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« Will Offshore Oil Lubricate US–Cuba Relations? | Main | Rick Rule: "Bet against the dollar as a store of value" »
Wednesday
Oct262011

Uranium Energy Corp Completes First Sale of Uranium

October 26, 2011

Corpus Christi, TX, October 26, 2011 - Uranium Energy Corp (NYSE AMEX: UEC, the “Company”) is pleased to announce the completion of its first uranium sale which will be reflected in the Company’s upcoming Fiscal 2012 Q1 report.  A total of 60,000 pounds of U3O8 were sold for $52 per pound for gross proceeds of $3.12 million under the terms of the multi-year uranium sales contract as originally announced on June 14, 2011.  This contract calls for the delivery of 300,000 pounds of U3O8 from the Company’s Hobson processing facility over a three-year period starting in Fiscal 2012, with the price to be based on published market price indicators at the time of delivery.

Amir Adnani, President and Chief Executive Officer, stated, “The Company has achieved tremendous growth in the past two years on its way to becoming North America’s newest uranium producer.  This growth started with the acquisition of the STMV assets from Uranium One Inc. in December 2009 and, just one year later, we completed development and began producing from the Palangana Mine in November 2010, and have been stockpiling uranium production since then.  With the completion this month of our first uranium sale, and the recording of first revenues from operations, the Company has established yet another milestone.”

Uranium Energy Corp is a U.S.-based uranium production, development and exploration company operating North America’s newest emerging uranium mine. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is ramping up initial production, and the Goliad in-situ recovery project which is in the final stages of mine permitting for production.  The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.

Stock Exchange Information:
NYSE-AMEX: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103

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