Uranium Power Corp. (TSX-V: UPC) is a publicly traded Canadian exploration company focused on exploring and developing uranium properties with the potential to host world class, economic deposits.Uranium PowerCorp.has acquired a 50% interest in Sheep Mountain uranium mines and properties held by US Energy Corp. (USEG – Nasdaq: SC) in the Crooks Gap Mining District in south-central Fremont County, Wyoming. USEG has announced (February 14, 2007) that it has signed a definitive agreement to sell all of its uranium assets to sxr Uranium One (SXR – TSX).
The Sheep Mountain uranium mines located in south-central Wyoming were originally developed in the 1970’s. They were acquired by USECC from Western Nuclear, Inc., a subsidiary of Phelps Dodge Corporation in 1987. According to a 1980 report by S.G. Douglas of Western Nuclear, fourteen mining areas, including both underground and open pit operations have been operative in the past at Sheep Mountain. From pre-1969 through 1980, records show 5,063,813 tons of ore have been mined and milled, yielding 17,385,116 pounds of uranium at an average grade of 0.17% U308. In excess of $25 million has been spent on Sheep Mountain exploration, development and production. The mining operations on Sheep Mountain were suspended in 1981 and have been on a standby maintenance basis since that time, except for a short period of production in 1988 by USECC.
The Sheep Mountain mine has a NI 43-101 compliant Inferred Resource of 15.6 million pounds U3O8 (4,560,000 tons at an average grade of 0.17% eU3O8). The mine is fully licenced and permitted, and can be brought back into production at an early date.
Sheep Mountain is bonded and fully licensed for further development.
