URXE News Urex Energy Announces On-Going Development Activities in the Grants Uranium District
RENO, Nev.--(BUSINESS WIRE)--Urex Energy Corporation (the “Company”
or “Urex”) (OTCBB:
URXE) reports that it has signed a confidentiality agreement (CA)
with a private group that controls certain mining claims that lie
adjacent to the Mt. Taylor uranium mine located in the Grant Mining
District, New Mexico. The CA allows Urex geologists to review technical
data with respect to the claims including maps, cross-sections, drill
logs, and down-the-hole gamma logs.
The Mt. Taylor uranium mine, which is currently owned by Rio Grande
Resources Corporation, is located in northwestern New Mexico in the
Grants Mineral Belt. Uranium was discovered in the Mt. Taylor area in
1968 and delineation drilling identified an ore trend extending nearly 6
miles (10 km). Chevron Corporation began commercial production at Mt.
Taylor in 1986, initially shipping the ore to Chevron’s
Panna Maria mill in south Texas for processing. More than 8 million
pounds U3O8 (3,080 mtU) were produced from the Mt. Taylor mine before
the mine was placed on standby in 1989.
Uranium mineralization in the Mt. Taylor deposit occurs within the
Westwater Canyon sandstone of the Jurassic age Morrison Formation and is
similar in form to trend-type deposits in the Ambrosia Lake uranium
district. The deposit occurs at 3,000 feet (900 m) below the surface.
Coffinite is the primary uranium mineral. Ore grades range from 0.15% to
over 2.0% U3O8, and averaged 0.5% U3O8 during the production period. The
Mt. Taylor mine contains an in-place resource of over 100 million pounds
U3O8 (38,500 mtU).
The Company continues to seek opportunities within the Grants District
with the objective to become a uranium producer. Urex is currently
preparing to drill test its La Jara Mesa Extension uranium property
located 4 miles west-southwest of the Mt. Taylor Mine.
For more information please visit the Company's website located at www.urexenergy.com.
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
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.
