Mr. Dusty Nicol reports
EUROPEAN URANIUM SIGNS MEMORANDUM OF UNDERSTANDING WITH SLOVAK MINISTRY OF ECONOMY
European Uranium Resources Ltd. has signed a
memorandum of understanding with the Ministry of Economy of Slovakia. The MOU defines the parameters by which European Uranium and the
Ministry of Economy will co-operate in advancing the
Kuriskova uranium deposit, on which European Uranium holds the
exploration licence, through feasibility and environmental
studies. A preliminary feasibility study completed by Tetra Tech Inc.
(see news release dated Jan. 30, 2012) indicates that the Kuriskova
uranium deposit can be developed as an underground mine using best
available technologies with minimal environmental impact and that it
could be one of the lowest-cost uranium producers in the world.
Slovakia is the world's third-largest per capita user of nuclear energy,
with nuclear power providing over 50 per cent 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.
Key points of the MOU include:
- Recognition of the importance of the Kuriskova uranium deposit to
future Slovak energy independence;
-
European Uranium's feasibility study and environmental impact assessment
will focus on demonstrating that the Kuriskova deposit can be
developed as an environmentally sustainable and commercially viable
project;
-
European Uranium and the Ministry agree that if the feasibility study and
environmental impact assessment are positive, then the project will be
able to advance in conformance with Slovakia's national
energy strategy;
-
European Uranium and the Ministry agree that the Ministry will support reasonable
use of domestic energy minerals with the aim to reduce Slovakia's
current dependence on import of such raw materials;
-
European Uranium and the Ministry will endeavour to find a mechanism for
collaboration that will allow uranium production from Kuriskova to be
developed for the benefit of Slovakia's energy future. This could be a
production off-take arrangement, a partnership with a Slovak entity or
other mutually agreed arrangements;
-
If the Kuriskova project enters the mining phase, it should be
developed in a way which demonstrably increases energy independence of
Slovakia, will have positive effects on economic interests
of Slovakia and will create new jobs in eastern Slovakia.
Dorian L. (Dusty) Nicol, European Uranium's president and chief executive officer, said: "The signing of
this memorandum of understanding with the Slovak Ministry of Economy
represents a significant milestone in our advancement of the Kuriskova
project. We are confident that our ongoing feasibility study and
environmental impact assessment will demonstrate that the project can be
permitted and developed in a sustainable way for the benefit of
Slovakia's energy security and the economy of the Kosice region in
eastern Slovakia. We will continue to advance the project in a way that
aligns the interests of European Uranium's shareholders with those of the Slovak
Republic and of eastern Slovakia."
We seek Safe Harbor.
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