08.11.2007 15:10
Urex Energy Corporation Starts Exploration in Argentina
Urex Energy (Nachrichten) Corporation (the “Company“ or “Urex“) (OTCBB:URXE) reports that it has obtained exploration permits from mining officials in Argentina and has started its uranium exploratory program. The program is intended to include airborne geophysics, ground geologic mapping and prospecting, and drilling.
The Company is in the process of securing a drill rig to implement a proposed Cerro Solo Extension drilling program designed to drill test for extensions of known uranium mineralization adjacent to and on trend with the Cerro Solo uranium deposit. Environmental permitting is complete with final land access agreements nearly complete. Drilling is expected to start in January 2008, but the final start date will depend on drill rig availability.
The Company has contracted with New-Sense Geophysics Ltd. of Thornhill, Ontario, Canada, to complete a fixed wing aeromagnetic/radiometric survey over its Argentine properties. The survey will start in early November 2007 and is expected to be completed within about four weeks. The geophysical survey is designed to identify fault structures and surface uranium anomalies across the Company's 170,000-hectare land position. The last airborne geophysical survey flown in the region was completed in 1978 before the use of GPS (Global Positioning Systems) and therefore lacked precise geographic control. The Company's geologists believe that the current state-of-the-art airborne system will provide new understanding of uranium occurrences within the Chubut Basin and will accelerant target definition.
A comprehensive field program is planned to follow the airborne survey and is designed to characterize uranium anomalies in preparation for drill testing. Urex is fielding a young, energetic team of geologic professionals who will conduct the field program guided by South American Manager Oscar Yokoi and Brian Cole, Urex's Professional Geologist.
Management believes in the technical viability of the project and robustness of Argentina for new uranium discoveries. The Cerro Solo project area represents a small fraction of the total property holdings controlled by Urex in Argentina.
In New Mexico, the Company's La Mesa Extension Uranium Project is awaiting approval of an exploration permit that will allow the commencement of Phase I drilling. Meetings with the relevant agencies have identified issues raised by interested third parties. The Company is confident that it will be successful in obtaining permission to start its exploration program. Currently, USFS (United States Forest Service) is conducting consultation with local Indian Tribes with the expectation to complete that process by March 2008.
For more information, please visit the Company's website located at www.urexenergy.com.
About Urex Energy Corporation
Urex 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 news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that: (1) the program is intended to include airborne geophysics, ground geologic mapping and drilling; (2) the Company is in the process of securing a drill rig to implement a proposed Cerro Solo Extension drilling program designed to drill test for extensions of known uranium mineralization adjacent to and on trend with the Cerro Solo uranium deposit; (3) drilling is expected to start in January 2008, but the final start date will depend on drill rig availability; (4) the survey will start in early November 2007 and is expected to be completed within a bout three weeks; (5) the Company's geologists believe that the current state-of-the-art airborne system will provide new understanding of uranium occurrences with the Chubut Basin and will accelerate target definition; (6) a comprehensive field program is planned to follow the airborne survey and is designed to characterize uranium anomalies in preparation for drill testing; (7) management believes in the technical viability of the project and robustness of Argentina for new uranium discoveries; and (8) the company is confident that it will be successful in obtaining permission to start its exploration program. It is important to note that actual outcomes and Urex's actual results could differ materially from those in such forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (1) Urex's ability to obtain funding and maintain adequate working capital requirements to engage contractors and equipment to complete planned exploratory programs; (2) the ability of contractors to complete planned exploratory programs according to scheduled timelines; (3) the ability of Urex and its contractors to cope with labor shortages, equipment malfunctions, adverse weather conditions and to obtain necessary permits and approvals; (4) changes in operating costs industry; (5) litigation, legislation, environmental, judicial, regulatory, political and competitive developments in areas in which Urex operates; and (6) reserves, results of exploration, capital costs, drilling programs and mine production costs differing from Urex's forecasts and/or expectations. Readers should also refer to the risk disclosures outlined in Urex's quarterly reports on Form 10-QSB, annual reports on Form 10-KSB and Urex's other disclosure documents filed from time to time with the Securities and Exchange Commission.
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