Urex Energy Announces On-Going Development Activities in the Grants Uranium District
RENO, Nev., Dec 12, 2006 (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.
SOURCE: Urex Energy Corp.
CONTACT: Urex Energy Corp.
Mr. Brad Long, Investor Relations
Toll Free: 866-493-(URXE) 8793
info@urexenergy.com
www.urexenergy.com
Copyright Business Wire 2006