M5 C 2 C 5 NEX : UWE .H Canada Press R elease Shareholders Approve All Resolutions at U3O8 Corp.’s Annual General Meeting
36 Toronto
Street
T: 416
-
868
-
1491
Suite
1050
www.u3o8corp.com
Toronto, ON M5
C
2
C
5
NEX
: UWE
.H
Canada
Press
R
elease
Shareholders Approve All Resolutions at U3O8 Corp.’s Annual General Meeting
Toronto, Ontario
–
August 10
, 20
20
–
U3O8 Corp.
(
NE
X: UWE
.H
)
,
(“
U3O8
” or the “
Company
”)
is pleased
to announce that its shareholders have approved all of the resolutions put
before
them at the Company’s
Annual General Meeting held in Toronto on Friday, August 7, 2020.
Shareholders approved the financial statements
for the year
-
ended Decembe
r 31, 2019 and the report of
the auditors thereon, the appointment of auditors, election of directors and the Company’s
equity
-
based
incentive plan for the upcoming year. Details of these matters are disclosed in the Management Information
Circular for th
e Meeting which is dated
June 26
, 2020 and posted under the Company’s profile on
www.sedar.com
.
Two new directors were voted onto the Board: Ms. Helen Molesworth and Dr. Scott Morrison, both residents
of Switzerland.
Helen is a gemologist
and classicist
. She has a BA (Oxon) and has
international experience across the
coloured gemstone industry. Sh
e is a recogni
z
ed gems and jewellery expert, who has worked at Sotheby’s
and Christie’s, and launched a coloured gemstone Academy out of Hong Kong and China
.
Scott is a Professional Engineer with a B.Sc in Geology and a Ph.D in metallurgy. He currentl
y serves as
a director of Zinc Oxide LLC
, the largest producer of zinc products in the USA
and of AK Altynalmas
, a
leading gold producer in Kazakhstan.
U3O8 Corp.’s President and CEO thanked the outgoing directors, David Constable, David Franklin, Pablo
Marcet and David Marsh, for their selfless efforts to guide the Company through a brutal bear market in
uranium. Messrs Constable and Marcet have agreed to be available to consult to the Company for a year.
The new board plans to meet shortly to review v
arious growth opportunities that are available to the
Company. These matters will be reported on
in due course
.
About U3O8 Corp.
U3O8 Corp. is focused on exploration and development of deposits of uranium and battery commodities in
South
America. Battery commodities that occur with uranium resources include vanadium, nickel, zinc and
phosphate.
The Company’s mineral resources estimates were made in accordance with National
Instrument 43
-
101, and are contained in the following deposits:
L
aguna Salada Deposit, Argentina
–
a PEA shows this near surface, free
-
digging uranium
-
vanadium deposit has low production
-
cost potential; and
Berlin Deposit, Colombia
–
a PEA shows that Berlin also has low
-
cost uranium production
potential due to revenu
e that would be generated from by
-
products of phosphate, vanadium, nickel,
rare earths (yttrium and neodymium) and other metals that occur within the deposit.
A PEA is preliminary in nature, it includes inferred mineral resources that are considered too s
peculative
geologically to have the economic considerations applied to them that would enable them to be
categorized
as mineral reserves, and there is no certainty that the preliminary economic assessment will
be realized.
2
The Company also owns
approximately 39% of South American Silica, a private company with frac sand
properties in Uruguay.
For further information, please contact:
Carolina Diaz at
or phone (416) 868
-
1491 or
R
ichard Spencer
, President & CEO,
U3O8 Corp., Tel: (
647
)
292
-
0225
Forward
-
Looking Statements
This news release includes certain “forward looking statements” related with the
development plans,
economic potential and growth targets of U3
O
8 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 completion of a
reactivation transaction; (b) the low
-
cost and near
-
term development of Laguna Salada, (c) the Laguna
Salada and Berlin PEAs, (d) the potential of the Kurupung district in Gu
yana, (e) impact of the U
-
pgradeTM
process on expected capital and operating expenditures, and (f) the price and market for uranium. These
statements are based on assumptions, including that: (i) the ability to find a profitable undertaking or
successfull
y conclude a purchase of such an undertaking at all or on terms which are commercially
acceptable; (ii) actual results of our exploration, resource goals, metallurgical testing, economic studies and
development activities will continue to be positive and p
roceed as planned, and assumptions in the Laguna
Salada and Berlin PEAs prove to be accurate, (iii) a joint venture will be formed with the provincial petroleum
and mining company on the Argentina project, (iv) requisite regulatory and governmental approva
ls will be
received on a timely basis on terms acceptable to U3O8 Corp., (v) economic, political and industry market
conditions will be favourable, and (vi) financial markets and the market for uranium will improve for junior
resource companies in the shor
t
-
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 finan
cial market conditions,
(2) changes in demand and prices for minerals, (3) the Company’s ability to source commercially viable
reactivation transactions and / or 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, res
ource estimates, potential
resource growth, future metallurgical test results, changes in project parameters as plans evolve, (6)
competitive developments, (7) availability of future financing,
(8) the effects of C
O
VID
-
19 on the business
of the Company, in
cluding, without limitation, effect
s
of C
O
VID
-
19 on capital markets, commodity prices,
labour regulations, supply chain
disruptions
and domestic and international travel restrictions,
(
9
)
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
dated March 27, 2019 for the fiscal year ended December
31, 2018
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 a
s 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.”
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 press release.