Uranium Energy Corp. and Uran Limited Start Exploration Drilling

 

AUSTIN, TX - Uranium Energy Corp. reported that drilling commences this week at the Company's Grants Ridge Uranium Project located in New Mexico. Exploration permits have now been granted for both the Armijo and the F33 project areas at Grants Ridge. Uran Limited, based in Perth, Australia, is the Company's joint-venture partner and the operator of the project.

The partners commenced core drilling at Armijo with plans to drill 215 holes ranging from 15 to 50 feet in depth on a nominal 400-foot by 400-foot grid to test the uranium mineralization over a large portion of the host Todilto Limestone.

The partners plan to start reverse-circulation drilling as ground conditions permit, with 23 holes ranging from 50 to 550 feet in depth. The drilling is designed to test for potential extensions to the south of the historic F33 Mine, where drilling by previous mine owners Homestake and Anaconda identified numerous intercepts of greater than 0.1% U(3)O8. The steeper ground at F33 will require dry or hard frozen ground to allow access.

The company’s address is 1111 W. Hastings Street, Suite 320, Vancouver, BC V6E 2J3, (604) 682-9775, fax: (604) 682-3591.