TORONTO,
July 28, 2016 /CNW/ - U3O8
Corp. (TSX: UWE; OTCQX: UWEFF; SSE:
UWECL) announces the appointment of Darin Milmeister to its Board of Directors and
the resignation of John Ross as a
director. Mr. Ross will continue in his management function as
Chief Financial Officer of the Company.
Mr. Milmeister is the Founder and Managing
Partner of Extract Capital, a fund focused on natural resources
with an emphasis on the junior mining sector. Mr. Milmeister
is a graduate of the Robert E. McDonough School of Business at
Georgetown University. He started his
career in leveraged finance at Deutsche Bank. Subsequently he
joined Chicago–based Delaware Street Capital as an analyst, before
becoming a principal of the firm while managing a long/short
portfolio focused on basic materials. In 2011, he left Delaware
Street Capital to establish Extract Capital.
"Darin brings to the Board of U3O8 Corp.
extensive buy-side and uranium market experience as the resource
sector starts to recover from one of the longest and deepest cycles
in the TSX's history," said David
Constable, U3O8 Corp.'s Chairman. "I welcome Darin to
the Board and look forward to his contribution and counsel. I
wish to thank John Ross for his
input as a member of the Board and look forward to continuing to
work with him as CFO of the Company".
U3O8 Corp.'s Board continues to waive board fees
and Management has waived and deferred salary payments to conserve
cash.
About U3O8 Corp.
U3O8 Corp. is focused on exploration and
development of deposits of uranium and associated commodities in
South America. Potential by-products from uranium production
include commodities used in the energy storage industry – in the
manufacture of batteries - such as nickel, vanadium and
phosphate. The Company's mineral resources estimates were
made in accordance with National Instrument 43-101, and are
contained in three deposits:
- Laguna Salada Deposit, Argentina – a PEA shows this near surface,
free-digging uranium - vanadium deposit has low production-cost
potential;
- Berlin Deposit, Colombia – a PEA shows that Berlin also has low-cost uranium production
potential due to revenue that would be generated from by-products
of phosphate, vanadium, nickel, rare earths (yttrium and neodymium)
and other metals that occur within the deposit; and
- Kurupung Deposit, Guyana – a uranium resource has been
estimated in four veins within a uranium-zirconium vein
system. Resources have been estimated on four veins, while
consistent mineralization of the same type has been intersected in
scout drilling of an additional six veins, while yet other veins
require first-time exploration drilling.
Information on U3O8 Corp., its resources and
technical reports are available at www.u3o8corp.com and on SEDAR at
www.sedar.com. Follow U3O8 Corp. on Facebook:
www.facebook.com/u3o8corp, Twitter: www.twitter.com/u3o8corp
and Youtube: www.youtube.com/u3o8corp.
Forward-Looking Statements
Certain
information in this release are forward-looking statements with
respect to the development plans and economic potential of U3O8
Corp's current projects. Forward-looking statements consist
of statements that are not purely historical, including statements
regarding beliefs, plans, expectations or intentions for the
future, and include, but not limited to, statements with respect
to: (a) the low-cost development goal of Laguna Salada, (b) the
Laguna Salada and Berlin PEAs, and (c) the potential of the
Kurupung district in Guyana. Basis for such assumptions
include that: (i) actual results of our exploration,
resource goals, metallurgical testing, economic studies and
development activities will continue to be positive and proceed
as planned, and assumptions in the Laguna Salada and Berlin
PEAs prove to be accurate, (ii) requisite regulatory and
governmental approvals will be received on a timely basis on terms
acceptable to U3O8 Corp., and (iii) economic, political and
industry market conditions will be favourable. However, 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, including, but not limited
to: (1) that a mine will be achieved on the Laguna Salada Project,
the Berlin Deposit and other exploration projects, (2) that
beneficiation test work will continue to be favourable and results
from small scale metallurgical testing can be duplicated on a
larger scale, (3) the inherent uncertainties and speculative nature
associated with exploration results, resource estimates, potential
resource growth, future metallurgical test results, changes in
project parameters as plans evolve, (4) volatility of commodity
prices and market conditions for uranium; (5) dependence on
regulatory approvals and changes in legislation, environmental
compliance, community support and the political and economic
climate, (6) availability of future financing, and (7) exploration
risk and other factors beyond the control of U3O8 Corp. including
those factors set out in the "Risk Factors" in our Annual
Information Form available on SEDAR at www.sedar.com. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. U3O8 Corp.
assumes no obligation to update such information, except as may be
required by law. For more information on the above-noted PEAs,
refer to the September 18, 2014 technical report titled
"Preliminary Economic Assessment of the Laguna Salada
Uranium-Vanadium Deposit, Chubut Province, Argentina" and the
January 18, 2013 technical report titled "U3O8 Corp. Preliminary
Economic Assessment on the Berlin Deposit, Colombia."
SOURCE U3O8 Corp.