Tuesday 25th October 2016

Resource Clips

Athabasca Basin and beyond

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Slovakia challenges European Uranium’s exploration licence

European Uranium Resources TSXV:EUU announced August 22 that the exploration licence for its Kuriskova uranium deposit in Slovakia has been challenged by the country’s general prosecutor. The move follows a legal action by anti-uranium mining activists, the company stated. European Uranium said it will appeal the review.

Uranium news from Saskatchewan and elsewhere for August 17 to 23, 2013

European Uranium Resources will appeal Slovakia’s
challenge of the company’s renewed exploration licence.

The licence had already been renewed up to April 2015, the news release added. At issue is “whether the renewal was simply a renewal of the existing Kuriskova licence, which can be done by the Ministry [of the Environment] without public comment, or whether it was a modified or new licence, in which case renewal would require input and approval from local municipalities and the regional government.”

However the licence remains valid during the appeal and review period, which could take up to two months. Should the ministry decide the licence is new or modified the company can either go through the renewal process or launch a court appeal, which could take at least a year. “The Kuriskova licence would remain valid during this period,” European Uranium stated.

The 3,200-hectare flagship reached pre-feasibility in January 2012 with a resource estimate using a 0.05% cutoff to show:

  • an indicated category of 2.3 million tonnes averaging 0.55% for 28.5 million pounds uranium oxide (U3O8)

  • an inferred category of 3.1 million tonnes averaging 0.185% for 12.7 million pounds

Kuriskova’s feasibility study was scheduled for completion in late 2013 or early 2014. European Uranium has additional projects in Slovakia, Finland and Sweden.

Strathmore Minerals shareholders approve takeover by Energy Fuels

On August 20 Strathmore Minerals TSX:STM shareholders voted 99.3% in favour of their company’s acquisition by Energy Fuels TSX:EFR. The previous week Energy Fuels shareholders gave their 99.31% blessing. Subject to all regulatory approvals, the companies hope to have a done deal by August 28.

Read more about the acquisition here and here.

In brief…

On August 20 Brades Resource TSXV:BRA announced the appointment of Brian Biles as president/CEO/director, replacing Cheryl More. In July the company acquired the Lorne Lake property in the western Athabasca Basin.

On August 20 Anglo Canadian Mining TSXV:URA announced 1.05 million options at $0.05 to its directors, consultants and employees. The company has copper, gold and uranium properties in Quebec, Colorado, British Columbia and the Yukon.

Also on August 20 Macusani Yellowcake TSXV:YEL announced 500,000 options at $0.065 for president/CEO Laurence Stefan. The previous week Macusani announced a resource update for its Peruvian deposits in a news release that repeatedly claimed a 167% increase in measured and indicated resources. There was no increase in measured resources.

Another company with a Peruvian uranium project, Vena Resources TSX:VEM reported on August 21 agreements that would settle $150,350 of debt for 1.64 million shares. The company also thanked outgoing director Klaus Zeitler for his services.

On August 21 Majescor Resources TSXV:MJX announced Andre Audet joined its board, president/CEO/director Daniel Hachey replaced Khadija Abounaim as CFO and director Marc-Andre Bernier became chairperson of the audit committee and corporate secretary on an interim basis. The previous week Majescor announced it filed its overdue 2013 financial statements and closed a first-tranche private placement of $75,000.

Star Uranium TSXV:SUV resumed trading August 21 after its June 4 halt.

On August 22 Uranium One TSX:UUU announced final terms for refinancing its ruble-denominated bonds. The company is still waiting regulatory approval for its takeover by ARMZ, the mining subsidiary of Russia’s state-owned nuclear technology firm Rosatom.

Toro Energy, Uranium One executives remain bullish on uranium

Despite news of additional radioactive leakage from Japan’s Fukushima reactor, uranium’s long-term prospects suggest a looming undersupply, according to Toro Energy managing director Vanessa Guthrie.

An August 21 Reuters story quoted her saying the most recent news “reinvigorates the heightened state of nervousness, it surely will make the Japanese government and nuclear regulatory authorities more cautious and conservative in the decisions about the restart.”

But she added, “I don’t believe that this will delay or defer ongoing developments of the nuclear industry. For example, it will certainly not cause the Chinese to stop building new plants.”

Reuters stated that “uranium futures stood at $35.15 per pound on Wednesday compared with $68 per pound before the earthquake and tsunami that triggered the disaster. However, Guthrie said contract prices between uranium miners and buyers standing at around $58-$59 a pound more accurately reflect the supply and demand balance than the spot price.”

ASX-listed Toro hopes to begin production at its Wiluna project in Western Australia by mid-2016. Earlier this month Mega Uranium TSX:MGA announced a binding term sheet to sell Toro another Western Australian project, Lake Maitland.

In an August 20 Reuters article, Uranium One CEO Chris Sattler said the currently low uranium prices will shut down high-cost producers. But he predicted prices would almost double in one to three years.

See previous uranium news updates:

Read analyst David Talbot’s insights about uranium and the Athabasca Basin in a global context.

Read about uranium supply, demand and prices.

Disclaimer: Skyharbour Resources Ltd is a client of OnPage Media Corp, the publisher of ResourceClips.com. Neither OnPage Media nor its owner hold a stock position or options in Skyharbour Resources.

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