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Strathmore Plus Uranium Corporation (TSXV: SUU) (OTC Pink: SUUFF) ("Strathmore" or "the Company") is pleased to announce the execution of a Confidentiality and Non-Disclosure Agreement (CNDA) with Ur-Energy to evaluate ways to advance the Company's Agate, Beaver Rim, and Night Owl projects. The goal of the agreement is to assess the feasibility of a negotiated business transaction for future processing of uranium from Strathmore's Wyoming projects at Ur-Energy's nearby facilities. These include Ur-Energy's operating Lost Creek and permitted Shirley Basin projects, which are fully licensed for in-situ recovery, mill processing, and tailings disposal. Strathmore anticipates shorter lead times for development and production of our projects by building upon Ur-Energy's expertise in permitting and the future utilization of their fully licensed facilities.
Dev Randhawa, CEO commented, "We would like to thank Ur-Energy's CEO, John Cash and his team for completing the CNDA agreement and are very excited to be working with John and his strong technical group."
About Ur-Energy
Since 2006, Ur-Energy has successfully permitted, constructed, and operated the Lost Creek in-situ recovery project in Wyoming, where they have produced 2.7 million pounds of U3O8. Ur-Energy is currently ramping up recovery at their Lost Creek operation. Strathmore's projects are within 100 miles of Ur-Energy's Lost Creek processing facility.
In 2013, Ur-Energy acquired the Wyoming assets of Pathfinder Mines (a wholly-owned subsidiary of Areva, now Orano) including their Shirley Basin and Gas Hill projects. The former Pathfinder Shirley Basin mines produced approximately 28 million pounds of U3O8. The Ur-Energy Shirley Basin project is fully permitted for in-situ recovery, either as a satellite operation to Lost Creek, or a stand-alone processing operation, and also a fully permitted tailings facility that accepts 11e (2) by-product materials, one of a limited number of such facilities in the USA. Strathmore's Agate and Night Owl properties are both less than 10 miles from Ur-Energy's Shirley Basin project.
Ur-Energy's Gas Hills project is located 2.5 miles north of Strathmore's West Diamond claim group atop Beaver Rim. The former Pathfinder Gas Hill mines produced 48 million pounds of U3O8. Cameco's Peach project is located between UR- Energy and Strathmore, where extensive drilling has defined mineral resources as reported by Cameco.
About Strathmore Plus Uranium Corp.
Strathmore has 3 uranium projects in Wyoming, including Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing mine that was in production in the early 1960s. Strathmore received an exploration permit for the Beaver Rim project in October and is now applying for both exploration and drilling permits for Agate and Night Owl.
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward-looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.
Strathmore Plus Uranium Corp.
Contact Information:
Investor Relations
Telephone: 1 888 882 8177
Email: info@strathmoreplus.com
ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160944
