U3O8 Corp (TSX: UWE), (OTCQB: UWEFF) (“U3O8 Corp.” or the “Company”) is pleased to provide an update on activities since its Annual and Special Meeting (“ASM”) held on June 22, 2017, that includes:
- The closing of the Existing Shareholder Prospectus Exemption (“ESPE”) financing announced on June 27, 2017;
- Next steps in the stock consolidation that was approved by shareholders at the Company’s recent ASM;
- Update on metallurgical test work that has been concluded in Australia; and
- A note on the recent surge in vanadium prices.
Metallurgical Test Work
Test work that was undertaken in Australia failed to achieve the results anticipated due to the extremely fine-grained nature of the uranium-vanadium minerals in the Laguna Salada gravel. Ironically, it is this fine particle size that leads to the rapid leaching of uranium and vanadium that is favourable for the economics of the Project.
It turns out that these fine minerals may also be amenable to flotation as a means of concentrating the metals beyond the levels attained by the methods described in the preliminary economic assessment (“PEA”) of the Deposit.