Uranium Energy Corp (NYSE MKT: UEC, the "Company") is pleased to provide an update on its fully-permitted Goliad ISR Project. Construction continues as planned, and the previously ordered processing equipment has arrived on schedule. The Ion Exchange (IX) vessels were received in late November, and the material to construct the IX pipe and valve system has been ordered and received. The recovery of uranium is set to be available to come online in fiscal 2014.
The Company would like to provide an update on the recent actions of the EPA in regards to the Company's Aquifer Exemption ("AE"). As noted in the Company's quarterly report, the EPA had earlier filed a Motion to Remand without Vacatur with the 5th Circuit Court of Appeals (the "Fifth Circuit"). Without vacatur simply means that the EPA-approved AE remains in force. The EPA's stated purpose was to supplement the record in response to the opponent's prior complaints. In requesting the remand without vacatur, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal. Consistent with the EPA and the TCEQ, the Company is not aware of any new information that would change the current AE approval.
The Company had previously objected to the remand, however, and in conjunction with the TCEQ, had requested that the remand without vacatur, if granted, should be limited to a 60-day review period. By way of a recent procedural order from a three-judge panel of the Fifth Circuit, the Court granted the remand, without vacatur, and limited the review period to 60 days from service of the Order. As indicated above, the Company will continue to advance the fully-permitted Goliad Project during the review process.
Amir Adnani, President and CEO, stated, "The Company's scalable hub-and-spoke strategy, a proven model for increasing uranium extraction and maintaining a low-cost profile, will continue as planned and production at Goliad will be available to come online in fiscal 2014. We are executing on this plan with the Company's Goliad, Burke Hollow, and Palangana projects."
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.
