URXE News Urex Energy Reports on Latest Advances at La Jara Mesa Uranium Prospect
RENO, Nev.--(BUSINESS WIRE)--Urex Energy Corporation (the “Company”
or “Urex”)
(OTCBB:URXE) is making significant progress towards the exploration
of its La Jara Mesa uranium prospect in the Grants Mining District of
New Mexico. Urex Energy’s claims straddle the
uranium deposits of La Jara Mesa and Melrich in the Grants Mining
District, the most prolific uranium-producing district in the United
States.
Thus far, Urex has made advances laying the groundwork for exploration
of its highly promising La Jara Mesa project and expects to begin a
drill testing program early in the New Year due to the upcoming holiday
season. The permitting process for the drill testing is nearing
completion. The Company engaged Lone Mountain Archaeological Services to
prepare an archeological survey of its 21 drill sites to screen for
cultural resources - one of the final steps required for permit
approval. The field work has been completed and the report has been
prepared and submitted. Urex has contracted with Gochnour & Associates
to direct and streamline the process, leveraging Mr. Gochnour’s
25+ years of exploration, development and mine permitting experience.
Urex is also working on identifying potential uranium resource
opportunities in the Grants Mining District. The Company completed a
comprehensive district-wide geological evaluation which projected
mineralization trends into new areas based on historical data. Urex's
technical team has developed a new uranium mineralization model for the
area which will play an integral role in its ongoing acquisition program.
Urex Energy is highly encouraged by the increasing demand for uranium in
nuclear power generation and its effect on prices. The price of uranium
has risen exponentially in the last six years, surging from $7.10 in
2000 to today’s spot price of $63 per pound.
Global warming, significant increases in the cost of producing
electricity due to escalating fossil fuel prices and concerns over
energy supply security are increasing international interest in and
utilization of nuclear power, bringing demand for uranium to new levels.
The United States and international nuclear agencies report that more
than 50 nuclear plants are planned or under construction in twelve
countries. On October 30, 2006 uranium oxide spot prices broke through
the $60 per pound level for the first time in the spot market’s
38-year history. The month-end spot price as of November 27, 2006 is
$63.00.
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. For more information
please visit the Company's website located at www.urexenergy.com.
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
press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future, including any
statements that Urex may or will discover uranium deposits through its
exploration activities. Actual results relating to, among other things,
reserves, results of exploration, capital costs, drilling programs and
mine production costs could differ materially from those currently
anticipated in such forward-looking statements. Factors affecting
forward-looking statements include: the speculative nature of mining
exploration and development activities; changes in ore reserve
estimates; the productivity of Urex's mining properties; changes in the
operating costs; changes in economic conditions and conditions in the
precious metals, especially uranium, changes in the demand for precious
metals, including uranium, foreign exchange and other financial markets;
changes in the prices for uranium, precious metals or other minerals
Urex develops or produces; changes in investment and exploration
expenditure levels; litigation; legislation; environmental, judicial,
regulatory, political and competitive developments in areas in which
Urex operates; technological, mechanical and operational difficulties
encountered in connection with Urex's mining activities; and labour
relation matters and costs. You should refer to the risk disclosures set
out in Urex’s periodic reports filed from
time-to-time with the Securities and Exchange Commission and available
at www.sec.gov.
