Urex Energy Corporation (the “Company” or “Urex”) (OTCBB: URXE) reports that the Company has discovered a new zone of uranium mineralization on the Company’s Cerro Solo Plateau Target in Argentina. The new uranium zone yielded a peak uranium value of 10.0 lbs of eU3O8 per ton (0.42 eU%) which occurs within an intercept of 2.24 meters grading 3.18 lbs eU3O8 per ton (0.13 eU%).
The newly discovered uranium mineralization is hosted in flat lying sandstone and conglomerate of the Cretaceous Los Adobes Formation between 60.51 and 62.75 meters below the surface. Drill Hole RC08-079, which intersected the mineralization, is one of three holes drilled on an east-west fence of holes on 400 meter centers on the west edge of the Plateau Target.
Drilling on the Plateau Target will continue as the newly discovered uranium mineralization is outlined. To date, Urex has completed 82 drill holes totaling 6494 meters of drilling at Cerro Solo since February 2008 on five target areas.
All of the drill holes on the Company’s uranium properties in Argentina are logged with a down-the-hole Calibrated BGR-01 4-Channel Gamma Probe operated by in-house technicians. The BGR-01 4 Channel Gamma Probe was calibrated in February 2008 at the Canadian government calibration site at Fredericton, New Brunswick under the supervision of the manufacturer.
Additionally, Mr. Gerald Aberle, mining engineer, has been contracted to advise the Company on a potential development plan. Mr. Aberle has more than 27 years of experience in the mining industry; spending 22 years with Homestake Mining Company specializing in underground mine design and mechanized cut and fill mining. Mr. Aberle stated, “I am excited about the opportunity to evaluate Urex’s Cerro Solo properties”.
“The Company believes that the current drill hole at Cerro Solo is proof of concept that Comision Nacional de Energia Atomica’s (CNEA) exploration activities in the 1970’s & 80’s did not discover all the uranium in the District. We further believe that the Cerro Solo area has remarkable similarities to the Grants Uranium District of New Mexico, which is the largest historic uranium producing district in the United States,” stated Richard Bachman, President of Urex.
About Urex Energy Corporation
Urex Energy Corp. is focused on actively exploring and developing uranium properties in Argentina and New Mexico. Urex owns a 99.8% interest in the Rio Chubut property comprised of 170,000 hectares of land which is adjacent to the Cerro Solo Uranium deposit located in Chubut Province within Patagonia of southern Argentina. The Cerro Solo exploration block is approximately 20 km x 50 km, and borders the Cerro Solo Uranium deposit to both the North and the South.
Urex also owns a 100% interest in the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico. The La Jara Mesa Extension property lies adjacent to Laramide Resources Ltd.'s La Jara Mesa and Melrich uranium deposits.
Between 1950 and 1978 the Grants Mining District produced 270 million pounds of uranium oxide which ranks it as the most prolific uranium district in the United States.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that: (1) Urex reports that the Company has discovered a new zone of uranium mineralization on the Company’s Cerro Solo Plateau Target in Argentina in Argentina; (2) drilling on the Plateau Target will continue as the newly discovered uranium mineralization is outlined; (3) company believes that the current drill hole at Cerro Solo is proof of concept that Comision Nacional de Energia Atomica’s (CNEA) exploration activities in the 1970’s & 80’s did not discover all the uranium in the District. We further believe that the Cerro Solo area has remarkable similarities to the Grants Uranium District of New Mexico, which is the largest historic uranium producing district in the United States; and (4) Urex Energy Corp. is focused on actively exploring and developing uranium properties in Argentina and New Mexico.
It is important to note that actual outcomes and Urex’s actual results could differ materially from those in such forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (1) Urex’s ability to obtain funding and maintain adequate working capital requirements to engage contractors and equipment to complete planned exploratory programs; (2) the ability of contractors to complete planned exploratory and drilling programs according to scheduled timelines; (3) the ability of Urex and its contractors to cope with labor shortages, equipment malfunctions, adverse weather conditions and to obtain necessary permits and approvals; (4) changes in operating costs, economic conditions and conditions in the precious metals industry; (5) litigation, legislation, environmental, judicial, regulatory, political and competitive developments in areas in which Urex operates; (6) reliance on drill test results, which may not be indicative of actual mineralization; and (7) reserves, results of exploration, capital costs, drilling programs and mine production costs differing from Urex’s forecasts and/or expectations. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov.
Urex Energy Corporation
Mr. Al Kau, Investor Relations
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