News Out:
Updated:2007-03-13 16:40:45
Urex Energy Provides Update on Exploration Activities
BUSINESS WIRE
RENO, Nev.--(BUSINESS WIRE)----Urex Energy Corporation (the "Company" or "Urex") (OTCBB: URXE) reports that it has been delayed in obtaining exploration drilling permits on its projects in New Mexico and Argentina.
The proposed drilling program on the Rio Chubut Uranium Project, located in central Chubut Province, Argentina, is designed to drill test for extensions of known uranium mineralization adjacent to and on trend with the Cero Solo uranium deposit. Environmental permitting started on the project in September 2006 with the objective of obtaining the necessary permits to initiate the drilling program. To date, progress has been made with the relevant regulatory agencies; however, final approval of the drilling permit has not been received as of yet. Urex believes that it will receive the drilling permit, but it is not certain of the precise timing of that approval.
Management visited the Rio Chubut Project site in mid-December 2006 and remains convinced of technical viability of the project and robustness of Argentina for new uranium discoveries. The Rio Chubut Project area represents a small fraction of the total property holdings of Urex in Argentina. The Company continues to implement a larger regional exploration program outside the Cerro Solo area.
In New Mexico, the Company's La Mesa Extension Uranium Project is also waiting approval of an exploration permit that will allow the start of Phase 1 drilling. Meetings with the relevant agencies have been set to discuss issues raise by interested third parties. The Company is confident that it will be successful in obtaining permission to start its exploration program, but as with Argentina it is uncertain when that approval will be granted.
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,
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