Uranium Energy Corp. today reported the signing of an agreement to purchase a uranium database package covering areas in South Texas. The company believes that the package will assist in the exploration of prospective uranium deposits on its properties.
Uranium Energy is purchasing the database package from Uranium One Inc. for $900,000, consisting of $400,000 cash and 159,236 shares of the company’s common stock at a price of $3.14 per share.
Uranium Energy said that the database package covers the Goliad Formation and has information on more than forty prospective uranium targets in the area. The company’s Palangana, Goliad, Salvo and Nichols projects are all located within the Goliad Formation.
The database package was compiled by Total Minerals and Mobil Oil, which operated in the area in the 1970’s and 1980’s. The data includes drilling logs on approximately 2.8 million feet of previous uranium drilling as well as drilling logs on approximately 41.6 million feet of previous oil and gas drilling.
Uranium Energy said that the database package contains more than 750 maps of the south Texas area and approximately 100 studies and analyzes of the Goliad Formation. The company plans to focus efforts on the forty uranium targets contained within the database.
For more information on the company, go to www.uraniumenergy.com
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