Urex Announces Plans for Continued Exploration on Argentine Uranium Projects.
Three project areas are slated for continued exploration in 2009; 1) Plateau, 2) Cerro Solo South, and 3) Carbon. In all areas uranium mineralization is hosted in flat lying sandstone and conglomerate of the Cretaceous Los Adobes Formation, which is the geologic host for the Comision Nacional de Energia Atomica's (CNEA) Cerro Solo uranium deposit. Urex's mineral properties surround the Cerro Solo deposit on three sides and provide sufficient room for the Company's exploration program and for the expanding uranium mineralization discovered in 2008.
Twenty-two drill holes were completed in the Plateau area yielding a peak uranium value of 10.0 lbs of eU3O8 per ton (0.42 eU%) which occurs within an intercept of 2.24 meters grading 3.18 lbs eU3O8 per ton (0.13 eU%). The Plateau area lies 1.5 kilometers west of the CNEA's Cerro Solo Deposit.
Seventeen drill holes were completed in the Cerro Solo South (CSS) with a peak uranium value of 10.0 lbs of eU3O8 per ton (0.42 eU%) intersected. CSS lies on southwest edge of CNEA's Cerro Solo Deposit.
Thirty-seven drill holes were drilled in the Carbon area identifying thick zones of anomalous uranium mineralization related to high concentrations of organic carbon in the Los Adobes Formation. Drill hole RC08037r returned a peak uranium value of 5.74 lbs/ton eU3O8. The Carbon area lies 3 kilometers east of CNEA's Cerro Solo Deposit.
The Company's operations will continue to be managed out of the town of Passo de Indios which is located 60 kilometers from the Cerro Solo project site.
To date, Urex has completed 82 drill holes totaling 6494 meters of drilling in the Cerro Solo area since February 2008.
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 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) Urex reports that a follow-up exploration program is planned on projects where new uranium mineralization was discovered in 2008 on the Company's Cerro Solo area properties in Argentina; (2) Three project areas are slated for continued exploration in 2009; (3) In all areas uranium mineralization is hosted in flat lying sandstone and conglomerate of the Cretaceous Los Adobes Formation, which is the geologic host for Comision Nacional de Energia Atomica's (CNEA) Cerro Solo uranium deposit; and (4) Urex's mineral properties surround the Cerro Solo deposit on three sides and provide sufficient room for Company's exploration program and expanding uranium mineralization discovered in 2008.
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 and drilling 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, economic conditions and conditions in the precious metals industry; (5) litigation, legislation, environmental, judicial, regulatory, political and competitive developments in areas in which Urex operates; (6) reliance on drill test results, which may not be indicative of actual mineralization; and (7) reserves, results of exploration, capital costs, drilling programs and mine production costs differing from Urex's forecasts and/or expectations. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov.
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|Date:||Jan 14, 2009|
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