-on experience in the key facets of uranium exploration,
development and mining.
Twitter: @UraniumEnergy
Stock Exchange Information:
NYSE American: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
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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
securities 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 other statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
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"expects" or "does not expect", "is expected", "anticipates" or
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"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, the availability of
any toll milling options or licenses for the Roughrider Project
with third parties on terms acceptable to the Company, or at all,
accidents, labor 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. Many of
these factors are beyond the Company's ability to control or
predict. 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. 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. Important factors that may cause
actual results to differ materially and that could impact the
Company and the statements contained in this news release can be
found in the Company's filings with the SEC. For forward-looking
statements in this news release, the Company claims the protection
of the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. The Company
assumes no obligation to update or supplement any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required by law. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities.
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SOURCE Uranium Energy Corp