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Post by Franko10 ™ on Sept 11, 2004 13:55:47 GMT -5
International Uranium Corporation: Urizon Alternate Feed Project Status Update
14:27 EST Thursday, January 29, 2004
VANCOUVER, BRITISH COUMBIA--International Uranium Corporation (the "Company") announced in November, 2002 that it had formed a 50/50 joint venture company, "Urizon Recovery Systems, LLC", with Nuclear Fuel Services, Inc. ("NFS") to pursue the development of a new, long-term, alternate feed program (the "USM Ore Program") for the Company's White Mesa Mill.
NFS is a privately owned corporation with operations based in Erwin, Tennessee. Since 1957, NFS has been a leader in the process development and production of specialty nuclear fuels for commercial power, research reactors and naval reactors.
The primary source of feed for the USM Ore Program will be the significant quantities of contaminated materials within the DOE complex. There are a number of streams of low enriched uranium that contain various contaminants, throughout the DOE complex. These surplus nuclear materials often require additional processing in order to meet commercial fuel cycle specifications. Urizon's USM Ore Program will provide a solution to deal with the material, while at the same time recycling the material as a valuable energy resource for reintroduction into the nuclear fuel cycle. To this end, NFS, on behalf of Urizon, submitted a proposal to DOE in April of last year for funding to cover the costs of the design of the processing facility in Erwin, Tennessee, and other costs of pursuing the USM Ore Program. This month, NFS was notified that DOE would be unable to fund the Program due to funding constraints and programmatic needs.
NFS and IUC are re-evaluating the Program over the next few months. Given the recent increases in the uranium price, the economics of the project have improved and NFS and IUC are evaluating whether to pursue the project under alternative commercial arrangements. In addition, efforts to identify additional feed material, other than the DOE material, are underway. In the interim, the Company is continuing to work on the preparation of a request for approvals from the United States Nuclear Regulatory Commission (the "NRC") and the State of Utah. The initial technical program is complete.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and in the U.S. including a fully permitted 2,000 ton per day uranium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.), as well as uranium exploration properties in the Athabasca Region in Canada. The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal.
Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium; the impact of the sales volume of uranium; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
14:27 EST Thursday, January 29, 2004
VANCOUVER, BRITISH COUMBIA--International Uranium Corporation (the "Company") announced in November, 2002 that it had formed a 50/50 joint venture company, "Urizon Recovery Systems, LLC", with Nuclear Fuel Services, Inc. ("NFS") to pursue the development of a new, long-term, alternate feed program (the "USM Ore Program") for the Company's White Mesa Mill.
NFS is a privately owned corporation with operations based in Erwin, Tennessee. Since 1957, NFS has been a leader in the process development and production of specialty nuclear fuels for commercial power, research reactors and naval reactors.
The primary source of feed for the USM Ore Program will be the significant quantities of contaminated materials within the DOE complex. There are a number of streams of low enriched uranium that contain various contaminants, throughout the DOE complex. These surplus nuclear materials often require additional processing in order to meet commercial fuel cycle specifications. Urizon's USM Ore Program will provide a solution to deal with the material, while at the same time recycling the material as a valuable energy resource for reintroduction into the nuclear fuel cycle. To this end, NFS, on behalf of Urizon, submitted a proposal to DOE in April of last year for funding to cover the costs of the design of the processing facility in Erwin, Tennessee, and other costs of pursuing the USM Ore Program. This month, NFS was notified that DOE would be unable to fund the Program due to funding constraints and programmatic needs.
NFS and IUC are re-evaluating the Program over the next few months. Given the recent increases in the uranium price, the economics of the project have improved and NFS and IUC are evaluating whether to pursue the project under alternative commercial arrangements. In addition, efforts to identify additional feed material, other than the DOE material, are underway. In the interim, the Company is continuing to work on the preparation of a request for approvals from the United States Nuclear Regulatory Commission (the "NRC") and the State of Utah. The initial technical program is complete.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and in the U.S. including a fully permitted 2,000 ton per day uranium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.), as well as uranium exploration properties in the Athabasca Region in Canada. The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal.
Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium; the impact of the sales volume of uranium; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
