Uranium Energy Reports Progress at Goliad Project

Uranium Energy Corp. (NYSEMKT:UEC) reported progress on its fully-permitted Goliad ISR Project where construction continues as planned, and the previously ordered processing equipment has arrived on schedule.

As quoted in the press release:

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.

… 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.

Uranium Energy Corp. President and CEO, Amir Adnani said:

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.

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