Haywood Securities Increases UEC Target Price: US$4.30
October 23, 2009
Dear Shareholder:
Uranium analyst Geordie Mark, Ph.D, with Haywood Securities, issued an updated Research Note on Uranium Energy Corp (NYSE-AMEX: UEC) on Friday, October 16th, expressing his view of the Company’s announced agreement with Uranium One and Everest Exploration to acquire the Hobson ISR uranium processing plant, the advanced Palangana ISR Uranium Project and five exploration properties, all in South Texas within the vicinity of the rest of the Company’s operations. Haywood Securities is one of Canada’s largest and most respected securities dealers.
Dr. Mark stated:
“Rating: SECTOR OUTPERFORM; 12-Month Target: (+0.70) US$4.30...
“Impact – Positive: We believe that the acquisition is accretive for UEC as the Company (upon acquisition completion) will own the permitted Hobson ISR plant ( 1M lb U3O8 Yr 1, upgradable to 2 M lb U3O8 Yr) and uranium resources in the La Palangana Project ( mine unit 1 has been permitted). Acquisition reduces permitting risk and sole reliance on production from Goliad Project, and we anticipate that production will be initiated at La Palangana in late Q3’10, and Goliad in late Q4’10.”
“We project that Uranium Energy will be the next ISR uranium producer in the USA. Given the aforementioned acquisition, we believe that UEC is likely to be positioned as the only neoproducer extracting uranium from two separate satellite facilities within the next 18 months (Palangana Q3’10 & Goliad ~Q4’10), which would provide the Company with dual production centers and lower exposure to production risk”
“Consequently, we believe that Uranium Energy provides the investor with near term, permitted production visibility in the USA, together with revenue generation from low-cost operations with potential for production growth.”
Please feel free to give us a call at 1-866-748-1030 if you have questions.
Thank you,
Uranium Energy Corp
Highlights of Uranium Energy Corp as an investment opportunity:
Poised to become one of the few, new uranium producers in the world
$23M cash on hand, funded to develop and construct our key projects
In-situ recovery, or solution mining, is very low-cost exploration and production
Fast-track permitting process in Texas
Final draft permit and final draft production area authorization issued for Goliad ISR project
Technical team involved with 35 ISR projects in the US
Last major ISR project put into production (in 2005) by UEC team in Texas
‘Security of supply’ premium with all projects in the U.S.
For further information about Uranium Energy Corp (NYSE - AMEX: UEC), please click: www.uraniumenergy.com or call 1.866.748.1030
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