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man hier noch mal bei 2,30 Euro einsteigen kann.... March 14, 2011
Corpus Christi, TX – Uranium Energy Corp (NYSE AMEX:UEC, the “Company”) is pleased to report its first financial and operating results since the commencement of production at the Company’s Palangana in-situ recovery (ISR) Project located in South Texas. Major highlights during the fiscal quarter ended January 31, 2011 include the following: - Commenced production on November 17, 2010 at the Palangana ISR Project starting with Phase I of three separate phases within Production Area-1; Phase II is under development and is on schedule for commencement in April;
- Commenced operations at Hobson processing facility and processed initial deliveries of uranium-loaded resin from Palangana;
- Initial results indicate low-cost production profile: Despite only two months of start-up phase production, 21,000 pounds of uranium concentrates were accumulated in inventory including work-in-progress. The total cash operating expenses for the quarter to generate this inventory were $382,000 (approx. $18/lb.) as disclosed in the Company’s quarterly report filed today on Form 10-Q .
- Unhedged production: The Company is stockpiling uranium inventory for future sales in the spot market;
- Validating low-capex regional strategy: After the acquisition of the South Texas Mining Venture (STMV), the Company has expended $10.0 million to bring Palangana to production over 13 months. These factors validate the Company’s low-capex regional satellite strategy;
- Received Mine Permit and Production Area Authorization for the Goliad ISR Project;
- Ongoing Exploration and Development at Palangana, Ongoing Exploration at Salvo;
- Added to S&P/TSX Global Mining Index;
- Expanded top management with the appointment of a new CFO and independent director; and
- Balance sheet remains strong: The Company remains debt-free with $33.7 million in the treasury.
Amir Adnani, President and Chief Executive Officer, commented, “Significant progress was made during the last quarter at Palangana and Hobson. We view our initial results as a strong validation that our regional Texas “hub and spoke” strategy has the potential for exceptional margins. I commend our operating personnel for their extensive efforts over the course of 2010 to deliver on our goal to commence production by calendar 2010 fourth quarter, less than twelve months from the completion of our acquisition of STMV from Uranium One and Everest Exploration.”
Harry Anthony, Chief Operating Officer, stated, “We are pleased with the pace of our transition from developer to producer at Palangana, particularly with initial results that support our low-cost production profile so early in the initial ramp-up. These results are from only two months of production with only 15 producing wells, and bode well with the expected addition of 65 more producing wells inclusive of Phases II and III at Palangana, as well as for the future of our Goliad and Salvo projects on a longer-term basis.”
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