Uranium Energy Corp. announced that its partner on the New Mexico Uranium mine has exercised its option to begin drilling at two areas at the site. Uram Limited has filed for exploration permits with the regulatory authorities on the Grants Ridge Uranium Project located 70 miles west of Albuquerque.

Uranium Energy Corp. is targeting the Armijo and F33 zones, two areas that have produced Uranium previously. Uram Limited is obligated to pay for the exploration and development of the mines up to the completion of a feasibility study.

The Grants Ridge Project is 5,620 acres in size and is targeting the Todlito Limestone. The project is in the Grants Mineral Belt, a prolific region that produced 340 million pounds of Uranium in the early 1980’s.

Uranium Energy Corp. has 31 properties in six states in the Western United States. Its lead project is the Goliad ISR Uranium Project located in South Texas. The company is in the final stage of permitting this project.