Mon, May 21, 2012 07:54
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Uranium Energy Corp Completes Sale of Uranium

Texas Business reports:  CORPUS CHRISTI—Uranium Energy Corp completed a second uranium sale which will be reflected in the company's upcoming fiscal 2012 Q2 report. 

A further 60,000 pounds of U3O8 were sold for $52 per pound for gross proceeds of $3.12 million, bringing the total U3O8 sold during the first half of Fiscal 2012 to 120,000 pounds.

As a result of this latest sale, the company has fulfilled its fiscal 2012 obligations under the multi-year uranium sales contract announced on June 14, 2011. 

The remaining obligations require the Company to deliver a total 200,000 pounds of U3O8 from the company's Hobson processing facility during fiscal 2013 and 2014, with the price to be based on published market price indicators at the time of delivery.

Uranium Energy Corp is a U.S.-based uranium production, development and exploration company operating North America's newest emerging uranium mine.

The company's fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is ramping up initial production, and the Goliad in-situ recovery project which has been granted a mine permit and is in the initial stages of mine construction.