Azarga Uranium Provides Update on Non-Core Kyzyl Ompul Project
VANCOUVER, BC / ACCESSWIRE / May 3, 2019 / AZARGA URANIUM CORP.'S (TSX: AZZ, OTCQB: AZZUF, FRA: P8AA) ("Azarga Uranium" or the "Company") 70% controlled subsidiary, UrAsia in Kyrgyzstan, Limited Liability Company ("UrAsia"), owns a 100% interest in the non-core Kyzyl Ompul Uranium Project located in the Kyrgyz Republic. In 2018, UrAsia executed an earn-in agreement (the "Agreement") with Central Asian Uranium Company, Limited Liability Company ("Central"), which provided Central with the option to earn a 100% interest in the Kyzyl Ompul Uranium Project.
The execution of the Agreement with Central affirmed the Company's strategic focus on its initial development priority, the Dewey Burdock In-Situ Recovery Uranium Project in South Dakota, USA (the "Dewey Burdock Project"). Today, the Company's strategic focus continues to remain on advancing its Dewey Burdock Project and developing its portfolio of uranium assets located in the United States of America, which also includes the Dewey Terrace and Gas Hills Projects.
The Company understands that the Kyrgyz Republic's parliament has voted to ban uranium exploration and mining in the country. The Company further understands that before this ban can be implemented into law, a strict lawmaking process must be followed, requiring further parliamentary readings and the President's sign-off of the proposed law. The Company has not received official notification from the State Committee on Industry, Energy and Subsoil Use or the Government of the Kyrgyz Republic that the Kyzyl Ompul Uranium Project license has been revoked; however, activities at the non-core Kyzyl Ompul Uranium Project have been suspended. The Company will continue to evaluate the situation and work with Central, as well as its other stakeholders, and if deemed appropriate, ensure that the Company's and UrAsia's rights are preserved.
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. 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 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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