Westwater Resources Announces Acquisition of Water Rights for its Columbus Basin Project in Nevada
August 22 2017 - 6:15PM
Westwater Resources, Inc. (Nasdaq:WWR) (ASX:URI),
an energy metals exploration and development company, is pleased to
announce that it has received two groundwater appropriation permits
for its Columbus Basin Project in Nevada. A total of 1,528
acre-feet of groundwater was approved by the Nevada Department of
Conservation and Natural Resources for Westwater’s development and
use in lithium mining operations.
Christopher M. Jones, President and Chief
Executive Officer, said, “Water rights are critical to the
development of lithium brine properties – and we have secured all
of the remaining groundwater in the Columbus Basin.
This acquisition sets Westwater apart from most of our competitors
in Nevada. Owning the right to use the ground water
materially differentiates our exploration plays from the other
developers in the area going forward.”
The right to use water is very important in the
dry American West. Nevada has a robust legal regime for
allocating the right to use water, and Westwater used the
regulatory process to secure the groundwater required to develop
any lithium resources discovered in the basin.
Exploration drilling at the Columbus Basin Project is underway,
with results expected in the fourth quarter of 2017.
To learn more about Westwater Resources, visit
our website at: www.WestwaterResources.net
About Westwater Resources
WWR is focused on expanding its energy metals
strategy, which includes developing its lithium business while
maintaining optionality in the case of a future rising uranium
price. The Company has developed a dominant land position in
three prospective lithium brine basins in Nevada and Utah in
preparation for exploration and potential development of any
lithium resources that may be discovered there. In addition,
WWR remains focused on advancing the Temrezli in-situ recovery
(ISR) uranium project in Central Turkey when uranium prices permit
economic development of this project. WWR controls extensive
exploration properties in Turkey under eight exploration and
operating licenses covering approximately 39,000 acres (over 16,000
ha) with numerous exploration targets, including the potential
satellite Sefaatli Project, which is 30 miles (48 km) southwest of
the Temrezli Project. In Texas, the Company has two licensed and
currently idled uranium processing facilities and approximately
11,000 acres (4,400 ha) of prospective ISR uranium projects. In New
Mexico, the Company controls mineral rights encompassing
approximately 186,000 acres (75,300 ha) in the prolific Grants
Mineral Belt, which is one of the largest concentrations of
sandstone-hosted uranium deposits in the world. Incorporated in
1977, WWR also owns an extensive information database of historic
drill hole logs, assay certificates, maps and technical reports for
uranium properties located in the Western United States.
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 the Company expects or
anticipates will occur in the future, including but not limited to
statements relating to developments at the Company’s projects,
including future exploration costs and results, the benefits
obtained from the Columbus Basin water rights approved by the
Nevada Department of Conservation and Natural Resources, and future
demand for and price of uranium and lithium, 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) estimated or expected net cash used in operations,
mineral property expenses, general and administrative expenses, net
loss, and cash and working capital positions for the twelve months
ended December 31, 2017; (b) the Company’s ability to raise
additional capital in the future; (c) spot price and long-term
contract price of uranium and lithium; (d) risks associated with
our foreign operations; (e) operating conditions at the Company’s
projects; (f) government and tribal regulation of the uranium
industry, the lithium industry, and the power industry; (g)
world-wide 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,
including in Texas, New Mexico, Utah, Nevada and 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; (l) the ability of
the Company to negotiate an extension on the Cebolleta lease 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.
Westwater Resources Contact:
Christopher M. Jones, President and CEO
303.531.0480
Jeff Vigil, VP Finance and CFO
303.531.0481
Email: Info@WestwaterResources.net
Website: www.WestwaterResources.net
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