TORONTO , May 25, 2017 /CNW/ - U3O8 Corp.
(TSX: UWE), (OTCQB: UWEFF) ("U3O8 Corp." or the "Company") announces that Mr David
Marsh has agreed to stand for election as a director of the Company at its Annual and Special Meeting scheduled to be held
at 11am on Thursday June 22 at 20 Toronto Street, Second Floor,
Toronto, Ontario M5C 2B8.
"I am delighted that David is standing for election as a director of the Company," said Mr David
Constable, Chairman of U3O8 Corp. "David's specific experience with the design and construction of the processing
plant for Paladin Energy's Langer Heinrich uranium deposit will be invaluable as U3O8 Corp. undertakes pilot plant test work in
preparation for a feasibility study at its Laguna Salada Deposit in Argentina. David's
experience with the processing and extraction of rare earth elements and other metals from multi-commodity ore, will also be key
to advancing U3O8 Corp.'s Berlin Deposit. I would also like to thank Darin Milmeister, who
offered not to stand for re-election so as to make his seat on the board available for David
Marsh, for his counsel and guidance over the last year."
David Marsh commented: "I had begun to think that the extensive design and operational
experience that I gained from many years' involvement with the development and implementation of the alkaline leach plant for
Paladin Energy at Langer Heinrich would be a one-off in my career. By becoming a director of U3O8 Corp. I have an
opportunity to bring that experience to the advancement of the Laguna Salada Deposit that shares so many characteristics with
Langer Heinrich. This comes at a time that Argentina is accelerating its adoption of
nuclear to generate clean, base-load power."
Last week, an agreement was signed for the construction of Argentina's 4th
and 5th large nuclear power plants which will more than double Argentina's uranium
requirement from the current 0.5 million pounds ("Mlbs") to 1.1Mlbs per year. The Secretariat of Mines in Argentina lists U3O8 Corp.'s Laguna Salada Deposit, along with the State's Cerro
Solo and past-producing Sierra Pintada deposits, as well as Ur-America's Meseta Central project, as potential local
sources of uranium.
Argentina is reported to have imported approximately 0.23Mlbs of uranium in 2016 at an
average price of US$58 per pound. This price excludes insurance and transport of the uranium
to Argentina.
The 4th nuclear plant will be of Canadian Candu design, a 700 megawatt ("MW") reactor, on which construction
is planned to start in early 2018. The 5th reactor will be a 1,150MW Hualong One plant, on which construction is
scheduled to commence in 2020. The budget for the construction of the two plants is US$14
billion, 85% of which is to be funded by Chinese entities.
Uranium Extraction Experience: Mr Marsh was involved with initial test work and
development of alkaline leach – a new technology at that time – for the treatment of ore from the Langer Heinrich uranium deposit
at GRD Minproc. He subsequently joined Paladin Energy to manage the team responsible for the implementation of this new
technology, including plant design and optimization, at the Langer Heinrich Mine. Alkaline leach is the technology that
current test work shows to be most appropriate for the extraction of uranium and vanadium from U3O8 Corp.'s Laguna Salada Deposit
in Argentina.
Mr Marsh was also responsible for the test work, flow sheet design and optimization of the acid leach processing
facility at Paladin Energy's Kayelekera uranium deposit. At Paladin Energy, Mr Marsh also led the team that developed the
flow sheet for the scoping study of the Valhalla Uranium Deposit, which is of the same type as U3O8 Corp.'s Kurupung Deposit in
Guyana.
Experience with Multi-Commodity Deposits: Mr Marsh has extensive experience in the
extraction of metals from multi-commodity deposits including platinum group metals, base metals, lithium and rare earth
elements. He is currently serving as Senior Vice President – Metallurgy and Technology Development for Avalon Advanced
Materials Inc. where his focus is on the extraction of rare earth elements, lithium and tin-copper-zinc from three different
deposits. After developing extraction technologies for each deposit, he has led teams that optimized flow sheets for
incorporation in economic studies of the deposits. Mr Marsh's experience will be invaluable in the further refinement of
the extraction process for U3O8 Corp.'s Berlin Deposit that contains uranium, phosphate, vanadium, nickel and rare earth
elements, and on the past-producing uranium-cobalt-nickel mines that U3O8 Corp. has recently staked in Argentina.
Technical Information
Dr. Richard Spencer, P.Geo., CGeol., President and CEO of U3O8 Corp. and a Qualified
Person as defined by National Instrument 43-101, has approved the technical information in this news release relating to the
Laguna Salada Deposit and the related PEA.
About U3O8 Corp.
U3O8 Corp. is focused on exploration and development of deposits of uranium and associated commodities in South
America. Potential by-products from uranium production include commodities used in the energy storage industry – in the
manufacture of batteries - such as nickel, vanadium and phosphate. The Company's mineral resources estimates were made in
accordance with National Instrument 43-101, and are contained in three deposits:
- Laguna Salada Deposit, Argentina – a PEA shows this near
surface, free-digging uranium - vanadium deposit has low production-cost potential;
- Berlin Deposit, Colombia – a PEA shows that
Berlin also has low-cost uranium production potential due to revenue that would be generated
from by-products of phosphate, vanadium, nickel, rare earths (yttrium and neodymium) and other metals that occur within the
deposit; and
- Kurupung Deposit, Guyana – a uranium resource has been
estimated in four veins within a uranium-zirconium vein system. Resources have been estimated on four veins, while consistent
mineralization of the same type has been intersected in scout drilling of an additional six veins, while yet other veins
require first-time exploration drilling.
Information on U3O8 Corp., its resources and technical reports are available at www.u3o8corp.com and on SEDAR at www.sedar.com. Follow U3O8 Corp. on Facebook: www.facebook.com/u3o8corp, Twitter: www.twitter.com/u3o8corp and YouTube: www.youtube.com/u3o8corp.
Forward-Looking Statements
This news release includes certain "forward looking statements" related with the development plans, economic
potential and growth targets of U3O8 Corp's projects. Forward-looking statements consist of statements that are not purely
historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not
limited to, statements with respect to: (a) the low-cost and near-term development of Laguna Salada, (b) the Laguna Salada and
Berlin PEAs, (c) the potential of the Kurupung district in Guyana, (d) impact of the U- pgradeTM
process on expected capital and operating expenditures, and (e) the price and market for uranium. These statements are based
on assumptions, including that: (i) a ctual results of our exploration, resource goals, metallurgical testing, economic
studies and development activities will continue to be positive and proceed as planned, and assumptions in the Laguna Salada and
Berlin PEAs prove to be accurate, (ii) a joint venture will be formed with the provincial petroleum and mining company on the
Argentina project, (iii) requisite regulatory and governmental approvals will be received on a timely basis on terms acceptable
to U3O8 Corp., (iv) economic, political and industry market conditions will be favourable, and (v) financial markets and the
market for uranium will improve for junior resource companies in the short-term. Such statements are subject to risks and
uncertainties that may cause actual results, performance or developments to differ materially from those contained in such
statements, including, but not limited to: (1) changes in general economic and financial market conditions, (2) changes in demand
and prices for minerals, (3) the Company's ability to establish appropriate joint venture partnerships, (4) litigation,
regulatory, and legislative developments, dependence on regulatory approvals, and changes in environmental compliance
requirements, community support and the political and economic climate, (5) the inherent uncertainties and speculative nature
associated with exploration results, resource estimates, potential resource growth, future metallurgical test results, changes in
project parameters as plans evolve, (6) competitive developments, (7) availability of future financing, (8) exploration risks,
and other factors beyond the control of U3O8 Corp. including those factors set out in the "Risk Factors" in our Annual
Information Form available on SEDAR at www.sedar.com. Readers
are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. U3O8
Corp. assumes no obligation to update such information, except as may be required by law. For more information on the above-noted
PEAs, refer to the September 18, 2014 technical report titled "Preliminary Economic Assessment of the Laguna Salada
Uranium-Vanadium Deposit, Chubut Province, Argentina" and the January 18, 2013 technical report titled "U3O8 Corp. Preliminary
Economic Assessment on the Berlin Deposit, Colombia."
SOURCE U3O8 Corp.
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