Uranium Energy Corp Outlines Development Plans in Preparation for the Mid-2019 U.S. Government National Security Action on Uranium Imports
(PresseBox) - Uranium Energy Corp (NYSE American: UEC, the ?Company? or ?UEC? - http://www.commodity-tv.net/c/search_adv/?v=298360) is pleased to provide the following letter to its shareholders from President and CEO, Amir Adnani.
Dear Shareholders,
2019 is lining up to be among the most eventful years in UEC?s 14-year history. The fundamental improvements in the uranium market appear likely to continue, following last year?s increase in the spot price to $29/lb. Additionally, the U.S. Government?s probe into foreign imports impacting domestic nuclear fuel cycle capabilities could be significant for the Company by accelerating demand for U.S. mined uranium.
With 98 operating reactors, the U.S. has the largest nuclear fleet in the world with annual requirements of about 45 million pounds of uranium per year.
The U.S. Government has launched an investigation into this over-dependence on foreign uranium as a national security matter and a final decision to enact U.S. quotas or other possible remedies is expected by mid-2019.ch as Wyoming and Texas.
In this context, we are prioritizing the advancement of our fully permitted Reno Creek ISR Project in Wyoming and development drilling at our Burke Hollow ISR Project in South Texas.s a capacity of 2 million pounds per year. UEC is ideally positioned to be part of an overall solution to promote growth in U.S. uranium mining with our environmentally friendly and low-cost in-situ recovery (ISR) projects.
Burke Hollow ISR Project ? Advancing Development
UEC has made final preparations for the drilling and installation of monitoring wells at the proposed Production Area Authorization One (?PAA-1?) at the Burke Hollow ISR Project in Bee County, Texas.
The Company has selected drilling and heavy equipment contractors with start-up planned for the beginning of March.
In 2013, UEC discovered uranium ore trends at the Burke Hollow Project, one of the only new discoveries in the U.S. over the past decade.
Reno Creek Advancement ? Largest Permitted, Undeveloped ISR Project in the U.S.
UEC is directing an independent Preliminary Feasibility Study (?PFS?) for its Reno Creek ISR project in order to expedite upcoming construction in advancing the project towards production.
The PFS will incorporate design criteria provided with UEC expertise and will be reviewed and supplemented with preliminary designs and cost estimates for project components from a qualified consulting engineering firm.
Uranium Market Improvement
Fundamentals in the uranium market are continuing to improve as we have reported over the last two years. One of the primary drivers has been the market price remaining below most producer?s production costs.nce 2016.
In 2018, spot uranium prices rose about 20% year over year and more than 40% from last April.
Global nuclear energy generation in 2018 returned to pre-Fukushima levels.s drawn down.
Government Investigation on National Security Impacts of Imported Uranium
For U.S. producers, uranium demand from U.S. utilities may become more robust as an outcome of the current national security investigation on uranium. This action was initiated as a result of the extreme dependency of the U.S. on imported uranium, with 2019 anticipated to show U.S. production at less than 1% of the nation?s reactor requirements.
UEC remains actively engaged in industry discussions regarding the investigation and we will continue our efforts on Capitol Hill to revitalize the industry.https://usat.ly/2PQfx3K.
Corporate Development Portfolio
A pillar of our three-prong strategy during the extended bear market in uranium has been to make accretive acquisitions.
In 2018, UEC was instrumental in the launch of Uranium Royalty Corp (?URC?) and is the largest shareholder, owning ~34% of this company. URC is the largest investor and a strategic partner of Yellow Cake PLC listed in London.
The UEC portfolio also includes the Alto Parana Titanium Project in Paraguay, one of the highest-grade and largest undeveloped Ferro-Titanium deposits in the world (total Inferred resource has been estimated at 4.94 billion tonnes grading 7.41% titanium oxide and 23.6% iron oxide at a 6% TiO2 cut-off).*
As the year unfolds, we will provide additional perspective once the decisions associated with the U.S. Government?s investigation have been made. When the U.S. industry begins to ramp-up, it will need quality people, infrastructure, resources and permits, the four key ingredients that UEC already has in place.
We appreciate your ongoing support of our long-term business strategy to become the leading U.S. uranium producer.info(at)uraniumenergy.com with any questions or comments that you might have as the year develops. Visit our website at UraniumEnergy.com and follow us on Twitter (at)UraniumEnergy to keep current on all our activities.
Yours truly,
?Amir Adnani?
President & CEO
About Uranium Energy Corp
Uranium Energy Corp (UEC) is a U.S.-based uranium mining and exploration company.perations 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.
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.
Safe Harbor Statement
*on statements filed with the SEC. Accordingly, we have not reported them in the United States. Investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into mineral reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. In particular, it should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources or inferred mineral resources referred to herein are economically or legally mineable.
Except for the statements of historical fact contained herein, the information presented in this letter constitutes "forward-looking statements" as such term is used in applicable United States and Canadian 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 performance are not statements of historical fact and should be viewed as "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. 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. 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 letter.
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Datum: 08.02.2019 - 02:02 Uhr
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