European Uranium Resources Ltd. is a dedicated 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. Europe is the world's largest per capita consumer of uranium, with 160 reactors operating and more under construction. Yet Europe has only one operating uranium mine. Our company is well positioned to be the premier uranium exploration and development company on the European Continent. The results of the preliminary feasibility study demonstrate that the Kuriskova project would be among the highest-grade and lowest cost uranium producers in the world. 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.
European Uranium's flagship property is located approximately 10 km northwest of Košice, Slovakia. On January 30, 2012, European Uranium announced the results of a preliminary feasibility study (PFS) prepared by Tetra Tech, Inc. of Golden, Colorado showing that Kuriskova promises to be among the world's lowest cost uranium producers. Highlights of the PFS are:
The development of the Kuriskova project can potentially provide Slovakia, which is among the world's highest per capita consumers of nuclear power, a secure source of uranium for thirty years. There are multiple exploration targets within the Kuriskova license area which have the potential to expand the resource. In addition to Kuriskova, European Uranium also has the Novoveska Huta deposit on which a resource has been defined plus several exciting exploration targets on other licenses in Slovakia.
Late in 2012 the Company signed a Memorandum of Understanding (MoU) with the Ministry of Economy of the Slovak Republic. The MoU defines the parameters by which the Company and the Ministry of Economy will cooperate in advancing the Kuriskova uranium deposit through ongoing feasibility and environmental studies. Slovakia is the world's third largest per capita user of nuclear energy, with nuclear power providing over 50% of its electricity. Four nuclear reactors are currently operating at two plants, with two additional reactors under construction. Slovakia's Prime Minister Robert Fico, elected in March 2012, continues to publicly reinforce the message that nuclear power will be the main energy source in Slovakia in the future. Slovakia does not currently produce any uranium; Europe's only producing uranium mine is in the Czech Republic.
An important milestone happened in December 2011 when European Uranium formed a strategic alliance with AREVA and welcomed them as a significant shareholder. Andreas Mittler, Vice President, Expertise and Projects Department of AREVA Mines joined European Uranium's board of directors. European Uranium entered into a technical services agreement with AREVA to perform a work program comprising metallurgical and environmental test work being conducted in 2013 as part of the Kuriskova feasibility study. AREVA's public alliance and their technical expertise should also assist European Uranium in the permitting process for the Kuriskova project.
European Uranium acquired seven uranium properties located in Sweden and Finland from Mawson Resources Ltd. in March 2012: the Hotagen, Duobblon, Kapell and Aronsjö projects in Sweden and the Riutta, Asento and Nuottijärvi projects in Finland. The potential of this portfolio of projects is demonstrated in the results at the Riutta project announced by Mawson in September 2011. The results from a 10 hole diamond drill program at the Riutta project totaling 1,065 metres where drill hole AREVA DH 1 intersected 11.3 m at 0.68% uranium oxide ("U3O8") including 3.7 metres at 1.53% U3O8 from 28.3 metres. This is the best uranium drill result in Finland's history and demonstrates the potential for high grade and near surface uranium at the Riutta project. High grade uranium mineralization has now been drilled over 450 m of strike within a larger 3.6 km trend.
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