Urex Energy Corporation (the "Company or "Urex) (OTCBB: URXE) reports that New-Sense Geophysics Ltd. has completed 50% of a fixed wing aeromagnetic/radiometric survey over Urex's Argentine properties within the Cerro Solo claim block.
Field geologic teams in December visited Urex's Cerro Solo claim group to ground truth uranium anomalies identified by the airborne survey. The ground truthing process consists of the physical examination of rock outcrops and soils by geologists with a Gamma ray detecting instrument called a scintilometer or spectrometer. A scintilometer measures only total Gamma ray counts (radioactivity) whereas a Gamma ray spectrometer distinguishes Gamma radiation from specific elemental sources like uranium, thorium, and potassium. Field examinations confirm that the airborne defined uranium anomalies correlate to radioactive rock outcrops that measured up to 65,000 counts-per-second with a peak value of 12,490 parts per million uranium or 1.47 wt. % U3O8 as measured on a hand held Super Spec RS 125 Spectrometer manufactured by Radiation Solutions Inc. Uranium/Thorium ratio averages 11 to 1 for the rocks measured.
Conglomerate and sandstone rock samples taken from outcrops have been sent to American Assay Laboratories Inc. of Sparks, Nevada, for analysis of uranium and other elements using XRF method (X-ray fluorescence). All chemical assay results are pending.
Field mapping and ground truthing continues on the Company's Cerro Solo area claims in preparation for a drilling program which is expected to start in February given drill rig availability.
Readers are cautioned that uranium assay results measured with a hand held Gamma ray spectrometer are only indicative of anomalous uranium content. Chemical assays are more reliable and should be used when evaluating rocks for the content of uranium.
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) field mapping and ground truthing continues on the Company's Cerro Solo area claims in preparation for a drilling program which is expected to start in February given drill rig availability; (2) Urex Energy Corp. is focused on actively exploring and developing uranium properties in Argentina and New Mexico.
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, 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; and (6) 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.
