Uranium Energy Corp is pleased to announce it has initiated an exploration and delineation drilling campaign this month at the Burke Hollow Project utilizing proceeds from a recently completed equity financing. Two rigs are on site and have drilled five holes at the project with an additional 75 holes to be completed over the coming weeks. One of the new holes has been cased and is being used for regional baseline studies.
The accelerated resource drilling and production permitting programs at Burke Hollow follow the Company's completion on October 25, 2013 of an equity financing whereby three institutional investors purchased 3,380,954 Units of the Company at a price of $2.10 per unit for gross proceeds of $7,100,003.
Amir Adnani, President and CEO, stated: "The current program at Burke Hollow will allow the Company to further delineate and explore for additional resources at the Project while accelerating the production permit application process. With the Hobson plant having a physical capacity of processing two million pounds U3O8 per year, we plan to take the necessary steps now so that we can maximize the Company's uranium output when higher uranium prices are realized."
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and exploration company. The Company's fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the operating Palangana in-situ recovery mine and the Goliad in-situ recovery project which is currently in construction. 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.