Uranium Energy Corp. (UEC) Announces Initiation of Major Drilling Program at Salvo Project

QualityStocks would like to highlight Uranium Energy Corp. (NYSE AMEX: UEC), a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S.

In the company’s news yesterday,

Uranium Energy Corp. announced that the company has commenced a drilling program at its 100%-controlled Salvo Project in Bee County, Texas. The purpose of this initiative is to verify the historic resource as well as expand on the resource by drilling new areas of mineralization. The exploration drill plan has been split into two phases, each utilizing two rigs.

The first phase will consist of approximately 50 holes, plus 5 core holes, which the company expects, with favorable results, will culminate in an updated NI 43-101 resource estimate being available during the first quarter of 2011. According to the press release, drilling started two days ago.

The second phase will build upon the first phase’s results, and include an additional 140 holes, with an estimated completion date during the second quarter of next year. Once drilling is completed, the company expects, again with favorable results, that an updated NI 43-101 resource estimate will be available by mid-2011.

Consisted of 1,513 acres of continuous leases located about ten miles southwest of Beeville, Texas, the Salvo lease is approximately 50 miles from Uranium Energy’s Hobson processing facility. Any mineral resource identified at Salvo is anticipated to be extracted using in-situ recovery (ISR) methods and processed at the Hobson plant.

Clyde Yancey, VP of Exploration, commented, “We are excited to get on the ground at Salvo and to verify and expand on the prospective resource here. First, historic disequilibrium factors (DEF), which were not applied to the historic resource, indicate a potential expansion by one-half or more. We will verify historic average DEF calculations and increase our understanding here. We also plan to drill prospective new zones aggressively.”

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