VANCOUVER, BC, May 11, 2023
/CNW/ - NexGen Energy Ltd. ("NexGen" or the "Company") (TSX:
NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce the Saskatchewan
Ministry of Environment has approved the commencement of the 2023
Site Infrastructure and Confirmation Program ("SI&CP") at the
Company's 100% owned, Rook I project (the "Project"), in
the Athabasca Basin, Saskatchewan. The SI&CP
comprises a comprehensive field program focused on infrastructure
upgrades to support increased activity and continued engineering
data confirmation for the Project.
Consistent with all work conducted to date at the Project,
maximizing local participation remains a key focus through the 2023
SI&CP, prioritizing employment and business opportunities for
Indigenous and community members. The SI&CP will generate
an increase in NexGen's on-site workforce by more than 60 full-time
equivalent personnel, with the majority of the workforce including
contractors and service providers representing the Local Priority
Area. NexGen is budgeted to spend approximately $35M on SC&IP activities during 2023.
Leigh Curyer, Chief Executive Officer, commented: "The
commencement of the 2023 Site Infrastructure and Confirmation
Program represents another exciting advancement for NexGen and
the surrounding communities in Saskatchewan's Athabasca Basin. The work reflects NexGen's
ongoing commitment to ensuring elite standards in Health,
Safety, Environment, and Quality while expanding infrastructure to
support long-term economic and social activity in the region. As
the Company transitions into this next exciting phase of project
execution, we are pleased to be building on the success of NexGen's
2022 geotechnical program as we confirm our understanding of the
site conditions of the future production and exhaust shafts which
will optimize Project development and shaft sinking
activities."
2023 Site Infrastructure Program
Overview:
The 2023 Site Infrastructure Program includes expanding and
upgrading existing infrastructure as well as constructing new
infrastructure to support increased activities on the Project in
the coming years. The 2023 site infrastructure upgrades are focused
on supporting increased personnel at the Project while maintaining
NexGen's elite Health, Safety, Environment, and Quality ("HSEQ")
standards.
Key aspects include:
- Expansion and Upgrade of Temporary Camp Facilities
-
- Engineering, procuring, and installing hard-walled modular camp
facilities to increase capacity from 100 to 200 beds on-site.
- Expanding and upgrading the wastewater and water treatment
facilities to support an increased workforce on site, including
upgrading the water treatment system to provide potable water on
site and reducing reliance on procurement of potable water for site
personnel.
- Site Access Improvements
-
- Conducting road upgrades along the 13 km site access road and
existing on-site roads to optimize worker and user safety, material
handling, and equipment transport efficiencies. Planned activities
include adding turnout and staging areas, brushing to improve line
of sight, and culvert extension/installation to maintain effective
water management.
- Patterson Creek Bridge Upgrades
-
- Widening the effective running surface and increasing the load
capacity of the existing bridge to support increased use. A
prefabricated steel structure was selected to optimize the use of
existing infrastructure and minimize environmental disturbance
during installation.
2023 Site Confirmation Program
Overview:
The 2023 Site Confirmation Program will build on NexGen's highly
successful 2022 geotechnical program and support Project
engineering as it transitions from Front-End Engineering Design
("FEED") into Detailed Engineering The 2023 Site Confirmation
Program will be focused on gathering additional information at the
planned shaft locations, which are critical path aspects of the
overall Project.
Key aspects include:
- Temporary Freeze Hole Drilling
-
- Drilling of the production and exhaust shaft temporary freeze
rings including pressure and monitoring wells, comprising up to 59
holes to a maximum depth of 220 meters below surface. Detailed
information will be collected through the freeze hole drilling
program to validate ground conditions to inform the thermal
modelling and freeze ring designs for Detailed Engineering.
Detailed engineering and procurement for the SI&CP is
progressing and on track for the commencement of site work in the
spring of 2023.
About NexGen
NexGen Energy is a Canadian company focused on delivering clean
energy fuel for the future. The Company's flagship Rook I Project
is being optimally developed into the largest low-cost producing
uranium mine globally, incorporating the most elite environmental
and social governance standards. The Rook I Project is supported by
a NI 43-101 compliant Feasibility Study which outlines the elite
environmental performance and industry-leading economics. NexGen is
led by a team of experienced uranium and mining industry
professionals with expertise across the entire mining life cycle,
including exploration, financing, project engineering and
construction, operations, and closure. NexGen is leveraging
its proven experience to deliver a Project that socially,
technically, and environmentally leads the entire mining industry.
The Project and prospective portfolio in northern Saskatchewan will provide generational
long-term economic, environmental, and social benefits for
Saskatchewan, Canada, and the
world.
NexGen is listed on the Toronto Stock Exchange, the New York
Stock Exchange under the ticker symbol "NXE," and on the Australian
Securities Exchange under the ticker symbol "NXG," providing access
to global investors to participate in NexGen's mission of solving
three major global challenges in decarbonization, energy security
and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary
operations office in Saskatoon,
Saskatchewan.
www.nexgenenergy.ca
Technical
Disclosure
All technical information in this news release has been
reviewed and approved by Kevin
Small, NexGen's Senior Vice President, Engineering and
Operations, a qualified person under National Instrument
43-101. A technical report in respect of the FS 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 ).
Cautionary Note to U.S.
Investors
This news release includes Mineral Reserves and Mineral
Resources classification terms that comply with reporting standards
in Canada ,
and the Mineral Reserves and the Mineral Resources estimates are
made in accordance with NI 43-101. NI 43-101 is a rule developed by
the Canadian Securities Administrators that establishes standards
for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. These standards
differ from the requirements of the Securities and Exchange
Commission ("SEC") set by the SEC's rules that are applicable to
domestic United
States reporting companies. Consequently,
Mineral Reserves and Mineral Resources information included in this
news release is not comparable to similar information that would
generally be disclosed by domestic U.S. reporting companies subject
to the reporting and disclosure requirements of the SEC.
Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S.
standards.
Forward-Looking
Information
The information contained herein contains "forward-looking
statements" within the meaning of applicable United States securities laws and
regulations 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 mineral reserve and mineral resource estimates, the 2021
Arrow Deposit, Rook I Project and estimates of uranium production,
grade, and long-term average uranium prices, anticipated effects of
completed drill results on the Rook I Project, planned work
programs, completion of further site investigations and engineering
work to support basic engineering of the Project and expected
outcomes. 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. Statements
relating to "mineral resources" are deemed to be forward-looking
information, as they involve the implied assessment that, based on
certain estimates and assumptions, the mineral resources described
can be profitably produced in the future.
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 mineral reserve and resources estimates and the key assumptions
and parameters on which such estimates are based are as set out in
this news release and the technical report for the property, the
results of planned exploration activities are as anticipated, the
price and market supply 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 in the
future.
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, the existence
of 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, conclusions of economic valuations,
the risk that actual results of exploration activities will be
different than anticipated, the cost of labour, equipment or
materials will increase more than expected, that the future price
of uranium will decline or otherwise not rise to an economic level,
the appeal of alternate sources of energy to uranium-produced
energy, that the Canadian dollar will strengthen against the U.S.
dollar, that mineral resources and reserves are not as estimated,
that actual costs or actual results of reclamation activities are
greater than expected, that changes in project parameters and plans
continue to be refined and may result in increased costs, of
unexpected variations in mineral resources and reserves, grade or
recovery rates or other risks generally associated with mining,
unanticipated delays in obtaining governmental, regulatory or First
Nations approvals, risks related to First Nations title and
consultation, 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 licences, risks related to changes
in laws, regulations, policy and public perception, as well as
those factors or other risks as more fully described in NexGen's
Annual Information Form dated February 24, 2023 filed with the securities
commissions of all of the provinces of Canada except Quebec and
in NexGen's 40-F filed with the United States Securities and
Exchange Commission, which are available on SEDAR
at www.sedar.com and Edgar
at www.sec.gov .
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 statements or
implied by forward-looking information or statements, there may be
other factors that cause results not to be as anticipated,
estimated, or intended. Readers are cautioned not to place
undue reliance on forward-looking information or statements due to
the inherent uncertainty thereof.
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.