Uranium Energy Corp to Acquire a Large Uranium Project in Paraguay

- May 12th, 2011

Uranium Energy Corp (AMEX:UEC) reports to acquire a large uranium project in Paraguay.

Uranium Energy Corp (AMEX:UEC) reports to acquire a large uranium project in Paraguay.

The press release is quoted as saying:

The total purchase price for the Paraguayan company is the issuance of 225,000 restricted common shares in the capital of the Company.

Uranium Energy Corp.’s President and CEO, Amir Adnani says:

“The Company’s primary focus remains on our production and near-term  production projects in South Texas.  At the same time, we are committed to identifying new and potentially exceptional opportunities with scale in the United States and abroad. The Coronel Oviedo Property is located in stable and business-friendly Paraguay, is geologically very similar to the South Texas uranium belt and is anticipated to be ISR-amenable as initially indicated through our pump-test studies. This opportunity profile is an excellent fit for our technical team who has a distinctive track record of discovering and advancing sandstone-hosted uranium deposits. Share dilution to acquire the project is far below 1%, and we plan to commence exploration immediately.”

Click here to access the entire news release.

Leave a Reply