European Uranium Resources Ltd. announced the initial acquisition of 60% of the large scale Unkur copper-silver project in Russia on March 1, 2016. Closing of the acquisition is contingent on the closing of a part-and-parcel private placement to raise $2 million, the forgiveness and settlement of related party debt and a 10:1 share consolidation and name change, all subject to regulatory approval. Please read the March 1, 2016 and subsequent updating news releases.
European Uranium's flagship property is located approximately 10 km northwest of Koice, 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. 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.
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