European Uranium Signs Memorandum of Understanding with Slovak Ministry of Economy
European Uranium Resources Ltd. (EUU) reports that it has signed a
Memorandum of Understanding (MoU) with the Ministry of Economy of the
Slovak Republic. The MoU defines the parameters by which EUU and the
Ministry of Economy (the Ministry) will cooperate in advancing the
Kuriskova uranium deposit (the Project), on which EUU holds the
exploration license, through ongoing feasibility and environmental
studies. A Preliminary Feasibility Study completed by Tetra Tech, Inc.
(see news release dated January 30, 2012) indicates that the Kuriskova
uranium deposit can be developed as an underground mine using Best
Available Technologies with minimal environmental impact and that it
could be one of the lowest cost uranium producers in the world.
Slovakia is the world′s third largest per capita user of nuclear energy,
with nuclear power providing over 50% of its electricity. Four nuclear
reactors are currently operating at two plants, with two additional
reactors under construction. Slovakia′s Prime Minister Robert Fico,
elected in March 2012, continues to publicly reinforce the message that
nuclear power will be the main energy source in Slovakia in the future.
Slovakia does not currently produce any uranium; Europe′s only producing
uranium mine is in the Czech Republic.
Key points of the MoU include:
Recognition of the importance of the Kuriskova uranium deposit to
future Slovak energy independence.
EUU′s ongoing Feasibility Study and Environmental Impact Assessment
will focus on demonstrating that the Kuriskova deposit can be
developed as an environmentally sustainable and commercially viable
project.
EUU and the Ministry agree that if the Feasibility Study and
Environmental Impact Assessment are positive, then the Project will be
able to advance in conformance with the Slovak Republic′s National
Energy Strategy.
EUU and the Ministry agree that the Ministry will support reasonable
use of domestic energy minerals with the aim to reduce Slovakia′s
current dependence on import of such raw materials.
EUU and the Ministry will endeavor to find a mechanism for
collaboration that will allow uranium production from Kuriskova to be
developed for the benefit of Slovakia′s energy future. This could be a
production off-take arrangement, a partnership with a Slovak entity or
other mutually agreed arrangements.
If the Kuriskova project enters the mining phase, it should be
developed in a way which demonstrably increases energy independence of
the Slovak Republic, will have positive effects on economic interests
of the Slovak Republic and will create new jobs in eastern Slovakia.
Dorian L. (Dusty) Nicol, EUU′s President and CEO said, 'The signing of
this Memorandum of Understanding with the Slovak Ministry of Economy
represents a significant milestone in our advancement of the Kuriskova
project. We are confident that our ongoing Feasibility Study and
Environmental Impact Assessment will demonstrate that the project can be
permitted and developed in a sustainable way for the benefit of
Slovakia′s energy security and the economy of the Kosice region in
eastern Slovakia. We will continue to advance the project in a way that
aligns the interests of EUU′s shareholders with those of the Slovak
Republic and of eastern Slovakia?.
About European Uranium Resources Ltd.
European Uranium Resources Ltd. is a dedicated European uranium
exploration and development company that has built a portfolio of
outstanding projects in Slovakia, Sweden and Finland at all stages of
the exploration / development pipeline. European Uranium is well placed
to become the key uranium exploration and development company in Europe.
Europe is the world′s largest per capita consumer of uranium with 160
reactors and more under construction or planned, but with only one
currently operating uranium mine. The Company′s Kuriskova Project in
Slovakia could be one of the world′s lowest cost uranium producers.
European Uranium has a strong base of supportive shareholders including
AREVA, ranked first in the global nuclear power industry and a key
player in uranium mining and nuclear operations on a world-wide basis.
EUROPEAN URANIUM RESOURCES LTD.
'Dusty Nicol'
Dorian L. (Dusty) Nicol, President and CEO
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(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement:
This news release contains forward-looking statements that are based on
the Corporation's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as 'plan',
'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate',
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events or conditions 'may' or 'will' occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans to continue
to be refined; possible variations in ore grade or recovery rates;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and
fluctuations in metal prices. There may be other factors that cause
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should not be put on such statements due to the inherent uncertainty
therein.
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European Uranium Resources Ltd.
Doris Meyer, 604-536-2711
www.euresources.com