Uranium Energy Corp reports that it has completed its acquisition of South Texas Mining.

The assets of STMV include: the fully licensed and permitted Hobson ISR Processing Plant (“Hobson”); the La Palangana Uranium project (“Palangana”), which is at an advanced stage of permitting; a portfolio of exploration-stage properties located in South Texas; and significant data files that document decades of South Texas-focused uranium exploration and mining. The Hobson facility is expected to form the basis of a new regional operating strategy for the Company’s projects in South Texas. The Company anticipates that its Goliad, Nichols and Palangana projects will now become satellite ISR operations with loaded resins being transported to Hobson for further processing into dried U(3)O8.

President and CEO of the Company, Amir Adnani states:

“Management is very pleased to complete the acquisition of these assets. The Company’s focus now is the initial in-situ recovery of uranium and the start of production cash flow in 2010. The licensed Hobson facility shortens this runway. Likewise, the Palangana project is close to the completion of permitting, and joins our Goliad project as additional near-term production potential. The Company is acting to build a base for long-term growth in South Texas.”

For full details of this press release, click this link.

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