European Uranium’s Kuriskova License Renewal Challenged
August 22 2013 - 10:39AM
Business Wire
European Uranium Resources Ltd. (TSX-V:EUU) (OTCQX:EUUNF)
(FWB:TGPN) reports that following an appeal from anti-uranium
mining activists in Slovakia, the General Prosecutor of Slovakia
has challenged the renewal of the exploration license on which the
Kuriskova uranium deposit is located (the “Kuriskova Licence”). The
Kuriskova License was renewed by the Geology Division of the
Ministry of Environment (the “Ministry”) until April 19, 2015. The
Ministry originally refused to consider the appeal but has now
agreed to review its decision to renew the licence.
The issue being reviewed is whether the renewal was simply a
renewal of the existing Kuriskova License, which can be done by the
Ministry without public comment, or whether it was a modified or
new license, in which case renewal would require input and approval
from local municipalities and the Regional Government as
stakeholders.
The renewed Kuriskova License is for the same area (31.75 square
kilometres) and for the same commodities (uranium, molybdenum and
copper) as the previous license. As there were no modifications to
the Kuriskova License when the renewal application was made, the
Company believes there is no basis for the contention that its
renewal represents a modification.
The Company is filing an appeal against this review. During the
appeal and review period, which can take up to 2 months, the
Kuriskova Licence will remain valid. In the event that the Ministry
concludes that the license renewal does in fact represent a
modified or new license, the Company can either agree to reinstate
the renewal application, with involvement by local municipalities
and the Regional Government, or can appeal the decision to the
courts, a decision from which would likely take at least a year.
The Kuriskova License would remain valid during this period.
During meetings with the City Council of Kosice (the city
closest to the Kuriskova project) last April, the Minister of
Environment was quoted as saying that there are no legal reasons to
refuse renewal of an exploration license if all legal requirements
have been met by the Company, and that terminating the Kuriskova
Licence without cause would require reimbursement to the Company of
its exploration expenses.
The Company is confident that the renewal of the Kuriskova
Exploration License will be confirmed.
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.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEOFor further
information please contact: Doris Meyer, at (604) 536-2711, or
visit www.euresources.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement: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.
European Uranium Resources Ltd.Doris Meyer,
604-536-2711www.euresources.com
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