TORONTO, May 2, 2017 /CNW/ - U3O8 Corp.
(TSX: UWE), (OTCQB: UWEFF) ("U3O8 Corp." or the
"Company") reports on recent developments in the Argentine nuclear
industry and their relevance to the Company's Laguna Salada
uranium-vanadium deposit, which is located in Argentina.
The President of the Argentine National Atomic Energy Commission
("CNEA") has reconfirmed that Argentina aims to capture 15%-20% of the
international market for small modular nuclear reactors ("SMR")
with its CAREM design. CNEA refers to estimates that the
international market for SMR's could be as large as US$400 billion by 2030-2035. Capturing a
reasonable proportion of that market would have a notable and
positive impact on the Argentine economy.
During Argentine President Macri's official visit to
the Netherlands last month,
Argentine nuclear reactor designer and construction company, INVAP
SE ("INVAP"), submitted a bid to construct the Pallas research
reactor. INVAP was selected as having presented the best
technical offer in the original tender for the Pallas reactor, but
the Netherlands cancelled the
planned construction in the wake of the global financial crisis in
2009. The Pallas reactor is to replace the Petten research
reactor that has been producing radioisotopes for the medical
diagnostic sector, as well as for other industrial applications,
for over 55 years. The Petten research centre supplies 60% of
Europe's medical isotope
requirements.
"Argentina's reach into the
international nuclear market would benefit from local uranium
production so that the Argentine nuclear sector could offer a
turn-key product that includes: reactor design, construction, fuel
supply and fuel rod manufacture," said U3O8 Corp.'s President and
CEO, Dr Richard Spencer. "U3O8
Corp. is well placed to support Argentina's local nuclear energy industry, as
well as its international aspirations since, to my knowledge, U3O8
Corp. is the only company in Argentina that has a NI 43-101 uranium
resource and preliminary economic assessment ("PEA"). Our
current work is focused on refining the metallurgical methods
described in the PEA, with the aim of further reducing estimated
production costs. Results of that test work should be
available in the next month."
U3O8 Corp.'s presentation at the Nuclear Industry Summit
Latin America 2017 held in Buenos
Aires, Argentina is available on the Company's website at
http://www.u3o8corp.com/nuclear-industry-summit-latin-america-2017/
U3O8 Corp. will also be making a presentation at the
Investing in LatAm Mining Cumbre to be held in Santiago, Chile, on July 11th and 12th,
2017.
Technical Information
Dr. Richard Spencer, P.Geo.,
CGeol., President and CEO of U3O8 Corp. and a Qualified Person as
defined by National Instrument 43-101, has approved the technical
information in this news release relating to the Laguna Salada
Deposit and the related PEA.
About U3O8 Corp.
U3O8 Corp. is focused on exploration and development of deposits
of uranium and associated commodities in South America.
Potential by-products from uranium production include commodities
used in the energy storage industry – in the manufacture of
batteries – such as nickel, vanadium and phosphate. The
Company's mineral resources estimates were made in accordance with
National Instrument 43-101, and are contained in three
deposits:
- Laguna Salada Deposit, Argentina – a PEA shows this near surface,
free-digging uranium - vanadium deposit has low production-cost
potential;
- Berlin Deposit, Colombia – a PEA shows that Berlin also has low-cost uranium production
potential due to revenue that would be generated from by-products
of phosphate, vanadium, nickel, rare earths (yttrium and neodymium)
and other metals that occur within the deposit; and
- Kurupung Deposit, Guyana – a uranium resource has been
estimated in four veins within a uranium-zirconium vein system.
Resources have been estimated on four veins, while consistent
mineralization of the same type has been intersected in scout
drilling of an additional six veins, while yet other veins require
first-time exploration drilling.
Information on U3O8 Corp., its resources and technical reports
are available at www.u3o8corp.com and on SEDAR at
www.sedar.com. Follow U3O8 Corp. on Facebook:
http://www.facebook.com/u3o8corp, Twitter:
http://www.twitter.com/u3o8corp and Youtube:
http://www.youtube.com/u3o8corp.
Forward-Looking Statements
This news release includes certain "forward looking
statements" related with the development plans, economic potential
and growth targets of U3O8 Corp's projects. Forward-looking
statements consist of statements that are not purely historical,
including statements regarding beliefs, plans, expectations or
intensions for the future, and include, but not limited to,
statements with respect to: (a) the low-cost and near-term
development of Laguna Salada, (b) the Laguna Salada and Berlin
PEAs, (c) the potential of the Kurupung district in Guyana, (d)
impact of the U- pgradeTM process on expected capital
and operating expenditures, and (e) the price and market for
uranium. These statements are based on assumptions, including that:
(i) actual results of our exploration, resource goals,
metallurgical testing, economic studies and development activities
will continue to be positive and proceed as planned, and
assumptions in the Laguna Salada and Berlin PEAs prove to be
accurate, (ii) a joint venture will be formed with the provincial
petroleum and mining company on the Argentina project, (iii)
requisite regulatory and governmental approvals will be received on
a timely basis on terms acceptable to U3O8 Corp., (iv) economic,
political and industry market conditions will be favourable, and
(v) financial markets and the market for uranium will improve for
junior resource companies in the short-term. Such statements are
subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
contained in such statements, including, but not limited to: (1)
changes in general economic and financial market conditions, (2)
changes in demand and prices for minerals, (3) the Company's
ability to establish appropriate joint venture partnerships, (4)
litigation, regulatory, and legislative developments, dependence on
regulatory approvals, and changes in environmental compliance
requirements, community support and the political and economic
climate, (5) the inherent uncertainties and speculative nature
associated with exploration results, resource estimates, potential
resource growth, future metallurgical test results, changes in
project parameters as plans evolve, (6) competitive developments,
(7) availability of future financing, (8) exploration risks, and
other factors beyond the control of U3O8 Corp. including those
factors set out in the "Risk Factors" in our Annual Information
Form available on SEDAR at www.sedar.com. Readers are cautioned
that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. U3O8 Corp. assumes no
obligation to update such information, except as may be required by
law. For more information on the above-noted PEAs, refer to the
September 18, 2014 technical report titled "Preliminary Economic
Assessment of the Laguna Salada Uranium-Vanadium Deposit, Chubut
Province, Argentina" and the January 18, 2013 technical report
titled "U3O8 Corp. Preliminary Economic Assessment on the Berlin
Deposit, Colombia."
SOURCE U3O8 Corp.