U3O8 Corp. Provides Quarterly Update on Activities
401 Bay Street T: 416-868-1491
Suite 2702 www.u3o8corp.com
Toronto, ON M5H 2Y4 TSX: UWE
Canada OCTQB: UWEFF
Press release
U3O8 Corp. Provides Quarterly Update on Activities
Toronto, Ontario – March 23, 2017 – U3O8 Corp. (TSX: UWE), (OTCQB: UWEFF) (“U3O8 Corp.” or the
“Company”) reports on progress achieved in the quarter towards driving down production cost estimates
on its priority project, the Laguna Salada Deposit in Argentina. The Company also reports that it has
decided, under IFRS rules, to write down the value of its Colombian deposit in its 2016 year-end financial
statements. This is an accounting measure that refl ects the limited work undertaken in Colombia under
the difficult conditions in the uranium resource sector over the last three years, while available funds have
been focused on advancing the Laguna Salada Deposit in Argentina. The Berlin Deposit in Colombia
remains in good standing and will be reactivated by the Company as soon as adequate funding becomes
available.
Prioritization of the Laguna Salada Deposit in Argentina
With the limited funding that has been available to the Company during the downturn in the resource
sector, and while uranium prices sunk to their lowest levels in a decade in December 2016, the Company
focused its expenditure on its priority project, advanci ng it towards a feasibility study in a cost-effective
manner. The Laguna Salada Deposit in Argentina is co nsidered the Company’s top priority asset under
current market conditions for the following reasons:
The deposit is flat-lying and shallow, with the uranium-vanadium layer exposed at surface in
some areas and extending to a depth of only thre e metres in others. The advantage of this
geometry is that it allows for mining to begin in the richest part of the deposit, where margins are
highest, resulting in a quick payback of the capital borrowed for construction of the mine and
plant, and freeing up cash flow to be returned to shareholders as soon as possible;
The Preliminary Economic Assessment 1 on Laguna Salada estimated cash costs of production of
approximately US$12 per pound of urani um in year one, while the highest grade material is
mined. New discoveries of uranium and vanadium elsewhere in the Laguna Salada Project area
(see press releases dated January 11, January 19 and February 7, 2017) returned grades that
are similar to, or higher than, the grade of the ma terial modeled to be mined in year one. Hence,
this newly discovered material has potential to add to the Deposit’s resource and to improve its
economics;
Refinements to the way in which the uranium coating is removed from pebbles and sand grains in
the gravels offer potential for greater efficiencies and lower production cost estimates. Additional
test work is currently being undertaken in Australia on this aspect of the Deposit. Results of this
test work are expected shortly;
Environmental restoration would be done at the same pace as mining. Once the bulk of the
uranium is removed from the gravel, the gravel would be replaced and replanted with indigenous
species – the aim being to leave the land in a better condition than it was prior to mining, to the
long-term economic benefit of the landowners;
There is a possibility that at least part of the power requirement of the project could be generated
by wind turbines since Patagonia has an excellent wind resource. This creates potential for
U3O8 Corp. to provide uranium that is produced with a low-carbon footprint that may provide
marketing leverage in some jurisdictions; and
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Argentina is a country that is steadily increa sing the proportion of electricity generated from
nuclear plants. All of the uranium used in Ar gentina is imported and the country would benefit
from security of local supply, the creation of jobs and tax income from local production.
Write-down of Colombian Property for Accounting Purposes
U3O8 Corp. has decided, in compliance with International Financial Reporting Standards (“IFRS”), to take
an impairment charge of $7.7 million on its Berlin Proj ect in Colombia in its year-end financial statements
for 2016. One consideration under IFRS rules is that impairment should be considered if there has been
less than optimal spending over the previous three year period, which is the case on the Berlin Project
since available exploration funds have been prioritiz ed for advancement of the Laguna Salada Deposit.
Significant future expenditure on the Berlin Project may allow the Company to reverse the impairment
charge.
The Board and Management of U3O8 Corp. believe that Berlin is an exceptional deposit, containing a
unique suite of commodities which are in demand by the clean energy industry including: uranium for
nuclear energy; nickel, vanadium and phosphate for batteries; and rare earth elements for use in low-
energy lighting and high-efficiency electric motors and generators.
Exploration concession fees have been paid and the Be rlin Project is in good standing. The next critical
step for the advancement of the Deposit is pilot plant test work on the efficiency of nanofiltration to
concentrate the metals and phosphate from the liquid into which these commodities are dissolved from
the mineralized rock. The Company has not had the required $1.1 million in funds to commit to this work.
If the test work is successful, the use of nanofiltra tion in the processing plant design may significantly
reduce the capital cost estimated for the Project in the PEA 2. Operating costs would also be expected to
fall and metal recoveries increase. Positive result s from the test work could markedly improve the
economic robustness of the Project.
Technical Information
Dr. Richard Spencer, P.Geo., C.Geol., 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.
About U3O8 Corp.
U3O8 Corp. is focused on exploration and developm ent 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 surf ace, 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.
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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 lookin g 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 st atements 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) actual results of our exploration, re source goals, metallurgical testing, economic studies
and development activities will continue to be posit ive 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 proj ect, (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, a nd (v) financial markets and the market for uranium
will improve for junior resource companies in the sh ort-term. Such statements are subject to risks and
uncertainties that may cause actual results, perform ance 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 re source growth, fu ture metallurgical test results,
changes in project parameters as pl ans evolve, (6) competitive developm ents, (7) availability of future
financing, (8) exploration risks, and other factor s 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 forw ard-looking statements. U3O8 Corp. assumes no
obligation to update such information, except as ma y be required by law. For more information on the
above-noted PEAs, refer to the S eptember 18, 2014 techni cal report titled “P reliminary Economic
Assessment of the Laguna Salada Uranium-Vanadi um Deposit, Chubut Province, Argentina” and the
January 18, 2013 technical report titled “U3O8 Corp . Preliminary Economic Assessment on the Berlin
Deposit, Colombia.”
For further information, please contact:
Richard Spencer
President & CEO
U3O8 Corp.
Tel.: (416) 868-1491
1 September 18, 2014 Technical Report: “Preliminary Economic Assessment of the Laguna Salada
Uranium Vanadium Deposit, Chubut Province, Argentina.
2 January 18, 2013 technical report: “Berlin Project, Colombia – Preliminary Economic Assessment, NI
43-101 Report.”