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Uranium Energy Corp (AMEX:UEC) reported financial and production results for the fourth quarter and fiscal year ended July 31, 2011.
As quoted in the press release:
Major fourth quarter highlights include the following:
•Production increased and costs remain low: During the fourth quarter, only the second full quarter of Palangana Mine production, the Company produced 83,000 pounds of U3O8 in inventory, including work-in-progress, as compared with 49,000 pounds in the previous quarter. Since commencement of production in November 2010 through to July 31, 2011, the Company has produced a total of 153,000 pounds of U3O8 at a cash operating expense of approximately $13 per pound;
•The Company signed its first multi-year sales contract;
•Both Palangana and Salvo projects received substantial ongoing exploration and development;
•The Company acquired the historically significant Anderson Mine project in Arizona: In May 2011, terms were finalized to merge with Concentric Energy Corp. to acquire the Anderson Mine uranium project, a 7,581-acre mineral claim block located in Yavapai County, Arizona, a former open-pit producer which has received 1,400 development drill holes. This transaction completed after the close of the fourth quarter;
•The Company acquired the Coronel Oviedo Uranium Project in Paraguay: This 247,000-acre (100,000-hectare) project area holds similar geology, and similar geological potential, as the South Texas uranium belt; and
•The balance sheet remains strong: As of July 31, 2011, the Company remains debt-free with $30.7 million of cash in the treasury and 153,000 lbs. of U3O8 in inventory.
Uranium Energy Corp. President and CEO, Amir Adnani stated:
“During our fiscal fourth quarter, we continued to make significant progress with operations, delivering production growth at competitive margins, validating our regional Texas ‘hub-and-spoke’ strategy. With an eye to the next up-cycle, we have been acquiring projects with significant historical work at an attractive discount and with minimal dilution to the Company. Concurrently, we see a groundswell of positive indicators emerging for the nuclear industry, and are optimistic about the prospects for major growth in the industry.”
Click here to read the Uranium Energy Corp. (AMEX:UEC) press release.
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