VANCOUVER, April 29, 2019 /CNW/ - NexGen Energy Ltd.
("NexGen" or the "Company") (TSX:NXE, NYSE MKT:NXE) is
pleased to announce the acceptance of a Project Description
(Technical Proposal) by the Canadian Nuclear Safety Commission
("CNSC") and the Saskatchewan Ministry of Environment ("MOE"). The
acceptance marks the commencement of an Environmental Assessment
("EA") on the Rook I Project (the "Project") in accordance with the
requirements of both The Environmental Assessment Act (Province of
Saskatchewan) and the Canadian
Environmental Assessment Act, 2012 "CEAA 2012" (Government of
Canada). The EA will be conducted
through a coordinated process between the MOE and the CNSC, which
is the Federal life-cycle regulator for all uranium mine and mill
projects in Canada.
NexGen has also filed an Initial Licence Application with the
CNSC under the Nuclear Safety and Control Act in order to obtain a
Licence to Prepare Site and Construct for the Project.
Project Summary
The Project is a proposed uranium mining and milling operation
that will be 100% owned and operated by NexGen. It is in the
southwestern Athabasca Uranium Basin region in northern
Saskatchewan, Canada approximately
155 km north of the town of La
Loche, 80 km south of the former Cluff Lake uranium mine (currently in
decommissioning) and 640 km by air north west of Saskatoon. The mineral resource base for the
Project is the Arrow Deposit, a land-based, basement-hosted uranium
Deposit.
Exploration at Rook I began in 2013 yet prior to this initial
exploration NexGen engaged regularly with and established
relationships with local Indigenous communities and has helped to
facilitate a number of community advancement initiatives around
three pillars: education, economic capacity building and
health/wellness. The Company was recently recognized for their
involvement in community outreach and environmental stewardship by
the Prospectors and Developers Association of Canada (PDAC) with the 2019 Environment and
Social Responsibility Award. NexGen respects the unique
relationship Indigenous peoples have with the environment, the
rights of Indigenous peoples with respect to the land and
recognizes the importance of full, open and transparent discussion
with interested and/or affected communities throughout the EA and
all phases of the Project.
The Project as proposed will include underground and surface
facilities to support the mining and processing of uranium ore from
the Arrow Deposit. The main components included in the scope of the
Project for the EA, include:
- Underground mine development;
- On-site mill to process uranium ore;
- Surface facilities to support the short and long-term storage
of waste rock and ore;
- An underground tailings management facility to store all mining
tailings underground (UGTMF);
- Water handling infrastructure and an effluent treatment
circuit;
- Additional infrastructure that will include a camp for
personnel, an airstrip for transporting personnel, supporting waste
and water management facilities, maintenance shop, warehouse, and
offices;
Leigh Curyer, Chief Executive Officer, commented, "The Company
is excited to work with all stakeholders during the EA process to
meet the Company's objectives of setting a new elite standard in
global environmental mine management and community
advancement. With over 5 years of detailed data on the
project being collected, analysed, verified independently and
working alongside local communities, the Company is in a unique
position to advance the next stage of this exciting project
development optimally."
With the commencement of the EA, NexGen is conducting required
studies and building on comprehensive environmental baseline
monitoring which is already well advanced. In addition to NexGen's
team of experienced professionals, NexGen has engaged leading
experts to conduct and support these studies and to support the
development and submission of the Environmental Impact Statement
required by the Province of Saskatchewan and the CNSC. Throughout the
various stages of project development, NexGen is committed to the
incorporation of innovative environmental designs and is committed
to setting elite standards for environmental mine performance
globally.
New Website:
Please visit our Rook I project website at
www.saskatchewanuranium.ca for much more detail on the project and
initiatives underway.
For any inquiries regarding the EA process, please contact
NexGen at: 1-833-333-8895 or by emailing the Company at:
info@saskatchewanuranium.ca.
About NexGen
NexGen is a British Columbia corporation with a focus
on the acquisition, exploration and development of Canadian uranium
projects. NexGen has a highly experienced team of uranium industry
professionals with a successful track record in the discovery of
uranium deposits and in developing projects through discovery to
production.
NexGen owns a portfolio of prospective uranium exploration
assets in
the Athabasca Basin, Saskatchewan, Canada;
including a 100% interest in Rook I, location of the Arrow Deposit
discovered in February 2014, the Bow discovery in March
2015, the Harpoon discovery in August 2016 and the Arrow
South discovery in July 2017. NexGen is the recipient of the
PDAC's 2018 Bill Dennis Award and the 2019 Environmental and Social
Responsibility Award.
Technical Disclosure
The technical information in this news release with respect to
the PFS has been reviewed and approved by Paul O'Hara, P.Eng. of Wood., David Robson, P.Eng., M.B.A., and Jason Cox, P.Eng. of RPA, each of whom is a
"qualified person" under National Instrument 43-101 – Standards
of Disclosure for Mineral Projects
("NI-43-101").
The Mineral Resource Estimate was completed by Mr. Mark Mathisen, C.P.G., Senior Geologist at RPA
and Mr. David Ross, P.Geo., Director
of Resource Estimation and Principal Geologist at RPA. Both
are independent Qualified Persons in accordance with the
requirements of National Instrument (NI) 43-101 and they have
approved the disclosure herein. All other technical information in
this news release has been approved by Mr. Troy Boisjoli, Geoscientist Licensee, Vice
President – Operations & Project Development for NexGen.
Mr. Boisjoli is a qualified person for the purposes of NI 43-101
and has verified the sampling, analytical, and test data underlying
the information or opinions contained herein by reviewing original
data certificates and monitoring all of the data collection
protocols. All other technical information in this news
release has been approved by Mr. James
Hatley, a Professional Engineer, Senior Vice-President –
Project Development for NexGen. Mr. Hatley is a qualified
person for the purposes of NI 43-101 and has reviewed the
underlying the information or opinions contained herein on mine
design.
A technical report in respect to the PFS is filed on SEDAR
(www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) and is
available for review on NexGen Energy's website
(www.nexgenenergy.ca).
SEC Standards
Estimates of mineralization and other technical information
included or referenced in this news release have been prepared in
accordance with NI 43-101. The definitions of proven and probable
mineral reserves used in NI 43-101 differ from the definitions in
SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a
"final" or "bankable" feasibility study is required to report
reserves, the three-year historical average price is used in any
reserve or cash flow analysis to designate reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority. As a result, the reserves reported by the
Company in accordance with NI 43-101 may not qualify as "reserves"
under SEC standards. In addition, the terms "mineral resource",
"measured mineral resource", "indicated mineral resource" and
"inferred mineral resource" are defined in and required to be
disclosed by NI 43-101; however, these terms are not defined terms
under SEC Industry Guide 7 and normally are not permitted to be
used in reports and registration statements filed with the SEC.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Investors are cautioned not to
assume that any part or all of the mineral deposits in these
categories will ever be converted into reserves. "Inferred mineral
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian securities laws, estimates of inferred
mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. Additionally,
disclosure of "contained pounds" in a resource is permitted
disclosure under Canadian securities laws; however, the SEC
normally only permits issuers to report mineralization that does
not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measurements. Accordingly,
information contained or referenced in this news release containing
descriptions of the Company's mineral deposits may not be
comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements of
United States federal securities
laws and the rules and regulations thereunder.
Technical Information
For details of the Rook I Project including the quality
assurance program and quality control measures applied and key
assumptions, parameters and methods used to estimate the Mineral
Resource please refer to the technical report entitled "Arrow
Deposit, Rook I Project Saskatchewan NI 43-101 Technical Report on
Pre-feasibility Study" dated effective 5
November, 2018 (the "Rook 1 Technical Report") prepared by
Paul O'Hara, P.Eng., Jason J. Cox, P.Eng., David M. Robson, P.Eng., M.B.A., Mark B. Mathisen, C.P.G. each of whom is a
"qualified person" under NI 43-101. The Rook I Technical Report is
available for review under the Company's profile on SEDAR at
www.sedar.com and EDGAR (www.sec.gov/edgar.shtml) providing details
of the Rook I Project including the quality assurance program and
quality control measures applied and key assumptions, parameters
and methods used to estimate the Mineral Resource and is available
on NexGen Energy's website (www.nexgenenergy.ca).
Forward-Looking Information
The information contained herein contains "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is not
limited to, statements with respect to the activities, events or
developments that the Company expects or anticipates will or may
occur in the future. Generally, but not always, forward-looking
information and statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or the negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof.
Forward-looking information and statements are based on the
then current expectations, beliefs, assumptions, estimates and
forecasts about NexGen's business and the industry and markets in
which it operates. Forward-looking information and statements are
made based upon numerous assumptions, including among others, that
the proposed transaction will be completed, the results of planned
exploration activities are as anticipated, the price of uranium,
the cost of planned exploration activities, that financing will be
available if and when needed and on reasonable terms, that third
party contractors, equipment, supplies and governmental and other
approvals required to conduct NexGen's planned exploration
activities will be available on reasonable terms and in a timely
manner and that general business and economic conditions will not
change in a material adverse manner. Although the assumptions made
by the Company in providing forward looking information or making
forward looking statements are considered reasonable by management
at the time, there can be no assurance that such assumptions will
prove to be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual results, performances and achievements of NexGen to
differ materially from any projections of results, performances and
achievements of NexGen expressed or implied by such forward-looking
information or statements, including, among others, negative
operating cash flow and dependence on third party financing,
uncertainty of the availability of additional financing, the risk
that pending assay results will not confirm previously announced
preliminary results, imprecision of mineral resource estimates, the
appeal of alternate sources of energy and sustained low uranium
prices, aboriginal title and consultation issues, exploration
risks, reliance upon key management and other personnel,
deficiencies in the Company's title to its properties, uninsurable
risks, failure to manage conflicts of interest, failure to obtain
or maintain required permits and licenses, changes in laws,
regulations and policy, competition for resources and financing,
and other factors discussed or referred to in the Company's Annual
Information Form dated March 4, 2019
under "Risk Factors".
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information
and statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
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SOURCE NexGen Energy Ltd.