When U.S. based exploration and development company Uranium Energy Corp issued their earlier mid-year shareholder report, the company clearly outlined the progress recently made and where they hope to be by the coming year.
In early June, UEC initiated wellfield development and construction at Palangana production area #1 in South Texas, with 110 injection and production wells to be drilled, cased, and completed. Concurrently, they also started drilling the disposal well for this first wellfield, which is now complete. The equipment, tanks, and pipes for the facility are already being installed. The site will feed the UEC’s recently acquired Hobson processing plant, which is nearby, fully licensed, and ready to process uranium. The Hobson central processing plant is ready to process the first truckloads of resins into uranium oxide, with the first deliveries expected as early as November.
UEC also announced its first NI 43-101-qualified resource at Palangana. The independent Technical Report provides for a resource of 2.2 million pounds U3O8 in all categories. Based on very successful drilling throughout the year on several zones at Palangana, UEC is confident of expanding this defined resource before the end of this year.
In addition to the major progress at Palangana and Hobson, UEC has received the crucial disposal well permits for the Goliad ISR project in Goliad County, Texas. The final production permits for Goliad are anticipated later this year. There is believed to be 6.9 million pounds of in-situ uranium in all categories of resource at Goliad. This is in addition to 1.3 million pounds at the company’s Nichols project and a 1.5 million pound historical resource at the company’s Salvo project, both in Texas. All of these ISR uranium projects are in close proximity to the company’s Hobson processing plant, part of UEC’s regional operating strategy in Texas.
UEC is well funded for all of this, with zero debt, and approximately $22 million in cash. With Palangana now scheduled to commence in-situ recovery later this year, UEC will become one of only eight uranium producers in the world, and the only company in North America, in a position to start major near-term production of uranium.
For more information, see the company website at www.UraniumEnergy.com.
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