Uranium Energy Corp erwirbt das Projekt Diabase im Athabasca-Becken und bestellt Darcy Hirsekorn als District Geologist

Uranium Energy Corp Acquires the Diabase Project in the Athabasca Basin and Appoints Darcy Hirsekorn as District Geologist

 

Corpus Christi, TX, February 9, 2018 – Uranium Energy Corp (NYSE American: UEC, the “Company” or “UEC” - https://www.youtube.com/watch?v=LbF_wuFtWjA&t=255s) is pleased to announce that the Company has closed a definitive Property Purchase Agreement (the “Agreement”), with Nuinsco Resources Limited (“Nuinsco”) to acquire 100% of the Diabase project (the “Diabase Project” or “Project”) located on the south rim of the Athabasca Basin uranium district in Saskatchewan, Canada.

 

Acquisition Highlights

 

        Total consideration for the acquisition is approximately $500,000 comprised of $240,000 in cash and 164,767 shares (at a deemed issuance price of $1.60 per common share). 

        The property has seen in excess of US$ 20 million in historical exploration work, including over 21,000 meters of diamond drilling, geophysical surveying and surficial sampling data.

        The Project delivers a significant land package of 21,949 hectares, which overlies a highly prospective regional corridor within 75 km of Cameco’s Key Lake mill in a stable and leading jurisdiction for uranium exploration and mining.

        Efficient acquisition that preserves balance sheet flexibility in the bottom of the uranium cycle at less than 0.1% dilution to current UEC shareholders.

 

Clyde Yancey, VP-Exploration, stated: “Our acquisition strategy focuses on low cost, high value projects, the Diabase project is consistent with those objectives and UEC gains an opportunistic foothold in the Athabasca Basin.  The project is an excellent addition to our pipeline of exploration properties for future development in a premier uranium district. We are also pleased to welcome Darcy Hirsekorn and his two decades of Athabasca Basin exploration experience to the Company’s geological team.”

 

Acquisition Details

 

UEC has now acquired the Diabase Project from Nuinsco for US$ 500,000 in aggregate consideration consisting of approximately: (i) US$ 240,000 in cash paid to Nuinsco and (ii) the issuance of 139,418 common shares to Nuinsco and 25,349 common shares to the original Project property owner.

 

Diabase Project Overview

 

The Diabase Project is a large exploration project 75 km west of Cameco’s Key Lake mill on the southern rim of Saskatchewan’s Athabasca Basin uranium district. The Project covers 21,949 hectares in ten claim blocks. Project work completed to date includes 67 diamond drill holes, regional electromagnetic, magnetic and gravity geophysical surveys, and surficial geochemistry. The Project covers a significant portion of the Cable Bay fault, a highly prospective regional-scale shear corridor.