Westwater Resources, Inc. – (NASDAQ:WWR) a
diversified and growing developer of energy minerals and materials,
is pleased to announce the completion of a Technical Report on its
Ambrosia Lake Uranium Project, which is located in McKinley County
in the State of New Mexico. The Technical Report is available on
the Company’s website: www.WestwaterResources.net, under
Projects/Uranium/New Mexico/Ambrosia Lake.
The Ambrosia Lake Uranium Project, which covers
an area of approximately 24,555 acres (9,941 hectares) of
Company-owned deeded mineral rights, is situated approximately 70
miles (112 kilometers) west of Albuquerque and 20 miles (32
kilometers) north of the town of Grants. The project area covers a
significant part of the now-inactive Ambrosia Lake mining district,
which has historically been the largest single source of uranium
production in the United States.
Chris Jones, Westwater Resources’ President and
Chief Executive Officer said “This study, and the resulting report,
has firmed up our uranium resource base in the important Grants
Mineral Belt. Importantly, much of the information came from our
extensive database of uranium-related information through the hard
work and expertise of our staff.”
The Technical Report, which follows the style
and format of a Canadian National Instrument 43-101 report, is
based upon an internal review, evaluation, compilation and
assessment of published information and extensive detailed drill
hole data, maps and other reports that are part of the Company’s
extensive data set for the Ambrosia Lake district. The Ambrosia
Lake Uranium Project is located within the Grants Mineral Belt,
which is one of the largest concentrations of sandstone-hosted
uranium deposits in the world. The data that is held within
Westwater’s files documents the exploration, definition and
operational results of numerous mining companies that operated
projects and uranium mines on the Company’s properties, including
Homestake Mining Company, Kerr McGee Nuclear, Pathfinder Mines,
Ranchers Exploration and Development, Teton Exploration, and United
Nuclear Corporation. WWR’s database is one of the most extensive
collections of information on the Ambrosia Lake uranium
deposits.
The Ambrosia Lake Uranium Project Technical
Report concludes that the project is of merit and is worthy of
additional work to advance it to the next stage of technical
evaluation. Three distinct uranium deposit targets, Mesa Redonda,
Section 23 and Section 27, have been identified within the
Company’s properties. These mineralized zones were estimated by the
historical operators and qualified industry consulting geologists
to contain approximately 6.81 million pounds of U3O8. These
historical estimates of in-place mineralization, which are not
compliant with either the CIM or JORC codes for mineral resources
and do not constitute proven or probable reserves under the SEC’s
Industry Guide 7, are considered to be representative of the
magnitude and intensity of the mineralized zones at these three
target areas. The report also sets forth a series of
recommendations for work programs for each target area, in order to
verify the historical information relating to the estimates of
mineralization and to test for possible expansions of these
targets.
The Ambrosia Lake Uranium Project Technical
Report is a continuation of Westwater’s on-going efforts to
evaluate the mineral resource potential of approximately 188,700
acres (72,843 hectares) of mineral rights that the Company holds
within the prolific Grants Mineral Belt of west-central New Mexico.
The Ambrosia Lake Uranium Project Technical Report is the third in
a series of formal technical assessments and follows the Technical
Reports on Mineral Resources for the Cebolleta and Juan Tafoya
projects that were made available in 2014.
About Westwater Resources
Westwater Resources (the “Company” or “WWR”),
formerly known as Uranium Resources, Inc., is focused upon the
development of energy-related minerals and materials. The Company
holds significant land positions within three prospective lithium
brine-bearing basins in Nevada and Utah, in preparation for
exploration and potential development of lithium resources that may
be discovered on the properties. Additionally, WWR remains focused
on the advancement of its Temrezli in-situ recovery (ISR) uranium
project located in central Turkey, when uranium prices permit
economic development of the project. The Company controls extensive
exploration properties in Turkey under eight exploration and
operating licenses, covering approximately 38,000 acres (over
16,000 hectares) containing numerous exploration targets, including
the potential satellite Sefaatli Project, which is located 30 miles
(48 kilometers) southwest of the Temrezli Project. In south Texas
the Company has two licensed and currently idled uranium processing
facilities and approximately 11,000 acres (4,400 hectares) of
prospective ISR uranium projects. WWR holds approximately 188,700
acres (76,394 hectares) of mineral rights in the prolific Grants
Mineral Belt of west-central New Mexico, which is one of the
largest concentrations of sandstone-hosted uranium deposits in the
world. The Company, which was incorporated in 1977, owns an
extensive technical information data set of historic drill hole
geophysical logs, assay certificates, maps and technical reports
for the Grants Mineral belt and numerous other uranium properties
throughout the western United States.
On December 13, 2017 WWR announced that it had
entered into a definitive agreement to acquire Alabama Graphite
Corp. (AGC) (TSX-V:CSPG) (OTCQB:CSPGF) pursuant to an arrangement
agreement and plan of arrangement. The primary asset of AGC is the
Coosa Graphite Project, located on 41,900 acres (16,956 hectares)
in east-central Alabama. Finalization of the acquisition is subject
to shareholder votes, as well as customary regulatory agency and
court approvals. Closing of the acquisition is targeted for April
20, 2018.
Cautionary Statement
This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are subject to
risks, uncertainties and assumptions and are identified by words
such as “expects”, “estimates”, “projects”, “anticipates”,
“believes”, “could” and other similar words. All statements
addressing events or developments that WWR expects or anticipates
will occur in the future, including but not limited to statements
relating to developments at the Company’s projects, including the
potential for future exploration, development or production at the
Ambrosia Lake Uranium Project, are forward-looking statements.
Because they are forward-looking, they should be evaluated in light
of important risk factors and uncertainties. These risk factors and
uncertainties include, but are not limited to, (a) the Company’s
ability to close the transaction with AGC and successfully
integrate AGC’s business into its own; (b) the Company’s ability to
raise additional capital in the future; (c) the spot price and
long-term contract prices of graphite, uranium and lithium; (d)
risks associated with our foreign and domestic operations; (e)
operating conditions at the Company’s projects; (f) government and
tribal regulation of the graphite industry, uranium industry,
lithium industry and the power industry; (g) world-wide graphite,
uranium and lithium supply and demand, including the supply and
demand for lithium-based batteries; (h) maintaining sufficient
financial assurance in the form of sufficiently collateralized
surety instruments; (i) unanticipated geological, processing,
regulatory and legal or other problems the Company may encounter in
the jurisdictions where the Company operates or intends to operate,
including Alabama, Nevada, New Mexico, Texas, Utah and the Republic
of Turkey; (j) the ability of the Company to enter into and
successfully close acquisitions or other material transactions; (k)
the results of the Company’s lithium brine exploration activities
at the Columbus Basin, Railroad Valley and Sal Rica projects, and
the possibility that future exploration results may be materially
less promising that initial exploration results; (l) any graphite,
lithium or uranium discoveries not being in high enough
concentrations to make it economic to extract the metals or
materials; and (m) other factors which are more fully described in
the Company’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, and other filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize or should any of the Company’s underlying assumptions
prove incorrect, actual results may vary materially from those
currently anticipated. In addition, undue reliance should not be
placed on the Company’s forward-looking statements. Except as
required by law, the Company disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this news release.
Cautionary Note Regarding References to
Resources
Mineral resources which are not mineral reserves
do not have demonstrated economic viability, and investors are
cautioned not to assume that all or any part of a mineral resource
will ever be converted into reserves. In SEC Industry Guide 7, a
mineral reserve is defined as a part of a mineral deposit which
could be economically and legally extracted or produced at the time
the mineral reserve determination is made, and a "final" or
"bankable" feasibility study is required to report reserves, the
three-year historical price (or in certain circumstances, a
contract price) is used in any reserve or cash flow analysis of
designated reserves and the primary environmental analysis or
report must be filed with the appropriate governmental authority.
This press release contains historical estimates of in-place
mineralization that do not constitute reserves under SEC Industry
Guide 7. Estimates of non-reserve mineralization are subject to
further exploration and development, are subject to many risks and
highly speculative, and may not be converted to future reserves of
the Company. Investors are cautioned not to assume that all or any
part of such non-reserve mineralization exists or is economically
or legally extractable. Mineralized material that is not reserves
does not have any demonstrated economic viability.
Westwater Resources, Inc. Contact
Information:
Christopher
M. Jones, President and CEO(303) 531-0480Email:
Info@WestwaterResources.netWebsite: www.WestwaterResources.net |
Jeffrey L.
Vigil, VP Finance and CFO(303) 531-0481 |
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