Uranium Energy Corp Completes the Acquisition of the North Reno Creek ISR Project
(PresseBox) - Uranium Energy Corp (NYSE American: UEC, the ?Company? or ?UEC? - https://www.youtube.com/watch?v=5b0H0iWRXk0&t=6s) is pleased to announce that the Company has recently completed its previously announced Purchase Agreement (the ?Agreement?) with Uranerz Energy Corporation, a wholly owned subsidiary of Energy Fuels Inc. (collectively, ?Energy Fuels?), and now holds 100% of its advanced stage North Reno Creek ISR project (?North Reno Creek? or the ?Project?) located immediately adjacent to and within UEC?s existing Reno Creek Project permitting boundary in the Powder River Basin, Wyoming (see Figure 1 below; the ?Acquisition?).
Transaction Highlights
North Reno Creek is situated within UEC?s existing permitting boundary at Reno Creek, allowing for integrated development.
Increases Reno Creek?s combined Measured and Indicated resource by 20%, based upon Uranerz?s previously reported NI 43-101 Measured and Indicated resource of 3.8 million tons grading 0.056% U3O8 yielding 4.3 million lbs at North Reno Creek. UEC plans to engage a qualified person to compete the necessary work to incorporate the North Reno Creek resource estimate into the Company?s Reno Creek Project and complete an updated technical report under NI 43-101.* **
Opportunities to enhance UEC?s development of Reno Creek by optimizing the mine plan to remove the effects of property boundaries that had previously separated mineralized roll-fronts on both properties. In particular, significant synergies exist in co-development at both the North Reno Creek Resource Unit and the Southwest Reno Creek Resource Unit, which are expected to be the first units developed within the project area.
Further augments UEC?s footprint in the strategic Powder River Basin in Wyoming, a uranium mining-friendly state with excellent infrastructure and an experienced labor force.
Amir Adnani, President & CEO, stated: ?We are very pleased to complete this highly synergistic acquisition integrating North Reno into our broader Reno Creek project area.es in support of American energy security.?
Transaction Details
UEC has now provided to Energy Fuels the following material purchase price consideration at the closing of the Agreement:
(a)
(b)
North Reno Creek ISR Project Overview
The North Reno Creek ISR Project is located in the Powder River Basin, Campbell County, Wyoming, approximately 80 miles northeast of Casper.
Substantial historical exploration, development and project permitting have been performed on the North Reno Creek property.
In 1992, the Reno Creek Project was acquired by Energy Fuels Nuclear, Inc. (?EFN?) from RME.
In October 2010, Uranerz issued an NI 43-101 technical report titled ?Technical Report, Reno Creek Property, Campbell County, Wyoming, U.S.A?, dated October 13, 2010 (the ?Technical Report?). The Technical Report, prepared by Douglass Graves, P.E. of Trec, Inc., in accordance with NI 43-101, outlined a Measured and Indicated resource of 3.8 million tons containing 4.3 million pounds of U3O8 at a grade of 0.056 percent.www.sedar.com.* **
Figure 1
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.
Advisors and Counsel
Haywood Securities Inc. is acting as financial advisor to the Company and McMillan LLP and Holland & Hart LLP are acting as legal advisors to the Company.
About Uranium Energy Corp.
Uranium Energy Corp. is a U.S.-based uranium mining and exploration company.
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Datum: 08.05.2018 - 02:00 Uhr
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News-ID 1535710
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