enCore Energy Comments on a Memorandum from President Trump Regarding the U.S. Nuclear Fuel Cycle
enCore Energy Comments on a Memorandum from President Trump
Regarding the U.S. Nuclear Fuel Cycle
VANCOUVER, British Columbia, July 15, 2019 -- enCore Energy Corp. (TSX.V: EU) (the " Company") has reviewed a
memorandum (the “Memo”) from President Trump in response to an investigation on the current levels of U.S. uranium imports
and a request from two petitioners to implement a quota system on the basis of section 232 of the Trade Expansion Act of
1962 (the “Act”). President Trump determined that the legitimate national security concerns from the level of uranium imports
did not meet the definitions of section 232 of the Act. The President shared his concerns regarding current uranium imports
and the domestic uranium mining sector, along with the Department of Commerce, and determined that a more detailed
analysis of the nuclear fuel supply chain and its national security considerations is necessary over an additional 90-day review
period.
The Company’s Chief Executive Officer, Dennis Stover, stated, “While not the optimum decision we hoped for, the required
additional 90-day study leaves the door open to new solutions. It is encouraging that the formation of this new study
committee is driven by presidential agreement with Department of Commerce: " I agree with the Secretary that the United
States uranium industry faces significant challenges in producing uranium domestically and this is an issue of national
security."
enCore Energy will continue to work towards a solution to addresses the imbalance facing the U.S. uranium sector along with
the broader nuclear fuel cycle. In 2018, more than 96% of uranium purchased for US nuclear reactors were from foreign
sources, a figure that is expected to rise further in 2019. Nuclear power remains an important part of the energy mix and
currently provides around 19% of all electricity generated in the U.S. and more than 60% of emission-free power, far more than
wind and solar combined.
A copy of the Memo can be found here: https://www.whitehouse.gov/presidential-actions/memorandum-effect-uranium-imports-
national-security-establishment-united-states-nuclear-fuel-working-group/
About enCore Energy Corp.
enCore Energy Corp., with assets based entirely in the United States, has a 100% interest, with no holding costs, on
115,000+ acres (46,400 ha) of private mineral rights in New Mexico, including the Crownpoint and Hosta Butte uranium
deposits. These deposits contain an Indicated Mineral Resource of 26.6 million pounds of U3O8 at an average grade of
0.105% e U3O8(1). A portion of these resources are under NRC license. The Company also holds the Marquez and Treeline
projects in New Mexico as well as other properties in Utah, Arizona, and Wyoming. The Company owns or has access to an
extensive collection of proprietary North American and Global uranium data including the Union Carbide, US Smelting and
Refining, UV Industries, Rancher’s Exploration databases in addition to a leading geophysical data collection concerning the
high- grade Northern Arizona Strip district.
For additional information:
William M. Sheriff
Executive Chairman
972-333-2214
www.encoreenergycorp.com
1. Technical Report, titled, "Crownpoint and Hosta Butte Uranium Project Mineral Resource Technical Report, McKinley
County, New Mexico, USA, Mineral Resource Technical Report - National Instrument 43-101," dated May 14, 2012, and
authored by Douglas L. Beahm, PEng, PGeo.
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Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements within the meaning of applicable securities laws including the
anticipated completion of the transaction and acquisition of the Marquez, Nose Rock and other properties, and the potential
advancement thereof. Forward- looking statements are statements that relate to future, not past, events. In this context,
forward- looking statements often address expected future business and financial performance, and often contain words such
as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might",
"could", "should", or "will" be taken or occur, or other similar expressions. Estimates of mineral resources and reserves are
also forward looking statements because they constitute projections regarding the amount of minerals that may be
encountered in the future. All statements, other than statements of historical fact, included herein including, without limitation;
statements about the terms and completion of the transaction are forward-looking statements. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results,
performance or achievements, or other future events, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that statements are made and the respective companies
undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing
undue certainty to forward-looking statements.