Uranium Energy Corp Completes First Sale of Uranium

Uranium Energy Corp (AMEX:UEC) announced the completion of its first uranium sale which will be reflected in the Company’s upcoming Fiscal 2012 Q1 report.

As quoted in the press release:

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.

Uranium Energy Corp. President and CEO, Amir Adnani 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.”

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