Azarga Uranium Receives Positive News Providing Opportunity to Resolve Final Dewey Burdock NRC License Contention by Q4 2019
VANCOUVER, BC / ACCESSWIRE / May 1, 2019 / AZARGA URANIUM CORP. (TSX: AZZ, OTCQB: AZZUF, FRA: P8AA) ('Azarga Uranium' or the 'Company') is pleased to announce that the Atomic Safety and Licensing Board (the 'ASLB') has issued an order granting the United States Nuclear Regulatory Commission (the 'NRC') Staff's motion to set a schedule for an evidentiary hearing pertaining to the final contention for the Company's Dewey Burdock In-Situ Recovery Uranium Project (the 'Dewey Burdock Project') NRC License.
Blake Steele, President and CEO, stated: 'the ASLB decision provides the NRC Staff and the Company with an opportunity to resolve the final contention for the Company's Dewey Burdock NRC License within legally established timelines, something not available under the prior approach adopted by the NRC Staff. The Company plans to fully support the NRC Staff throughout the evidentiary hearing process in an effort to resolve the final contention and is pleased with the timeline established by the ASLB, which sets 29 November 2019 as the ASLB decision date on this matter. We look forward to resolving the only remaining contention in the fourth quarter of 2019 and advancing our initial development priority, the Dewey Burdock Project, as the uranium market fundamentals continue to strengthen.'
The final Dewey Burdock NRC License contention pertains to the identification and protection of historic and cultural resources for the purposes of compliance with the National Environmental Policy Act. The NRC Staff have now determined that an evidentiary hearing, one of the two options previously presented by the ASLB to address the only remaining contention, is the most appropriate path forward as the other approach did not have a reasonable expectation of agreement in an acceptable timeframe. The evidentiary hearing is scheduled to commence on 28 August 2019 with the ASLB decision to follow on 29 November 2019.
About Azarga Uranium Corp.
Azarga Uranium is an integrated uranium exploration and development company that controls eleven uranium projects and prospects in the United States of America ('USA') (South Dakota, Wyoming, Utah and Colorado) and the Kyrgyz Republic, with a primary focus of developing in-situ recovery uranium projects in the USA. The Dewey Burdock in-situ recovery uranium project in South Dakota (the 'Dewey Burdock Project'), which is the Company's initial development priority, has received its Nuclear Regulatory Commission License and draft Class III and Class V Underground Injection Control ('UIC') permits from the Environmental Protection Agency ('EPA') and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA.
For more information please visit www.azargauranium.com.
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For further information, please contact:
Blake Steele, President and CEO
+1 303 790-7528
Disclaimer for Forward-Looking Information
Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, 'forward-looking statements'), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to Azarga Uranium's continued efforts to obtain all major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, the evidentiary hearing provides the Company with the opportunity to resolve the final Dewey Burdock NRC License contention by Q4 2019, the Company plans to fully support the NRC Staff throughout the evidentiary hearing process in an effort to resolve the final contention and the Company looks forward to resolving the only remaining contention in the fourth quarter of 2019 and advancing our initial development priority, the Dewey Burdock Project, as the uranium market fundamentals continue to strengthen. 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 Azarga Uranium 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. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: the risk that Azarga Uranium does not obtain all major regulatory permit approvals necessary for construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, the risk that the evidentiary hearing does not resolve the final Dewey Burdock NRC License contention by Q4 2019 or at all, the risk that the Company does not fully support the NRC Staff throughout the evidentiary hearing process in an effort to resolve the final contention, the risk that the Company does not advance its initial development priority, the Dewey Burdock Project, the risk that uranium market fundamentals do not continue to strengthen, the risk that such statements may prove to be inaccurate and 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, Azarga Uranium 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 most recent AIF filed with Canadian security regulators.
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