Encore Energy Completes Sale of Ceboletta Uranium Project, New Mexico
ENCORE ENERGY COMPLETES SALE OF CEBOLETTA
URANIUM PROJECT, NEW MEXICO
TSX.V: EU
OTCQB: ENCUF
www.encoreuranium.com
CORPUS CHRISTI, Texas
,
May 26, 2022
/CNW/ -
enCore Energy Corp.
("
enCore
" or the "
Company
") (TSXV: EU) (OTCQB:
ENCUF) announced today the completion of the sale of the Cebolleta Uranium Project ("Ceboletta"),
New Mexico
to Future Fuel
Corporation ("Future Fuels") (CSE: AMPS) for 11,308,250 common shares representing approximately 15.90% on an undiluted basis
of the outstanding shares of Future Fuels and
$250,000 USD
. This transaction is the first major step in monetizing assets held by
enCore which are not in the Company's production pipeline, further enabling enCore's execution of its goal to become the next
producer of American uranium.
William M. Sheriff
, Executive Chair stated: "enCore Energy is focused on providing necessary and reliable, clean energy in
the United
States
by advancing the Rosita Plant and our
Texas
assets towards production. The sale of Cebolleta provides significant equity in
Future Fuels, enhancing our already healthy balance sheet which will see us bring our Rosita Plant back into production and deliver on
our uranium sales agreements in 2023. We are committed to adding value to the Company while seeking to minimize shareholder
dilution on our path to production."
Rosita Central Uranium Processing Plant (Rosita Plant)
enCore's Rosita Plant, located approximately 60 miles from
Corpus Christi, Texas
, is a licensed, past-producing in-situ recovery (ISR)
uranium plant expected to reach completion of the modernization and refurbishment program in Q2 2022. The program is on schedule
and on budget to meet enCore's 2023 production target. The Rosita Plant is designed to process uranium feed from multiple satellite
operations, all located in the
South Texas
area, and is 1 of 11 licensed uranium processing plants in
the United States
, 2 of which are
owned by enCore Energy.
About enCore Energy Corp.
enCore Energy is rapidly advancing towards becoming the next producer of American uranium. With approximately 90 million pounds
of U
3
O
8
estimated in the measured and indicated categories and 9 million pounds of U
3
O
8
estimated in the inferred category
1
,
enCore is the most diversified in-situ recovery uranium development company in
the United States
. enCore is focused on becoming
the next uranium producer from its licensed and past-producing South Texas Rosita Processing Plant by 2023. The
South Dakota
-
based
Dewey Burdock
and Wyoming Gas Hills projects offer mid-term production opportunities with significant
New Mexico
uranium
resource endowments providing long-term opportunities. The enCore team is led by industry experts with extensive knowledge and
experience in all aspects of ISR uranium operations and the nuclear fuel cycle.
_______________________________
1
Mineral resource estimates are based on technical reports prepared in accordance with NI43-101 and available on SEDAR as well as company websites at
www.encoreuranium.com
.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this news release constitutes
forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to the intended use
of the net proceeds of the Offering and the completion of any capital project or property acquisitions. Forward-looking statements
necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse
industry events; future legislative and regulatory developments; inability to access additional capital; the ability of enCore to implement
its business strategies; and other risks. Readers are cautioned not to place undue reliance on forward-looking statements as there
can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although
considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially
from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary
statement.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/encore-energy-completes-sale-of-ceboletta-uranium-project-new-mexico-301555761.html
SOURCE
enCore Energy Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/May2022/26/c6913.html
%SEDAR: 00029787E
For further information:
William M. Sheriff, Executive Chairman, 972-333-2214, [email protected],
www.encoreuranium.com
CO: enCore Energy Corp.
CNW 07:00e 26-MAY-22