|From: LoneClone||10/2/2019 3:06:10 PM|
|Uranium Participation Corporation Reports Financial Results for the Quarter Ended August 31, 2019 |
Uranium Participation Corporation Sep 26, 2019, 19:28 ET
TSX Trading symbol: U
TORONTO, Sept. 26, 2019 /CNW/ - Uranium Participation Corporation ('UPC' or the 'Corporation') today filed its Financial Statements and Management's Discussion & Analysis ('MD&A') for the periods ended August 31, 2019. Both documents can be found on the Company's website ( www.uraniumparticipation.com) or on SEDAR ( www.sedar.com). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts are in Canadian dollars, unless otherwise noted. View PDF Version.
Selected financial information:
| ||August 31, |
|May 31, |
|February 28, |
|November 30, |
|Net asset value (in thousands) |
|Net asset value per common share |
|U3O8 spot price(1) (US$) |
|UF6 spot price(1) (US$) |
|Foreign exchange rate (US$ to CAD$) |
| ||1.3295 |
| ||1.3527 |
| ||1.3169 |
| ||1.3301 |
| (1) |
| Spot prices as published by UxC, LLC ('UxC'). |
The net gain for the three months ended August 31, 2019 was mainly driven by unrealized net gains on investments in uranium of $14,022,000 and realized gains on the sale of conversion components of $6,451,000, slightly offset by net operating expenses of $1,351,000.
Unrealized net gains on investments in uranium during the three months ended August 31, 2019 were mainly due to the increase in the spot price of uranium. The spot price increased during the quarter from US$24.10 per pound U3O8 and US$80.50 per KgU as UF6 at May 31, 2019 to US$25.30 per pound U3O8 and US$86.00 per KgU as UF6 at August 31, 2019. The impact of the increase in the spot price on the unrealized gains on investments in uranium was partially offset by the change in the U.S. dollar to Canadian dollar exchange rate, which decreased by 2% during the quarter.
UPC's NAV per share increased to $4.40 at August 31, 2019, from $4.26 at May 31, 2019. Total equity increased to $607,003,000 at August 31, 2019, from $587,731,000 at May 31, 2019.
Sale of Conversion Components
During the three months ended August 31, 2019, the Corporation entered into an agreement with a primary UF6 conversion supplier to sell the conversion components contained in 417,230 KgU as UF6. This transaction resulted in the exchange of 417,230 KgU as UF6 for 1,090,160 pounds of U3O8 as well as cash consideration of $5,489,000 (US$4,151,000) and beneficial storage and other arrangements valued at $5,264,000 (US$3,982,000). The gain on the sale of the conversion components was $6,451,000, based on the difference between the total value of the cash proceeds plus the beneficial storage and other arrangements received and the historical cost of the conversion components of $4,302,000. At the date of the transaction the fair value of the conversion components was $10,480,000. There were no transaction fees relating to this sale.
Current Market Conditions
The uranium market saw very limited activity in the fiscal quarter ended August 31, 2019, with the price starting the quarter at US$24.10 per pound U3O8 and increasing slightly to end the quarter at US$25.30 per pound U3O8.
The most meaningful development in the uranium market during the quarter and, in fact, during the last 18 months, related to the completion of the investigation into the trade petition launched under Section 232 of the Trade Expansion Act of 1962 ('Section 232'), regarding uranium imports in the United States ('US'). On July 12, 2019, the United States President issued a memorandum which stated he did not concur with a US Department of Commerce ('DOC') finding that uranium imports threaten to impair US national security. As a result, no trade actions were implemented in respect of uranium imports under Section 232.
The US administration, however, took the opportunity to order a further review of the nuclear fuel supply chain in the US and commissioned the Nuclear Fuel Working Group ('NFWG') with a mandate to make "recommendations to further enable domestic nuclear fuel production if needed" within 90 days. Accordingly, a report from the NFWG is expected on or before October 10, 2019. It was recently reported that, as part of this review, the Nuclear Energy Institute ('NEI') submitted a letter to the NFWG which included a request of the US administration to stimulate the US uranium mining industry by making use of provisions contained within the 1950 Defense Production Act – specifically by issuing direct payments to either a US nuclear utility or domestic uranium producer for the sale of US origin uranium to a US nuclear utility.
In other uranium industry news, the global nuclear industry gathered in London during the first week of September for the World Nuclear Association's ('WNA's) annual symposium. The general atmosphere around the conference was more positive than it has been in recent years, which was supported by the release of the WNA's biannual Nuclear Fuel Report. The report evaluates nuclear fuel demand and supply scenarios for the period from 2019 to 2040, using a reference, low and high case. For the first time in several years, the outlook for global uranium demand was positive in each of the scenarios.
The increase in expectations around uranium demand can be linked to several events that occurred during the fiscal quarter. Firstly, there was positive news out of the US, with Ohio passing a long-awaited energy bill, which supported the continued operation of the Davis-Besse and Perry nuclear power plants, operated by FirstEnergy Corp. Previous attempts to secure subsidies for these plants were unsuccessful, which had led most in the industry to believe the plants would be shut down by calendar year 2021.
Further good news relating to future uranium demand came out of Uzbekistan, which has recently indicated that it intends to add another two reactors, in addition to the two reactors already proposed for construction. Last October, Uzbekistan chose Russia's Rosatom to build two VVER-1200 reactors, which it expects to commission between 2028 and 2030. The country's Energy Minister said in a recent interview that it would add the two additional reactors to the same site.
In the United Kingdom ('UK'), a leaked government analysis stressed the need to build a fleet of new nuclear or carbon-capture power plants in order to meet climate targets. The UK government believes that up to 40 GWe of low carbon power stations could be needed in 2050 to reduce Britain's emissions to 'net zero' and currently there is just one nuclear power plant under construction – EDF Energy's 3.2 GWe Hinkley Point C in England.
Also during the quarter, the long-awaited outcome of Cameco Corp's ('Cameco's) arbitration case against Japan's Tokyo Electric Power Company ('TEPCO') was released. In July, a panel of arbitrators ruled in favour of Cameco, supporting the argument that TEPCO did not have the right to terminate its supply contract with the producer by claiming force majeure. However, Cameco was awarded damages of only US$40 million, despite claiming US$700 million. The decision cannot be appealed, and an explanation of the ruling will not be made public.
Offsetting the positive impacts on uranium demand, TEPCO officially announced that it will decommission its Fukushima-Daini nuclear power plant in Japan. This nuclear plant was not damaged in the Fukushima-Daichi accident, but is located only a few miles to the south of the troubled Daichi reactors. With both sites being decommissioned, TEPCO will be left only with its Kashiwazaki-Kariwa site, which has seven ABWR reactors. The company added to this news when it indicated it would consider decommissioning one or more units at Kashiwazaki as part of a possible agreement to restart units 6 and 7.
Further, the general situation around the nuclear power industry in Japan remains challenging. It was recently reported that it would cost US$44.2 billion to bring all of Japan's operable nuclear plants into compliance with post-Fukushima safety standards. This estimate has sky-rocketed since 2013 when the estimated cost of meeting those requirements was US$8.3 billion.
On the supply side of the uranium market, the world's largest uranium producer, National Atomic Company Kazatomprom announced in August that it would continue to maintain its 20% production curtailment through the end of calendar year 2021, rather than to the end of calendar 2020 as it had previously announced.
Also on the supply side, the sale of Rio Tinto's share in the Rössing uranium mine to China National Uranium Corporation Limited ('CNUC') has been completed. The arrangement called for an initial cash payment of US$6.5 million, with a contingent payment of up to US$100 million subject to certain benchmarks being met. With Rio Tinto's Ranger operation in Australia slowly ramping down over the next couple of years, one of the industry's major producers in past years will soon completely exit the market.
Outstanding Share Data
At September 26, 2019, there were 138,060,713 common shares issued and outstanding. There are no stock options or other equity instruments issued and outstanding.
About Uranium Participation Corporation
Uranium Participation Corporation is a company that invests substantially all of its assets in uranium oxide in concentrates ('U3O8') and uranium hexafluoride ('UF6') (collectively 'uranium'), with the primary investment objective of achieving appreciation in the value of its uranium holdings through increases in the uranium price. Additional information about Uranium Participation Corporation is available on SEDAR at www.sedar.com and on Uranium Participation Corporation's website at www.uraniumparticipation.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release constitutes forward looking statements or forward looking information. These statements can be identified by the use of forward looking terminology such as 'may', 'will', 'expect', 'intend', 'estimate', 'anticipate', 'plan', 'should', 'believe' or 'continue' or the negative thereof or variations thereon or similar terminology. In particular, this press release contains forward-looking information pertaining to the value of the Corporation's investments and expectations regarding uranium spot prices and uranium market factors, including expectations regarding uranium production levels, reactor restarts, levels of uncommitted utility reactor requirements, anticipated market supply and demand, the development of new nuclear power projects, the potential impact of international trade actions, and other statements regarding the outlook for the uranium industry and market.
By their very nature, forward looking statements involve numerous factors, assumptions and estimates. A variety of factors, many of which are beyond the control of UPC, may cause actual results to differ materially from the expectations expressed in the forward looking statements. For a list of the principal risks of an investment in UPC, please refer to the 'RISK FACTORS' section in the Corporation's Annual Information Form dated May 6, 2019 available under UPC's profile at www.sedar.com. These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differ materially from those expressed or implied by the forward looking statements. Except where required under applicable securities legislation, UPC does not undertake to update any forward looking information.
SOURCE Uranium Participation Corporation
For further information: David Cates, President & Chief Executive Officer, (416) 979-1991 Ext. 362; Mac McDonald, Chief Financial Officer, (416) 979-1991 Ext. 242
Related Links uraniumparticipation.com
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|To: LoneClone who wrote (18400)||10/2/2019 3:09:32 PM|
|IsoEnergy Intersects 1.6% U3O8 over 10.5m in Drill Hole LE19-28, Including 12.6% U3O8 over 1.0m |
Vancouver, BC, October 1, 2019 – IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF) is pleased to provide final assay results from its recently completed summer drilling program on the Hurricane zone at the Larocque East property. Highlights include assay results from drill holes LE19-28 and LE19-29. The Hurricane zone is located on the Company’s 100% owned Larocque East property (the “Property”) in the Eastern Athabasca Basin of Saskatchewan (Figure 1).
Steve Blower, Vice President of Exploration commented: “These final assay results from our 17-hole summer drilling program provide further evidence of the strength and continuity of the Hurricane zone. Data compilation and interpretation is on-going and preparations are already underway for a winter drilling program that is planned to begin in January. I’m grateful for the excellent work completed by our Technical team and our primary contractors Bryson Drilling, Little Rock Enterprises and Discovery Int’l Geophysics.”
- Chemical assays received for drill hole LE19-28, comprising 1.6% U3O8 over 10.5m, including 12.6% U3O8 over 1.0m
- Chemical assays received for drill hole LE19-29, comprising 4.6% U3O8 over 2.0m, including 16.6% U3O8 over 0.5m
Craig Parry, CEO commented: “We are very pleased to report these strong final assay results from our summer drill program from Hurricane, the first high grade-uranium discovery globally for some years. The results continue to confirm the size and grade potential of the deposit and position IsoEnergy well for the next drill campaign. These results come at an important time for the uranium exploration and mining sector. The larger number of mine closures over the past two years have started to have a significant impact on the uranium market. After a hiatus of six months, in recent weeks we have seen a return of activity to the uranium spot market and the price has once again started rising, from $24.5 to $25.60/lb. over the past week. We expect significant renewed buying in the spot market over coming months and this has the potential to have further positive impact on the uranium price. Against this market backdrop we look forward to recommencing drilling and reporting further results from Hurricane during the coming winter.”
Drill Hole LE19-28 Assays (Section 4660E)
Drill hole LE19-28 (Figures 2 and 3) was completed 25m to the east of the LE19-16A section. LE19-28 intersected a 10.5m interval (321.0-331.5m) of strong uranium mineralization that averages 1.6% U3O8 and includes a 1.0m subinterval that averages 12.6% U3O8. Mineralization straddles the sub-Athabasca unconformity. Drill hole LE19-28 is the only drill hole completed on this section to date, and therefore the zone is wide open for expansion.
Drill Hole LE19-29 Mineralization (Section 4610E)
Completed on section 4610E, 25m west of the LE19-16A section, drill hole LE19-29 (Figures 2 and 4) intersected a 2.0m interval (337.5-339.5m) of strong uranium mineralization that averages 4.6% U3O8 and includes a 0.5m subinterval that averages 16.6% U3O8. The drill hole is interpreted to have over-shot the strongest part of the Hurricane zone mineralization and the zone is wide open for expansion to the north on this section.
With the receipt of final assays, data compilation and interpretation are well underway. Plans are being made for a large winter drilling program expected to begin in January, 2020, with winter road preparation beginning in December, 2019. Winter drilling in 2020 is likely to have two objectives; (1) complete sections and in-fill large gaps in the current footprint, and (2) extend the Hurricane zone strike length to the east with the aid of geophysical targets generated by the recently completed DC-Resistivity geophysical survey.
Table 1 – 2019 Hurricane Zone Intersections
Figure 1 –Larocque East Property Map
|Hole-ID ||From (m) ||To (m) ||Length (m) ||Radioactivity1,2 (CPS) || Chemical Assays || ||Location |
| || || || || ||U3O8 (%) ||Ni (%) ||Co (%) || |
|LE19-023 ||316.5 ||320.0 ||3.5 ||>1,000 ||0.2 ||0.1 ||0.2 ||Section 4560E |
|and ||326.5 ||330.0 ||3.5 ||>1,000 ||10.4 ||0.8 ||0.0 || |
|LE19-033 ||324.0 ||324.5 ||0.5 ||>1,000 ||0.2 ||0.1 ||0.0 ||Section 4560E |
|and ||326.5 ||329.5 ||3.0 ||>1,000 ||2.7 ||2.3 ||0.0 || |
|LE19-043 ||329.0 ||329.5 ||0.5 ||>1,000 ||0.1 ||0.0 ||0.0 ||Section 4560E |
| ||333.0 ||333.5 ||0.5 ||>1,000 ||0.4 ||0.2 ||0.0 || |
|LE19-053 ||No significantly elevated radioactivity || || || ||Section 4560E |
|LE19-063 ||328.0 ||330.0 ||2.0 ||>1,000 ||0.4 ||0.1 ||0.1 ||Section 4585E |
|and ||332.0 ||336.0 ||4.0 ||>5,000 ||3.8 ||1.1 ||0.0 || |
|LE19-073 ||325.0 ||331.0 ||6.0 ||>1,000 ||0.4 ||0.8 ||1.4 ||Section 4585E |
|incl. ||328.0 ||328.5 ||0.5 ||>5,000 ||1.0 ||4.9 ||9.3 || |
|LE19-083 ||326.5 ||327.0 ||0.5 ||>1,000 ||0.4 ||0.1 ||0.1 ||Section 4535E |
|and ||333.0 ||336.5 ||3.5 ||>1,000 ||0.8 ||1.5 ||0.4 || |
|incl. ||335.5 ||336.0 ||0.5 ||>10,000 ||3.7 ||8.3 ||1.3 || |
|LE19-093 ||325.0 ||329.5 ||4.5 ||>1,000 ||4.2 ||1.1 ||0.8 ||Section 4535E |
|LE19-103 ||331.5 ||333.0 ||1.5 ||>1,000 ||0.6 ||1.7 ||1.9 ||Section 4535E |
|LE19-113 ||333.0 ||333.5 ||0.5 ||>5,000 ||2.1 ||0.1 ||0.1 ||Section 4485E |
|LE19-123 ||320.5 ||329.0 ||8.5 ||>1,000 ||3.2 ||2.1 ||0.2 ||Section 4485E |
|LE19-133 ||320.0 ||320.5 ||0.5 ||>1,000 ||0.2 ||0.0 ||0.0 ||Section 4635E |
|and ||321.5 ||324.0 ||2.5 ||>1,000 ||0.6 ||0.2 ||0.5 || |
|incl. ||322.5 ||323.0 ||0.5 ||>10,000 ||1.6 ||0.4 ||1.1 || |
|LE19-14B3 ||323.0 ||325.0 ||2.0 ||>1,000 ||0.2 ||0.0 ||0.1 ||Section 4535E |
|and ||327.5 ||331.0 ||3.5 ||>1,000 ||0.3 ||0.3 ||0.7 || |
|LE19-153 ||No significantly elevated radioactivity || || || ||Section 4735E |
|LE19-16A3 ||315.5 ||322.5 ||7.0 ||>1,000 ||5.4 ||0.7 ||0.1 ||Section 4635E |
|incl. ||318.0 ||320.0 ||2.0 ||>10,000 ||15.9 ||1.4 ||0.1 || |
|LE19-173 ||No significantly elevated radioactivity || || || ||Section 4635E |
|LE19-183 ||323.0 ||326.0 ||3.0 ||>1,000 ||1.5 ||0.1 ||0.1 ||Section 4735E |
|incl. ||325.0 ||325.5 ||0.5 ||>10,000 ||6.0 ||0.1 ||0.1 || |
|LE19-18C13,5 ||261.0 ||266.0 ||5.0 ||>1,000 ||1.2 ||0.0 ||0.0 ||Section 4735E |
|incl. ||261.5 ||262.0 ||0.5 ||>10,000 ||3.9 ||0.0 ||0.0 || |
|LE19-193 ||No significantly elevated radioactivity || || || ||Section 4985E |
|LE19-203 ||No significantly elevated radioactivity || || || ||Section 4735E |
|LE19-213 ||No significantly elevated radioactivity || || || ||Section 4985E |
|LE19-223 ||326.5 ||327.0 ||0.5 ||1,000 ||0.1 ||0.0 ||0.0 ||Section 4985E |
|LE19-233 ||321.0 ||322.0 ||1.0 ||>1,000 ||2.3 ||0.1 ||0.1 ||Section 4735E |
|incl. ||321.0 ||321.5 ||0.5 ||>10,000 ||3.9 ||0.1 ||0.1 || |
|and ||325.5 ||326.0 ||0.5 ||>1,000 ||0.3 ||0.0 ||0.0 || |
|LE19-243 ||No significantly elevated radioactivity || || || ||Section 4735E |
|LE19-253 ||323.5 ||324.0 ||0.5 ||>1,000 ||1.8 ||0.0 ||0.2 ||Section 4685E |
|and ||331.5 ||333.0 ||1.5 ||>1,000 ||0.5 ||0.6 ||0.0 || |
|incl. ||332.5 ||333.0 ||0.5 ||>5,000 ||0.9 ||1.2 ||0.0 || |
|LE19-263 ||No significantly elevated radioactivity || || || ||Section 5185E |
|LE19-27A3 ||No significantly elevated radioactivity || || || ||Section 4610E |
|LE19-284 ||321.0 ||331.5 ||10.5 ||>1,000 ||1.6 ||0.3 ||0.0 ||Section 4660E |
|Incl. ||322.0 ||322.5 ||0.5 ||>5,000 ||1.3 ||0.1 ||0.1 || |
|and incl. ||326.5 ||327.0 ||0.5 ||>5,000 ||1.0 ||0.0 ||0.0 || |
|and incl. ||329.5 ||331.5 ||2.0 ||>5,000 ||7.1 ||1.3 ||0.0 || |
|incl. ||330.5 ||331.5 ||1.0 ||>20,000 ||12.6 ||2.1 ||0.0 || |
|LE19-294 ||337.5 ||339.5 ||2.0 ||>1,000 ||4.6 ||0.2 ||0.1 ||Section 4610E |
|incl. ||338.5 ||339.5 ||1.0 ||>5,000 ||8.7 ||0.3 ||0.2 || |
|incl. ||338.5 ||339.0 ||0.5 ||>20,000 ||16.6 ||0.5 ||0.3 || |
|Notes: ||1. Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer. |
2. Measurements of total gamma cps on drill core are an indication of uranium content, but may not correlate with uranium chemical assays.
3. Radioactivity and chemical assays previously disclosed
4. Radioactivity previously disclosed
5. Collared 59m down-hole in LE19-18
Figure 2 – Drill Hole Location Map
Figure 3 – Cross Section 4660E
Figure 4 – Cross Section 4610E
The Larocque East Property and the Hurricane Zone
The 100% owned Property consists of 20 mineral claims totaling 8,371ha and is not encumbered by any royalties or other interests. Larocque East is immediately adjacent to the north end of IsoEnergy’s Geiger property and is 35 kilometres northwest of Orano Canada’s McClean Lake uranium mine and mill.
Along with other target areas, the Property covers a 15-kilometre-long northeast extension of the Larocque Lake conductor system; a trend of graphitic metasedimentary basement rocks that is associated with significant uranium mineralization at the Hurricane zone, and in several occurrences on Cameco Corp.’s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July, 2018 and was followed up with a 12-hole drilling campaign in the winter of 2019 and a recently completed 17-hole summer drilling campaign. Dimensions are currently 500m along-strike, 40m wide and up to 10m thick. The zone is open for expansion along-strike and on most sections. Mineralization is polymetallic and commonly straddles the sub-Athabasca unconformity 320m below surface. Drilling at Cameco Corp.’s Larocque Lake zone on the neighbouring property to the southwest has returned historical intersections of up to 29.9% U3O8 over 7.0 metres in drill hole Q22-040. Like the nearby Geiger property, Larocque East is located adjacent to the Wollaston-Mudjatik transition zone - a major crustal suture related to most of the major uranium deposits in the eastern Athabasca Basin. Importantly, the sandstone cover on the Property is thin, ranging between 140 metres and 330 metres in previous drilling. In addition to the Hurricane zone discovery, four historical drill holes have intersected weak uranium mineralization at other locations on the Property to date.
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Andy Carmichael, P.Geo., IsoEnergy’s Senior Geologist, who is a “Qualified Person” (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. As mineralized drill holes are oriented very steeply (-80 to -90 degrees) into a zone of mineralization that is interpreted to be horizontal, the true thickness of the intersections is expected to be greater than or equal to 90% of the core lengths. This news release refers to properties other than those in which the Company has an interest. Mineralization on those other properties is not necessarily indicative of mineralization on the Company’s properties. For additional information regarding the Company’s Larocque East Project, including its quality assurance and quality control procedures, please see the Technical Report dated effective May 15, 2019 on the Company’s profile at www.sedar.com.
IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada and a historic inferred mineral resource estimate at the Mountain Lake uranium deposit in Nunavut. IsoEnergy is led by a Board and Management team with a track record of success in uranium exploration, development and operations. The Company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.
Chief Executive Officer
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Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release shall not constitute an offer to sell or a solicitation of any offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referenced herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and such securities may not be offered or sold within the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements thereunder.
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, alternative sources of energy and uranium prices, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws
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