Uranium Energy Corp has announced the completion of its acquisition of the Workman Creek uranium project, previously announced on 8 November, 2011, from Cooper Minerals, Inc.
"The Workman Creek Project represents the company's fourth project in pro-business and mining-friendly Arizona,” said President and CEO Amir Adnani. “This acquisition further demonstrates management's commitment to expanding and diversifying our project portfolio at a viable cost for long-term growth."
Located in Gila County, Arizona, 85 miles northeast of Phoenix, the Workman Creek Project consists of 176 unpatented lode mining claims covering 3,520 acres. The current claim configuration being acquired by the company represents the Workman Creek North and South project areas originally held and developed by Wyoming Minerals Corp (WMC), a subsidiary of Westinghouse, in the 1970s and 1980s.
Major work conducted by WMC includes the drilling of over 400 exploration and development holes, geological mapping, regional and detailed geochemical studies, petrographic studies, mineralogical paragenetic studies, geophysical surveys and metallurgical studies, all of which culminated in a positive feasibility study prepared by Dravo Engineers in 1980.
Based on favorable economics indicated in the Dravo Engineers feasibility study, detailed designs for open pit and underground mining were developed, coupled with a conventional acid leach, solvent extraction and ammonia precipitation process. Metallurgical leaching studies indicated that uranium recovery was in the neighborhood of 94 percent.
This work has been further supported by work performed by Mountain States Research and Development of Tucson, Arizona, and the Colorado School of Mines Research Institute of Golden, Colorado. However, these historical studies pre-date NI 43-101 and should not be treated as current.
Uranium Energy Corp has obtained all historic and recent data, which is currently being evaluated by company geologists.
