European Uranium Takes Next Step in Kuriskova Uranium Feasibility Study
VANCOUVER, British Columbia -- November 14, 2012
European Uranium Resources Ltd. (EUU: TSX-V; TGPN: Frankfurt) provides an
update on the progress of the feasibility study for the Company’s high-grade
Kuriskova uranium deposit in Slovakia. The Kuriskova deposit is one of the
world’s highest grade undeveloped uranium deposits at a grade of 0.555%
UO. A preliminary feasibility study demonstrates that Kuriskova could be
one of the lowest cost uranium producers in the world.
Composite samples for ongoing metallurgical testwork were recently prepared
using drill core from the newly completed metallurgical drilling program (see
news releases dated June 26 and July 24, 2012). Where necessary, to bring
composite grade to the appropriate level for the test work, quarter core from
previously drilled holes was blended into the sample. The samples have been
shipped to AREVA’s laboratory facility at Bessines, France. Metallurgical test
work will begin shortly as part of EUU’s pre-paid technical services agreement
This test work is part of EUU’s ongoing programs and studies to complete a
feasibility study on the Kuriskova deposit. The results of this metallurgical
test program will be used for flow sheet optimization and further development
of design parameters and costing for the feasibility study. The objective is
to optimize the process flow sheet as described in the preliminary feasibility
study. The Company also continues to advance critical path aspects of the
feasibility study as well as the collection of baseline data for the
environmental impact study for the Kuriskova deposit.
The April 2011 NI 43-101 compliant resource estimate, audited and approved by
Tetra Tech, Inc., comprises an Indicated Resource of 28.5 million pounds of
UO at a grade of 0.555% UO contained in 2.3 million tonnes and an
additional Inferred Resource of 12.7 million pounds of UO at a grade of
0.185% UO contained in 3.1 million tonnes, at a cut-off of 0.05% U (see
news release dated April 26, 2011). A preliminary feasibility study, announced
January 30, 2012, demonstrates that Kuriskova could be one of the lowest cost
uranium producers in the world.
EUU continues its efforts to define a structure which would allow uranium from
Kuriskova to be developed for the benefit of Slovakia's energy future. This
could be a production off-take arrangement with Slovakia or a partnership with
a Slovak entity.
This release has been reviewed and approved for the Company by Dorian L.
(Dusty) Nicol, President and CEO of the Company, and a Qualified Person as
defined in NI 43-101.
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.
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Doris Meyer, at(604) 536-2711, or
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responsibility for the adequacy or accuracy of this release.
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", "suggest", "indicate" and other
similar words or statements that certain 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 actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by
applicable securities laws, the Corporation disclaims any intent or obligation
to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Forward-looking statements
are not guarantees of future performance and accordingly undue reliance should
not be put on such statements due to the inherent uncertainty therein.
To view this press release as a webpage, please click on the following link:
European Uranium Resources Ltd.
Doris Meyer, 604-536-2711
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