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Crosshair Energy Corporation (TSX:CXX,NYSE:CXZ) announced that the Nunatsiavut Government of Newfoundland and Labrador has officially lifted a moratorium on uranium mining.
Crosshair Energy Corporation (TSX:CXX,NYSE:CXZ) announced that the Nunatsiavut Government of Newfoundland and Labrador has officially lifted a moratorium on uranium mining.
As quoted in the press release:
The moratorium was originally put in place in April 2008 for a period of three years, in order to allow the Nunatsiavut Government time to establish a lands administration system and to develop an Environmental Assessment Act and environmental protection legislation. Even though 92% of Crosshair’s Labrador property falls outside the Labrador Inuit Lands, the moratorium had a significant negative impact on the market value of all companies operating in Labrador.
Crosshair’s President and CEO, Stewart Wallis said:
Labrador contains one of the largest undeveloped uranium resources in the world. Lifting this moratorium allows uranium companies operating in Labrador, such as Crosshair and Paladin, to advance their projects and paves the way for an economic infusion that mineral exploration and development will bring to the communities of Labrador.
Click here to read the Crosshair Energy Corporation (TSX:CXX) press release.