Westwater Resources Provides Business Update
January 16 2018 - 8:08PM
Westwater Resources, Inc. (Nasdaq:WWR) (“WWR” or
“Westwater”) is pleased to provide an update on its recent business
activities.
- Westwater is pleased to confirm receipt of $1.5 million from
Laramide Resources, Ltd., which is the first of three payments to
retire the loan obligation that was part of the sale of the
Churchrock and Crownpoint uranium properties in New Mexico last
year. Westwater received $750,000 in cash and an equivalent amount
in Laramide Resources, Ltd. common stock.
- Westwater has successfully negotiated a reduction in the annual
lease payments to La Merced del Pueblo Cebolleta from over $550,000
per year to $350,000 per year for the next three years, improved
the royalty structure, and reduced the cost of certain other
provisions for the duration of the uranium lease.
Presidential Executive Order
Westwater expects that the Presidential Executive Order on a
Federal Strategy to Ensure Secure and Reliable Supplies of Critical
Minerals, issued on December 20, 2017, will accelerate important
energy related mineral development in the United States. In
conjunction with Professional Paper 1802, published by the US
Geological Service (“USGS”), where 23 minerals are identified as
critical to the Country’s security and economy, WWR believes these
actions are important steps in support of domestic minerals
development. One of the important steps outlined in the Executive
Order requires a list of critical minerals to be provided by the US
Secretary of the Interior (by February 18, 2018) and a report to be
delivered to the President (by August 17, 2018) that includes
recommendations to streamline permitting and leasing processes, and
to support domestic refining of those critical materials. The full
text of the Presidential Executive Order can be found at
https://www.whitehouse.gov/presidential-actions/presidential-executive-order-federal-strategy-ensure-secure-reliable-supplies-critical-minerals/.
Westwater is strategically interested in two of the identified
23 critical minerals by the USGS: lithium and graphite. These
minerals, in particular, are critical to the development of
batteries and other electrical storage systems essential to the
electric vehicle, solar and wind power industries.
“The Executive Order affirms the increasingly positive business
climate in the US while providing Presidential support for the
development of green energy minerals like lithium and graphite,”
said Chris Jones, President and CEO of Westwater. “Our lithium
projects are correctly positioned to benefit from any tailwinds
generated for the lithium market by this government support action,
and we intend to develop them as soon as we can.”
Turkish Nuclear Industry Update
UxC reports that the Environmental Impact Assessment (EIA) for
the four-unit Sinop nuclear power facility was submitted to the
Turkish Government for evaluation. This milestone in the
application process for the 4-unit, 4,480 MW facility, once
approved, paves the way for further work to start on this power
plant. Westwater has the only uranium project in any stage of
development in Turkey, and regards this as a positive market
force.
About Westwater
WWR or the “Company” (formerly Uranium Resources, Inc.) is
focused on developing energy-related minerals. 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 WWR expects or anticipates will occur in the
future, including but not limited to statements relating to
developments at the Company’s projects, 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) the Company’s ability to raise additional capital in the
future; (b) spot price and long-term contract price of uranium and
lithium; (c) risks associated with our foreign and domestic
operations; (d) operating conditions at the Company’s projects; (e)
government and tribal regulation of the uranium industry, the
lithium industry, and the power industry; (f) world-wide uranium
and lithium supply and demand, including the supply and demand for
lithium-based batteries; (g) maintaining sufficient financial
assurance in the form of sufficiently collateralized surety
instruments; (h) 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 Republic of Turkey; (i) the ability of the
Company to enter into and successfully close acquisitions or other
material transactions, (j) the results of the Company’s lithium
brine exploration activities at the Columbus Basin, Railroad
Valley, and Sal Rica projects, and the possibility that future
exploration results may be materially less promising than initial
exploration result; (k) any lithium or uranium discoveries not
being in high enough concentration to make it economic to extract
the metals; and (l) 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.
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Westwater
Resources Contact: |
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Christopher M. Jones,
President and CEO |
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Jeffrey L. Vigil, VP
Finance and CFO |
303.531.0480 |
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303.531.0481 |
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Email:
Info@WestwaterResources.net |
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Website:
www.WestwaterResources.net |
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