Uranium Energy Corp (NYSEMKT:UEC) has filed a mine permit application and aquifer exemption application for its Burke Hollow ISR Project in Bee County Texas. It filed the applications on April 11 of this year with the Texas Commission on Environmental Quality. To date, Uranium Energy has explored 40 percent of the Burke Hollow Property.

As quoted in the press release:

The Burke Hollow Project is one of the Company’s six uranium projects in South Texas. The project covers 17,510 acres and has a maiden NI 43-101 Inferred Resource Estimate of 2.9 million pounds grading 0.05% U3O8 and an exploration target of 1.8 to 7.2 million pounds grading between 0.03% and 0.06% U3O8.

Uranium Energy CEO, Amir Adnani, said:

We are excited to have our third ISR project in South Texas reach the production permitting stage. The Burke Hollow project is an important part of our hub-and-spoke extraction strategy providing feed to our scalable Hobson Plant, which has a physical capacity of 2 million pounds per year. The recent $10M cash injection combined with the extension of our credit facility to 2016-2017 provides UEC with financial flexibility as well as a strong balance sheet and working capital position. This strong financial position combined with our deep project pipeline will enable UEC to opportunistically scale up low-cost uranium production from multiple projects as uranium prices increase.

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