Encore Energy Receives Uranium Production License FOR Dewey Burdock, South Dakota
ENCORE ENERGY RECEIVES URANIUM PRODUCTION LICENSE
FOR DEWEY BURDOCK, SOUTH DAKOTA
CORPUS CHRISTI, Texas
,
Feb. 14, 2022
/CNW/ -
enCore Energy Corp.
("
enCore
" or the "
Company
") (TSXV: EU) (OTCQB: ENCUF) is
pleased to announce the U.S. Nuclear Regulatory Commission ("
NRC
") has accepted the change of control, to enCore, of the Dewey Burdock
Source and By-Product Materials License.
Chief Executive Officer
Paul Goranson
stated "enCore appreciates the speed of the NRC in handling our license transfer from the Azarga
acquisition. This license, issued in 2014 by the NRC, authorizes the production of uranium using in-situ recovery technologies at the Company's
Dewey-Burdock Project located in
South Dakota
, a key component in enCore Energy's mid and long term production objective. Our immediate
production focus remains our South Texas Rosita ISR uranium project, now under development, with a planned production date of 2023.
The Company also announces that it has granted incentive stock options (the "Options") to certain of its directors, officers, employees and
consultants to purchase an aggregate of up to 7,090,000 common shares in the capital of the Company at a price of
$1.40
per share for a five
year period, in accordance with its Stock Option Plan. Vesting will occur over a period of twenty-four months, with an initial 25% of the Options
vesting six months following the date of grant, followed by an additional 25% of the Options every six months thereafter until fully vested.
The Company also announces it has terminated the previously announced capital market advisory contract with Red Cloud Securities Inc. and Red
Cloud Financial Services Inc. The Company also thanks
Red Cloud
for their support and contributions.
About enCore Energy Corp.
With approximately 90 million pounds of U3O8 estimated in the measured and indicated categories and 9 million pounds of U3O8 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
project and the Wyoming Gas Hills project 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.
Dr.
Douglas H. Underhill
, CPG, the Company's Chief Geologist and a Qualified Person under NI 43- 101, has approved the technical disclosure in
this news release.
1
Mineral resource estimates are based on technical reports prepared pursuant toNI43-101 and available on SEDAR as well as company websites at www.encoreuranium.com and www.azargauranium.com.
www.encoreuranium.com
Certain information contained herein constitutes forward-looking information or statements under applicable securities legislation and rules. All
statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are frequently identified by
such words as may, will, plan, expect, anticipate, estimate, intend, indicate, scheduled, target, goal, potential, subject, efforts, option and
similar words, or the negative connotations thereof, referring to future events and results. There can be no assurance that such statements will
prove to be accurate. Readers should not place undue reliance on forward-looking statements. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the enCore common shares, nor shall there be any offer or sale of the enCore common shares in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the TSX, the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX and TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/encore-energy-receives-uranium-production-license-for-dewey-burdock-south-dakota-301481388.html
SOURCE
enCore Energy Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/February2022/14/c8458.html
%SEDAR: 00029787E
For further information:
enCore Energy Corp., William M. Sheriff, Executive Chairman, 972-333-2214, [email protected]
CO: enCore Energy Corp.
CNW 07:00e 14-FEB-22