Post by Zoinkers on Jun 24, 2006 13:01:29 GMT -5
Press Release Source: International Uranium Corporation
IUC to Re-Open U.S. Uranium Mines, Initial Production 3.4 Million Pounds Uranium
Wednesday June 14, 8:53 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC - News) is pleased to announce the re-opening of its U.S. uranium/vanadium mines. Mining activity will commence immediately and mined ore will be stockpiled at the Company's wholly-owned White Mesa uranium/vanadium mill in southeastern Utah. Initial production rates will be approximately 3.4 million pounds of uranium and 5.9 million pounds of vanadium. The Mill is currently completing an alternate feed contract which will net the Company in excess of 500,000 pounds uranium in 2006.
The Company holds conventional mining properties in the Four Corners region of the western United States. The properties are in three distinct mining districts; the Colorado Plateau, the Henry Mountains and the Arizona Strip. The Company intends to immediately commence mining activities at the Pandora, Topaz, Sunday and St. Jude mines on the Colorado Plateau. This will be followed by two additional mines in the Colorado Plateau region in early 2007. All of IUC's mines on the Colorado Plateau are fully permitted. In the Henry Mountains area, plans are to complete the permitting on the Tony M mine with production slated for late spring 2007. Development of the Bullfrog property will begin in the spring of 2007 and production is projected to begin mid-year 2008. The Company will also review and revise the engineering estimates for the fully permitted Arizona 1 Mine in the Arizona Strip district with development scheduled to begin early 2007 and production beginning in late summer 2007. Please see attached map.
www.ccnmatthews.com/docs/iuc0614a.jpg
www.ccnmatthews.com/docs/iuc0614b.jpg
Ron Hochstein, President of International Uranium, commented, "IUC is happy to be back as a significant U.S. uranium producer - and at a time of record uranium prices. IUC last produced uranium from its mines in 1999 and its predecessor company, Energy Fuels Nuclear, Inc., was the U.S.'s largest uranium producer. Our mines and mill will provide us with many years of rapid growth to look forward to. We intend on utilizing our large capacity mill to its full advantage through toll milling contracts with other future miners in the area and our very successful alternate feed program. This year alone we will be producing over 500,000 pounds of U3O8 to IUC's credit through one alternate feed contract."
Mined ore will be stockpiled at the Company's wholly-owned White Mesa uranium/vanadium mill in southeastern Utah. The Mill is a highly strategic asset for the Company as it is one of only two operating uranium mills in the U.S. and there exists significant opportunity for third party toll milling and alternate feed processing in addition to processing its own mined ore. Based on current mine production schedules, processing of the ore would begin late fourth quarter 2007 or first quarter 2008, depending upon securing additional alternate feed material and third party ore. In the initial year, IUC anticipates producing approximately 3.4 million pounds of U3O8 and 5.9 million pounds of vanadium, thereafter, averaging between 1.5 and 2 million pounds per year of U3O8 and vanadium.
The Colorado Plateau, or Uravan Mineral Belt, has a lengthy mining history, with the first ore shipment made to France in 1898. World War II brought increased attention to the uranium ores in the Uravan area, and by the 1950's this district was one of the world's foremost producers of both uranium and vanadium. Production continued more or less uninterrupted until 1984 when low uranium prices forced the closure of all operations. Production resumed in 1987, primarily due to increased vanadium prices, but once again ceased in 1990. IUC resumed production on a few of the operations in 1997 but ceased production approximately 18 months later due to continued decline of the vanadium price. Total production from the Union Carbide mines (many of which are now owned by IUC) in the Uravan area is reported at 47 million pounds of U3O8 and 273 million pounds of vanadium, yielding an overall ratio of V2O5: U3O8 of 5.79.
The types of uranium resources found on the Colorado Plateau were deposited as alluvial fans by braided streams. The shape and size of the ore seams are extremely variable. Individual deposits are small, varying in length from a few hundred to several thousand feet and in width from a hundred to a thousand feet. Thicknesses vary from a few inches to several tens of feet, but generally average between two to five feet. Mines often contain several such ore bodies. The host sediments are generally flat lying to low dipping with little structural deformation.
IUC is also pleased to announce that Mr. Harold Roberts, P.E. has been appointed IUC's Vice President of Operations and will be responsible for the Company's U.S. mine and mill operations. Harold was previously Vice President, Corporate Development and prior to joining IUC was the President of Energy Fuels Nuclear, Inc. prior to the acquisition of the Energy Fuels uranium assets by International Uranium Corporation. From 1975 to 1978, Mr. Roberts was with Western Nuclear, Inc., a subsidiary of Phelps Dodge Corporation, during which time he participated in the design, construction and operations of the Sherwood Uranium Mill, and was involved in numerous projects related to the company's mining and milling operations in central Wyoming. Beginning in 1978, Mr. Roberts was employed by Energy Fuels with his responsibilities including design and construction of the White Mesa Uranium Mill.
A conference call will be held on Thursday, June 15, 2006 at 11:00 a.m. Eastern Time. Please call the following number to participate:
1-416-644-3417 (reference International Uranium Corporation)
or
1-800-814-4853 toll free in North America (reference International Uranium Corporation)
A presentation will be available on the Company's website: www.intluranium.com
A replay will be available until the end of day on Monday, June 19, 2006. Please call the following number to access the replay:
1-416-640-1917 passcode 21192996#
or
1-877-289-8525 (toll free in North America) passcode 21192996#
Harold Roberts, P.E., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news release.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. and a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the Company is a significant shareholder in Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Russia, Nicaragua and Mongolia.
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: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; 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 release. 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.
United States investors are advised that while the term resources is recognized by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.
On behalf of the Board,
Ron F. Hochstein, President and C.E.O.
Contact:
Sophia Shane
International Uranium Corporation
Corporate Communications
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
--------------------------------------------------------------------------------
Source: International Uranium Corporation
IUC to Re-Open U.S. Uranium Mines, Initial Production 3.4 Million Pounds Uranium
Wednesday June 14, 8:53 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC - News) is pleased to announce the re-opening of its U.S. uranium/vanadium mines. Mining activity will commence immediately and mined ore will be stockpiled at the Company's wholly-owned White Mesa uranium/vanadium mill in southeastern Utah. Initial production rates will be approximately 3.4 million pounds of uranium and 5.9 million pounds of vanadium. The Mill is currently completing an alternate feed contract which will net the Company in excess of 500,000 pounds uranium in 2006.
The Company holds conventional mining properties in the Four Corners region of the western United States. The properties are in three distinct mining districts; the Colorado Plateau, the Henry Mountains and the Arizona Strip. The Company intends to immediately commence mining activities at the Pandora, Topaz, Sunday and St. Jude mines on the Colorado Plateau. This will be followed by two additional mines in the Colorado Plateau region in early 2007. All of IUC's mines on the Colorado Plateau are fully permitted. In the Henry Mountains area, plans are to complete the permitting on the Tony M mine with production slated for late spring 2007. Development of the Bullfrog property will begin in the spring of 2007 and production is projected to begin mid-year 2008. The Company will also review and revise the engineering estimates for the fully permitted Arizona 1 Mine in the Arizona Strip district with development scheduled to begin early 2007 and production beginning in late summer 2007. Please see attached map.
www.ccnmatthews.com/docs/iuc0614a.jpg
www.ccnmatthews.com/docs/iuc0614b.jpg
Ron Hochstein, President of International Uranium, commented, "IUC is happy to be back as a significant U.S. uranium producer - and at a time of record uranium prices. IUC last produced uranium from its mines in 1999 and its predecessor company, Energy Fuels Nuclear, Inc., was the U.S.'s largest uranium producer. Our mines and mill will provide us with many years of rapid growth to look forward to. We intend on utilizing our large capacity mill to its full advantage through toll milling contracts with other future miners in the area and our very successful alternate feed program. This year alone we will be producing over 500,000 pounds of U3O8 to IUC's credit through one alternate feed contract."
Mined ore will be stockpiled at the Company's wholly-owned White Mesa uranium/vanadium mill in southeastern Utah. The Mill is a highly strategic asset for the Company as it is one of only two operating uranium mills in the U.S. and there exists significant opportunity for third party toll milling and alternate feed processing in addition to processing its own mined ore. Based on current mine production schedules, processing of the ore would begin late fourth quarter 2007 or first quarter 2008, depending upon securing additional alternate feed material and third party ore. In the initial year, IUC anticipates producing approximately 3.4 million pounds of U3O8 and 5.9 million pounds of vanadium, thereafter, averaging between 1.5 and 2 million pounds per year of U3O8 and vanadium.
The Colorado Plateau, or Uravan Mineral Belt, has a lengthy mining history, with the first ore shipment made to France in 1898. World War II brought increased attention to the uranium ores in the Uravan area, and by the 1950's this district was one of the world's foremost producers of both uranium and vanadium. Production continued more or less uninterrupted until 1984 when low uranium prices forced the closure of all operations. Production resumed in 1987, primarily due to increased vanadium prices, but once again ceased in 1990. IUC resumed production on a few of the operations in 1997 but ceased production approximately 18 months later due to continued decline of the vanadium price. Total production from the Union Carbide mines (many of which are now owned by IUC) in the Uravan area is reported at 47 million pounds of U3O8 and 273 million pounds of vanadium, yielding an overall ratio of V2O5: U3O8 of 5.79.
The types of uranium resources found on the Colorado Plateau were deposited as alluvial fans by braided streams. The shape and size of the ore seams are extremely variable. Individual deposits are small, varying in length from a few hundred to several thousand feet and in width from a hundred to a thousand feet. Thicknesses vary from a few inches to several tens of feet, but generally average between two to five feet. Mines often contain several such ore bodies. The host sediments are generally flat lying to low dipping with little structural deformation.
IUC is also pleased to announce that Mr. Harold Roberts, P.E. has been appointed IUC's Vice President of Operations and will be responsible for the Company's U.S. mine and mill operations. Harold was previously Vice President, Corporate Development and prior to joining IUC was the President of Energy Fuels Nuclear, Inc. prior to the acquisition of the Energy Fuels uranium assets by International Uranium Corporation. From 1975 to 1978, Mr. Roberts was with Western Nuclear, Inc., a subsidiary of Phelps Dodge Corporation, during which time he participated in the design, construction and operations of the Sherwood Uranium Mill, and was involved in numerous projects related to the company's mining and milling operations in central Wyoming. Beginning in 1978, Mr. Roberts was employed by Energy Fuels with his responsibilities including design and construction of the White Mesa Uranium Mill.
A conference call will be held on Thursday, June 15, 2006 at 11:00 a.m. Eastern Time. Please call the following number to participate:
1-416-644-3417 (reference International Uranium Corporation)
or
1-800-814-4853 toll free in North America (reference International Uranium Corporation)
A presentation will be available on the Company's website: www.intluranium.com
A replay will be available until the end of day on Monday, June 19, 2006. Please call the following number to access the replay:
1-416-640-1917 passcode 21192996#
or
1-877-289-8525 (toll free in North America) passcode 21192996#
Harold Roberts, P.E., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news release.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. and a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the Company is a significant shareholder in Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Russia, Nicaragua and Mongolia.
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: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; 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 release. 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.
United States investors are advised that while the term resources is recognized by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.
On behalf of the Board,
Ron F. Hochstein, President and C.E.O.
Contact:
Sophia Shane
International Uranium Corporation
Corporate Communications
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
--------------------------------------------------------------------------------
Source: International Uranium Corporation