Energy Fuels Announces Creation of Joint Venture to Advance Copper King Project
June 17 2014 - 7:15PM
Marketwired
Energy Fuels Announces Creation of Joint Venture to Advance Copper
King Project
TORONTO, ONTARIO and LAKEWOOD, COLORADO--(Marketwired - Jun 17,
2014) - Energy Fuels Inc. (TSX:EFR)(NYSEMKT:UUUU) ("Energy Fuels"
or the "Company") is pleased to announce that its wholly-owned
subsidiary, Wyoming Gold Mining Company, Inc., has entered into a
definitive agreement that will create a strategic joint venture for
the purpose of facilitating the future development or sale of the
Company's Copper King gold/copper project (the "Project"). Upon
completion of the transaction, which is expected to occur on or
before July 2, 2014, Energy Fuels will contribute the Project to CK
Mining Corp., a newly-formed private company. As consideration, the
Company will receive a combination of cash and newly issued common
stock of CK Mining Corp., representing fifty percent (50%) of its
issued and outstanding shares after giving effect to such issuance.
The remaining interest in CK Mining Corp. will be held by a private
investor group with extensive experience in developing gold
projects and building mining companies. Completion of the
transaction is subject to regulatory approvals.
The Company obtained the Copper King Project as a part of its
August 2013 acquisition of Strathmore Minerals Corp.
("Strathmore"), which is now a wholly-owned subsidiary of Energy
Fuels. While gold and copper are not a core part of the Company's
uranium business, the Company desires to retain a substantial
interest in the Project in order to realize the significant
expected benefits of its future development or sale.
The Copper King Project is located in the Silver Crown Mining
District of southeast Wyoming, approximately 20 miles west of the
city of Cheyenne. According to an August 24, 2012 updated technical
report, prepared in accordance with National Instrument 43-101, and
which can be found under Strathmore's profile on SEDAR, the Copper
King Project contains 59.75 million tons of measured and indicated
mineral resources with average grades of 0.015 ounces/ton Au and
0.187% Cu, containing approximately 926,000 ounces of gold and 223
million pounds of copper. In addition, the Project contains
approximately 15.62 million tons of inferred mineral resources with
average grades of 0.011 ounces/ton Au and 0.20% Cu, containing
174,000 ounces of gold and 63 million pounds of copper.
Stephen P. Antony, President and CEO of Energy Fuels stated:
"Energy Fuels is continuing our asset rationalization efforts,
which includes maximizing the value of our existing assets. The
Copper King Project is a highly prospective gold and silver project
in Wyoming, a state that welcomes mining and has a highly
experienced workforce. We felt the ideal way for Energy Fuels to
maximize the expected benefits of the Copper King Project was to
enter into a strategic venture with our new business partners. We
are excited to continue our involvement in this excellent project
and expect to continue our asset rationalization and cost-saving
efforts."
Stephen P. Antony, P.E., President & CEO of Energy
Fuels, is a Qualified Person as defined by National
Instrument 43-101 and has reviewed and approved the technical
disclosure contained in this news release.
About Energy Fuels: Energy Fuels is currently
America's largest conventional uranium producer, supplying
approximately 25% of the uranium produced in the U.S. in 2013.
Energy Fuels operates the White Mesa Mill, which is the only
conventional uranium mill currently operating in the U.S. The mill
is capable of processing 2,000 tons per day of uranium ore and has
a licensed capacity of over 8 million lbs. of
U3O8. Energy Fuels has projects
located in a number of Western U.S. states, including a producing
mine, mines on standby, and mineral properties in various stages of
permitting and development. The Company's common shares are listed
on the Toronto Stock Exchange under the trading symbol "EFR", and
on the NYSEMKT under the trading symbol "UUUU".
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain "Forward Looking
Information" and "Forward Looking Statements" within the meaning of
applicable Canadian and United States securities legislation, which
may include, but is not limited to, statements with respect to the
expected closing of the sale of the Copper King Project, the
mineral resource estimates of the Copper King Project, and the
ability to realize the expected benefits of retaining an interest
in CK Mining Corp. Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as
"plans", "expects" "does not expect", "is expected", "is likely",
"budget" "scheduled", "estimates", "forecasts", "intends",
"anticipates", "does not anticipate", or "believes", or variations
of such words and phrases, or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken",
"occur", "be achieved" or "have the potential to". All statements,
other than statements of historical fact, herein are considered to
be forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements express or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from those anticipated in these
forward-looking statements include: risks associated with not
closing the sale, including failure to obtain all required
regulatory approvals, and the other factors described under the
caption "Risk Factors" in the Company's Annual Information Form
dated March 26, 2014, which is available for review on SEDAR
at www.sedar.com, and in its Form 40-F, which is
available for review on EDGAR at www.sec.gov/edgar.shtml.
Forward-looking statements contained herein are made as of the date
of this news release, and the Company disclaims, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Energy Fuels Inc.Curtis H. MooreInvestor Relations(303) 974-2140
or Toll free:
1-888-864-2125investorinfo@energyfuels.comwww.energyfuels.com
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