Uranium Energy Corp Welcomes President Trump''s 2021 Budget for the Purchase of Domestic Uranium
(PresseBox) - Uranium Energy Corp (NYSE American: UEC, the ?Company? or ?UEC? -https://www.commodity-tv.com/play/stephen-moore-trump-decision-on-us-uranium-probably-until-end-of-2020/) applauds President Trump?s ?Budget for America?s Future? which includes a 10-year, $150M per year program ($1.5 billion total), to purchase U.S. mined uranium for a strategic national Uranium Reserve.
In the budget, the Administration noted that: ?Establishing a Uranium Reserve provides assurance of availability of uranium in the event of a market disruption and supports strategic U.S. fuel cycle capabilities. This action addresses immediate challenges to the production of domestic uranium and reflects the Administration''s Nuclear Fuel Working Group (NFWG) priorities. The NFWG will continue to evaluate issues related to uranium supply chain and fuel supply.?
In commenting on the Uranium Reserve proposal, US Secretary of Energy Dan Brouillette indicated: ?This is the very beginning of a long process to revitalize in many respects the entirety of the nuclear fuel cycle. What you''ve seen in the President''s budget is a request for $150 million to begin the process of purchasing uranium. But it won''t stop there."
Former Secretary of Energy and UEC Chairman, Spencer Abraham, stated: ?We appreciate the Trump Administration?s recognition of the national security risk from U.S. over reliance on imported uranium for 99% of uranium supplied to the commercial nuclear reactor fleet. The establishment of a Uranium Reserve will allow domestic uranium companies to restart some operations and begin to rebuild domestic uranium mining capability. We hope Congress will support the Administration?s proposal and funding request.
President and CEO, Amir Adnani, added: ?The Administration should be applauded for taking steps to revive and expand domestic nuclear fuel production as outlined in President Trump?s July 12, 2019 memo establishing the NFWG. We are pleased President Trump has taken the first step to act on the recommendations of the NFWG by initiating a program to purchase U.S. mined uranium for America?s strategic Uranium Reserve. This is great news for the domestic uranium mining industry, and we look forward to working with the NFWG to help fulfil the program?s objectives.?
Since inception in 2005, UEC?s main strategic focus has been on acquiring and developing U.S. in-situ recovery (ISR) projects that are an environmentally friendly and a lower cost alternative to conventional mining. The Company has a near term extraction profile of 4 million pounds of U3O8 per year from our South Texas and Wyoming ISR projects. capabilities and received renewal permits in 2019, authorizing extraction for an additional ten years.
UEC has made the only new discovery of a uranium resource* in the U.S. over the last decade at Burke Hollow in South Texas, and has been aggressively advancing the project towards extraction over the last two years. Burke Hollow has received all its major permits, has an expanded Production Area 1 after this past year?s drilling campaign and can be a timely source of supply for the national Uranium Reserve.
The Company?s Reno Creek ISR project in Wyoming is the largest, licensed, pre-production project in the U.S. with a Measured and Indicated Resource of 32 million tons grading 0.041% U3O8 containing 26 million pounds of uranium and Inferred Resources of 1.92 million tons grading 0.039% U3O8 containing 1.49 million pounds*.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and exploration company.rations 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 mineral resources referred to herein have been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are not compliant with U.S. Securities and Exchange Commission (the ?SEC?) Industry Guide 7 guidelines.dicated mineral resources or inferred mineral resources referred to herein are economically or legally mineable.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute ?forward-looking statements? as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements.rojections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as ?expects? or ?does not expect?, ?is expected?, ?anticipates? or ?does not anticipate?, ?plans, ?estimates? or ?intends?, or stating that certain actions, events or results ?may?ing 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, accidents, labor disputes and other risks of the mining industry including, withoutlicitation of an offer to buy securities.
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Datum: 12.02.2020 - 08:33 Uhr
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News-ID 1555937
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