Urex Energy Corp., a natural resource exploration and development company, explores and develops properties containing uranium minerals. URXE has acquired 100% of the mineral rights to two mineral uranium properties: the Rio Chubut Property, located in southern Ar-gentina, and the La Jara Mesa Property, located in Cibola County, New Mexico. These assets are surrounded by prospective mineral deposits that have been shown to contain large, undeveloped uranium reserves.
The company owns a 100% interest in the Rio Chubut property, which contains 170,000 hectares of land. As of September 2008, URXE completed 88 drill holes (7,624 meters of drilling) on first pass drill testing on five uranium targets and encountered uranium mineralization in all target areas. The Cerro Solo deposit, which was explored by Argentina’s atomic energy commission (CNEA) in the 1970s, holds an estimated recoverable resource of 10 million pounds of uranium oxide (U3O8).
URXE also owns a 100% interest in the La Jara Mesa Extension uranium property. This property is within economic haul distances of the La Jara Mesa and Melrich uranium deposit, which contains indicated uranium oxide resources of 7,250,000 pounds and inferred resources of 3,172,000 pounds. Between 1950 and 1978, the Grants Mining District produced 350 million pounds of uranium oxide, ranking this as the most prolific uranium district in the United States.
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