MissionIR's  Instablog

Today before the opening bell, Uranium Energy announced the acquisition of the rights to explore for uranium on the Channen Project, a 10,704-acre property located in southern Goliad County, Texas. The project is located on the Goliad trend within the prolific South Texas Uranium Belt, just 50 miles to the southeast of the company's Hobson uranium processing facility.

The Channen Project lies on-trend with and approximately 20 miles northeast of the recently acquired Burke Hollow Project in Bee County, and is situated approximately 25 miles to the south of the company's Goliad Project. The new property was initially identified after analyzing a group of logs exhibiting gamma-ray anomalies displaying uranium roll-front deposit type characteristics in several sandstone formations with information derived from the company's extensive exploration database.

Uranium Energy's geologists are currently in the process of planning an aggressive exploration program that will include a drilling campaign that will be initiated upon receipt of exploration permits from the Railroad Commission of Texas. According to today's press release, the drill program is anticipated to initially consist of a statistical grid covering the entire 10,704-acre property.

To view a map that shows the company's hub-and-spoke production plan in South Texas, including the location of the Channen Project in relation to the company's processing facility and other projects, click the following link: http://uraniumenergy.com/_resources/uranium_project_slide36_01.jpg

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