Western Uranium & Vanadium Corp. Provides Nuclear Fuel Working Group Update
17 Oktober 2019 - 1:30PM
Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF)
(“Western” or ”Company”) would like to provide its observations on
the United States Nuclear Fuel Working Group (“Working Group”) that
was established in response to the Section 232 uranium petition to
undertake a fuller analysis of national security considerations
with respect to the domestic nuclear fuel supply chain. The Working
Group was pursuing a deadline of October 10th to provide
recommendations to the White House, however President Trump has
granted a 30-day deadline extension. This extension was reported by
news organizations, and the U.S. Department of Commerce Public
Affairs office provided confirmation to Western that “the President
granted a 30 day extension on the delivery of the Nuclear Fuel
Working Group report”. Upon receipt, unlike the Section 232
petition there is no mandated time period for the President to
consider its content and take action. This undertaking represented
the deployment of a massive amount of interagency resources to
evaluate solutions for reestablishing the U.S. domestic uranium
supply chain and U.S. nuclear fuel cycle.
Given President Trump’s major commitment of U.S. governmental
resources, foreign government sponsored competition, and the
Department of Commerce’s identification of national security issues
during the Section 232 process, it is our expectation that
President Trump will take action. While the United States maintains
the largest nuclear reactor fleet in the world, the other stages of
the domestic nuclear fuel cycle have severely declined. Nuclear
power plants have been competing domestically against cheaper
natural gas and renewables. The mining, conversion, and enrichment
stages of the nuclear fuel cycle have been increasingly competing
against foreign state sponsored companies. This has resulted in the
shut-down of domestic conversion and enrichment capabilities which
can be utilized for national defense purposes. Further, owing to
uranium production shutdowns, it is projected that 2019 domestic
uranium production will cover less than 1% of 2019 domestic nuclear
fuel supply needs.
We anticipate that both the Department of Commerce and Working
Group reports will articulate the difficulties of free-market
companies competing against state sponsored enterprises without a
profit incentive and producing at price-insensitive production
levels. This has depressed prices at all stages of the nuclear fuel
cycle and reduced competition. These state sponsored entities enjoy
ongoing cost advantages and initial capital expenditure advantages
owing to their governmental relationships, and other
anti-competitive practices for which there are not capitalistic
solutions. Through the Working Group process, stakeholders across
the United States nuclear fuel cycle have found common ground as
public proposals show alignment from the mining, conversion,
enrichment, and nuclear reactor operators in their
recommendations.
Western has participated in the Working Group process through
the submission of a collaborative proposal. This was based
around the unique geology of the Uravan Mineral Belt and the
co-location of uranium and vanadium deposits. Vanadium has also
been defined by the U.S. as a critical mineral and the Uravan
vanadium grades are among the highest in the world. Thus the
approach is centered upon lowering cost through conventional mining
of co-products versus the ISR recovery of uranium only. As the
Uravan Mineral Belt was a prolific uranium production region, there
exist previously producing mines which could produce with minimal
capital expenditures. This recommendation was designed as a
value-added bolt-on proposal for implementation in addition to the
core proposals submitted by larger industry players.
The Sunday Mine Complex is a Uravan property containing a
uranium/vanadium deposit which is production ready owing to the
Sunday Mine Complex Vanadium Project. Successful mine development
of the underground workings led to development drilling and ore
production. Ore was mined from five locations from each of four
separate Sunday Mine Complex mines. The ore is currently being
stockpiled underground while surface requirements of the Colorado
Division of Reclamation, Mining and Safety are being addressed. The
covering of the legacy low-grade uranium ore stockpile has been
completed. The remaining requirements are underway, including the
upgrading and certification of storm drainage and the construction
of ore storage/loading pads. Completion of these prerequisites will
allow continued mining and removal of ore from the Sunday Mine
Complex underground workings and ore shipments. As a result of this
project, Western has advanced the Sunday Mine Complex to
production-ready status in preparation to meet future opportunities
for scaled-up ore production.
About Western Uranium
& Vanadium Corp.
Western Uranium & Vanadium Corp. is a
Colorado based uranium and vanadium conventional mining company
focused on low cost near-term production of uranium and vanadium in
the western United States, and development and application of
ablation mining technology.
Cautionary Note Regarding
Forward-Looking Information: Certain information contained
in this news release constitutes “forward-looking information” or a
“forward-looking statements” within the meaning of applicable
securities laws (collectively, “forward-looking statements”).
Statements of that nature include statements relating to, or that
are dependent upon: the Company’s expectations, estimates and
projections regarding exploration and production plans and results;
the timing of planned activities; whether the Company can raise any
additional funds required to implement its plans; whether
regulatory or analogous requirements can be satisfied to permit
planned activities; and more generally to the Company’s business,
and the economic and political environment applicable to its
operations, assets and plans. All such forward-looking statements
are subject to important risk factors and uncertainties, many of
which are beyond the Company’s ability to control or predict.
Please refer to the Company’s most recent Management’s Discussion
and Analysis, as well as its other filings at www.sec.gov and/or
www.sedar.com, for a more detailed review of those risk
factors. Readers are cautioned not to place undue reliance on
the Company’s forward-looking statements, and that these statements
are made as of the date hereof. While the Company may do so, it
does not undertake any obligation to update these forward-looking
statements at any particular time, except as and to the extent
required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE
CONTACT:
George GlasierPresident and
CEO970-864-2125gglasier@western-uranium.com
Robert KleinChief Financial
Officer908-872-7686rklein@western-uranium.com
Western Uranium and Vana... (CSE:WUC)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Western Uranium and Vana... (CSE:WUC)
Historical Stock Chart
Von Dez 2023 bis Dez 2024