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Uranium Energy Corp. (UEC) Makes Significant Move Forward with Permitting for Goliad ISR Project in South Texas

|Includes: Uranium Energy Corp (UEC)

Uranium Energy Corp announced today that its Goliad In-Situ Recovery (NYSEMKT:ISR) Project in South Texas has made a major advance toward becoming permitted for production. The administrative law judge who presided over a public hearing regarding the Company’s Goliad ISR Project in May of this year issued an initial Proposal for Decision (NYSE:PFD) yesterday.

The administrative judge recommended findings in favor of the Company on the vast majority of the issues from the hearing. In addition, he recommended that the Texas Commission on Environmental Quality (TCEQ) allow the submission of additional data to address limited remaining issues.

Mid-2009, the TCEQ’s Executive Director issued draft permits that would authorize the Company to install the initial wellfield and commence production at Goliad. During the hearing, the Executive Director re-affirmed its position that the permits should be issued. The hearing addressed questions and comments from the public regarding the Company’s mining plans and permits at Goliad. The administrative judge has now submitted an initial proposed decision to the TCEQ Commissioners, who have the authority and latitude to agree or disagree with his recommendations.

Harry Anthony, Chief Operating Officer, commented, “We look forward to submitting any additional data that is needed and to completing this phase of the permitting process. The Company is confident that the permits will be approved at the end of this process.”

The additional limited information for the administrative judge involves a 24-hour pump test at the Goliad project. The Company said its pleased to have this test performed and to provide the data. According to today’s press release, the viability of operations at Production Area One or any future Production Areas is not affected by the results of the test.
 
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