VANCOUVER, British Columbia--(BUSINESS WIRE)--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% U3O8. 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 with AREVA.
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 U3O8 at a grade of 0.555% U3O8 contained in 2.3 million tonnes and an additional Inferred Resource of 12.7 million pounds of U3O8 at a grade of 0.185% U3O8 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.
Qualified Person
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.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Doris Meyer, at (604) 536-2711, or visit www.euresources.com.
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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.
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