US Atomic Safety and Licensing Board Partially Dismisses Contentions Against Dewey Burdock Uranium Project
GREENWOOD VILLAGE, COLORADO--(Marketwired - May 1, 2015) - Azarga Uranium Corp. (TSX:AZZ)(FRANKFURT:P8AA)(OTC PINK:PWURF) ("Azarga" or the "Company") and its wholly owned subsidiary Powertech (USA) Inc. ("Powertech") is pleased to announce that the United States Atomic Safety and Licensing Board ("ASLB") ruled on seven contentions raised by the Consolidated Intervenors and the Oglala Sioux Tribe (collectively the "Intervenors") regarding the United States Nuclear Regulatory Commission ("NRC") Final Source and Byproduct Materials License ("NRC Final License") for the Dewey Burdock Uranium Project.
The contentions were those that were the subject of an evidentiary hearing held on August 19, 20 and 21, 2014, in Rapid City, South Dakota.
The ASLB issued a partial decision. For five contentions, including those related to groundwater usage, groundwater quality, ability to contain fluid migration, mitigation measures, and connected actions, the ASLB ruled in favor of NRC Staff and Powertech. It also ruled inadmissible two new contentions that were filed by Intervenors after the evidentiary hearing. The ASLB determined that its partial initial decision will constitute a final decision in 120 days (ie, on 28 August 2015).
For the remaining two contentions, which relate to identification and protection of historic and cultural resources, the ASLB requested additional consultation between the NRC Staff and the Oglala Sioux Tribe. However, it did not suspend the NRC Final License, which was issued 8 April 2014. Instead, the ASLB decided to retain jurisdiction of the two contentions and has asked for monthly status reports from NRC Staff until the outstanding issues are addressed.
Powertech, NRC Staff, or the Intervenors may petition for review regarding the ASLB's rulings within 25 days. Furthermore, the decision allows that if the Oglala Sioux Tribe can identify specific cultural, historic or religious sites that are subject to immediate and irreparable harm by the project, they may, within 10 days, petition the ASLB for a stay of the NRC Final License's effectiveness.
Alexander Molyneux, CEO of Azarga said, "We are pleased the ASLB has decided in our favor on key material contentions to our NRC Final License for Dewey Burdock and that a process has been put in place to resolve the outstanding matters." He then went on to say, "With permitting progressing towards a resolution, we have initiated uranium marketing discussions with customers regarding term contracts for Dewey Burdock's output and have also started a process of engaging prospective project financiers."
This news release has been prepared and approved by John Mays, P.E., Chief Operating Officer of the Company and a Qualified Person as defined by NI 43-101.
About Azarga Uranium Corp.
Azarga Uranium is a mineral development company that owns six uranium projects, deposits and prospects in the USA (South Dakota, Wyoming and Colorado) and Kyrgyzstan together with investment holdings in Anatolia Energy Ltd. (ASX:AEK) (12% legal ownership) and Black Range Minerals Limited (ASX:BLR) (19% legal ownership). The Dewey Burdock Project in South Dakota is the main initial development priority, which has received its Nuclear Regulatory Commission License and is in the process of completing all other major regulatory permit approvals necessary for operation of the project including those from the Environmental Protection Agency and the South Dakota Department of Natural Resources.
For more information please visit www.azargauranium.com.
Follow us on Twitter at @AzargaUranium.
Alexander Molyneux, CEO
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding its disclosure and amendments thereto and the NRC Final License. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements may include, but are not limited to, statements with respect to expectations of management for development of the Dewey-Burdock Project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect, including the NRC Final License. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: (1) the risk that the NRC Final License remaining two contentions are not resolved (2) that the risk that such statements may prove to be inaccurate and (3) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's most recent MD&A filed with Canadian security regulators.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
Contact
Azarga Uranium Corp.
John Mays
Chief Operating Officer
+1 303 790-7528
Azarga Uranium Corp.
Mark Hollenbeck
Dewey-Burdock Project Manager
+1 605 685-3376
info@azargauranium.com
www.azargauranium.com