European Uranium Resources Ltd. (formerly Tournigan Energy 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 deposit 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.
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.
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 to be 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. on February 29 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 by the results at the Riutta project announced by Mawson on September 20, 2011. Mawson reported that best result from a 10 hole diamond drill program at the Riutta project totaling 1,065 metres comes from drill hole AREVA DH 1 which intersected 11.3 m at 0.68% uranium oxide ("U3O8") including 3.7 metres at 1.53% U3O8 from 28.3 metres. The true thickness of the interval is estimed to be 8.6 m. Mawson reported that 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. The Riutta project is fully permitted for exploration; mineralization remains open along strike and down dip, and European Uranium looks forward to further testing the project's potential.
Mochovce Nuclear Station - Slovak Republic
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