|By Marketwired .||
|March 28, 2014 11:45 PM EDT||
TORONTO, ONTARIO and LAKEWOOD, COLORADO -- (Marketwired) -- 03/28/14 -- Energy Fuels Inc. (NYSE MKT: UUUU)(TSX: EFR) ("Energy Fuels" or the "Company") is pleased to announce that it has filed an updated mineral resource estimate on its 100% owned La Sal Project, increasing the Company's measured and indicated uranium and vanadium resources by about 2.7 million and 15.5 million pounds, respectively, and an updated mineral resource estimate and preliminary economic assessment on its 100% owned Juniper Ridge Project, increasing the Company's indicated uranium resources by nearly 1 million pounds. In addition, the Company has filed a preliminary base shelf prospectus with the securities commissions in each of the provinces and territories of Canada, except Quebec and intends to file on March 31, 2014 a registration statement (Form F-10) with the United States Securities and Exchange Commission ("SEC"). Each of these filings is described in more detail below.
The La Sal Project:
The Company has filed on SEDAR a report titled, "Technical Report on La Sal District Project (Including the Pandora, Beaver, and Energy Queen Projects), San Juan County, Utah, U.S.A.", which includes an updated NI 43-101 mineral resource estimate (the "La Sal Technical Report"), prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administration ("NI 43-101"). The La Sal Technical Report was prepared by Douglas C. Peters, CPG, who is a "qualified person" and "independent" of the Company within the meaning of NI 43-101. The La Sal Technical Report replaces the March 15, 2011 technical report on the Energy Queen project.
The La Sal Project consists of a series of uranium-vanadium mines along an 11-mile mineral trend located in southeastern Utah. The Pandora/Snowball ("Pandora") mines and the Beaver/LaSal ("Beaver") mines are fully-permitted and fully-developed mines which were in production by Energy Fuels as recently as the Fall of 2012. The Company is currently maintaining these mines on standby, so they can be placed back into production with minimal time or cost, as uranium market conditions warrant. In addition, the La Sal Project includes the Company's fully-permitted and partially-developed Energy Queen project, along with an adjacent property known as the Redd Block property.
The La Sal Technical Report increases the Company's measured and indicated uranium resources by approximately 2.7 million pounds, and its measured and indicated vanadium resources by approximately 15.5 million pounds, compared to the previous Energy Queen technical report. According to the La Sal Technical Report, the project contains 1.14 million tons of Measured and Indicated Mineral Resources with approximately 4.1 million pounds of uranium and 21.5 million pounds of vanadium at average grades of 0.18% U3O8 and 0.94% V2O5, respectively. In addition, the project contains approximately 0.2 million tons of Inferred Mineral Resources with 0.4 million pounds of uranium and 1.9 million pounds of vanadium at average grades of 0.10% U3O8 and 0.51% V2O5, respectively.
Stephen P. Antony, President and CEO of Energy Fuels stated: "The La Sal Project is one of Energy Fuels' key uranium and vanadium production sources, as it has the potential to contribute to our near-term production optionality. Two mines in the project, the Beaver mine and the Pandora mine, were in production as recently as late 2012. We continue to maintain these mines on standby, so we can bring them back into production within just a few months' time with minimal upfront cost, once market conditions improve to suitable levels."
The Juniper Ridge Project:
The Company also filed on SEDAR a report titled, "Juniper Ridge Uranium Project, Carbon County, Wyoming, U.S.A.", which includes an updated NI 43-101 mineral resource estimate and a preliminary economic assessment (the "Juniper Ridge Technical Report") prepared in accordance with NI 43-101. The Juniper Ridge Technical Report was prepared by Douglas L. Beahm, P.E., P.G. and Terence P. McNulty, P.E., D.Sc., each of whom are a "qualified person" and "independent" of the Company within the meaning of NI 43-101. The Juniper Ridge Technical Report replaces a previous February 21, 2012 technical report on the project.
The Juniper Ridge Technical Report increases the mineral resource estimate for the project by nearly 20% in comparison to the previous technical report. The new resource estimate for the Juniper Ridge project shows the project having a total of approximately 5.2 million tons of Indicated Mineral Resources containing 6.1 million pounds of uranium with an average grade of 0.06% eU3O8. In addition, the project is estimated to have an additional 107,000 tons of Inferred Mineral Resources containing 182,000 pounds of uranium with an average grade of 0.09% eU3O8.
Under the base-case scenario in the preliminary economic assessment ("PEA"), the Company anticipates utilizing open pit mining in conjunction with on-site heap leach recovery that produces an intermediate uranium concentrate in the form of loaded resin, which could be shipped to Energy Fuels' 100% owned White Mesa Mill near Blanding, Utah (or other regional facilities) for final processing. Historic mining at the project occurred in the 1950's and 1960's, during which time significant uranium was produced.
Under the base-case scenario in the PEA, the Juniper Ridge Project is expected to produce a little over 500,000 pounds of U3O8 per year over a 10-year mine life. The project is expected to require initial capital expenditures of $37.5 million, and to generate an after-tax internal rate of return of 22% and net present value of $21.3 million, applying an 8% discount rate. In addition, the direct cash cost of production, including processing and royalties, is expected to total $38.84 per pound. The PEA assumes a constant uranium price of $65/pound over the 10-year life of the project.
Preliminary Base Shelf Prospectus & U.S. Registration Statement:
The Company also has filed a preliminary base shelf prospectus (the "Prospectus") with the securities commissions in each of the provinces and territories of Canada, except Quebec, and intends to file on Monday, March 31, 2014 a registration statement on Form F-10 with the SEC, which will not yet become effective. The securities may not be sold, nor may offers to buy, be accepted prior to the time the registration statement becomes effective. Details on these filings are described below.
Under the Prospectus, the Company may issue common shares, warrants, subscription receipts, preferred shares, debt securities, or any combination of such securities as units, in amounts, at prices, and on terms to be determined based on market conditions at the time of sale, and as set forth in an accompanying prospectus supplement, for an aggregate offering amount of up to US$100,000,000 during the 25 month period that the final short form base shelf prospectus remains effective.
Stephen P. Antony, President and CEO of Energy Fuels commented: "An important aspect of Energy Fuels' strategy is to create and maintain the optionality of our US-based uranium production assets so we can significantly increase uranium production as market conditions may improve in the coming years. This base shelf prospectus puts Energy Fuels into a position to access new financing opportunities that could be utilized in pursuing this strategy over the next two years and ensures that we are ready to rapidly execute on new transactions as they arise."
This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Stephen P. Antony, P.E., President & CEO of Energy Fuels, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the technical disclosure contained in this document.
About Energy Fuels: Energy Fuels is currently America's largest conventional uranium producer, which supplied approximately 25% of the uranium produced in the United States in 2013. Energy Fuels operates the White Mesa Mill, which is the only conventional uranium mill currently operating in the U.S. The mill is capable of processing 2,000 tons per day of uranium ore and has a licensed capacity of over 8 million lbs. of U3O8 per year. Energy Fuels has projects located in a number of Western U.S., including a producing mine, mines on standby and mineral properties in various stages of permitting and development. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol "EFR" and on the NYSE MKT under the trading symbol "UUUU".
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable Canadian and United States securities legislation, which may include, but is not limited to, statements and expectations with respect to the Juniper Ridge and La Sal Project resource estimates, development plans, permitting, and project economics, the filing of the preliminary or final base shelf prospectus and obtaining a receipt therefor, future offerings of securities, having any registration statement referred to herein declared effective in the U.S., and the timing of filing an F-10 registration statement. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects" "does not expect", "is expected", "subject to", "prospective" or "believe", or variations of such words and phrases, or state that certain actions, events or results "may", "could", or "will be taken", "be achieved" or "have the potential to". All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated March 26, 2014, which is available for review on the System for Electronic Document Analysis and Retrieval at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Mar. 29, 2017 06:30 PM EDT Reads: 2,709
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Mar. 29, 2017 05:15 PM EDT Reads: 3,748
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 29, 2017 04:30 PM EDT Reads: 1,639
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 29, 2017 04:15 PM EDT Reads: 3,856
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 29, 2017 04:00 PM EDT Reads: 3,178
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 29, 2017 03:15 PM EDT Reads: 2,227
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Mar. 29, 2017 03:15 PM EDT Reads: 727
Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls "Bimodal IT," where business struggle to apply modern tools and practices to traditional monolithic applications. But these existing assets can be modernized and made more efficient without havin...
Mar. 29, 2017 03:15 PM EDT Reads: 2,641
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost...
Mar. 29, 2017 03:15 PM EDT Reads: 309
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 29, 2017 02:30 PM EDT Reads: 2,281
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
Mar. 29, 2017 02:30 PM EDT Reads: 700
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
Mar. 29, 2017 02:30 PM EDT Reads: 3,823
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 29, 2017 02:15 PM EDT Reads: 3,272
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 29, 2017 01:30 PM EDT Reads: 1,758
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Mar. 29, 2017 01:30 PM EDT Reads: 561