U3O8 Corp. Reports that Argentina is On-Course to Generate 9% of its Electricity from Nuclear in 2019; Sets Goals for Small Modular Reactors; and CEO to Speak at the Latin American Nuclear Industry Summit
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Press release
U3O8 Corp. Reports that Argentina is On-Course to Generate 9% of its Electricity from
Nuclear in 2019; Sets Goals for Small Modular Reactors; and CEO to Speak at the Latin
American Nuclear Industry Summit
Toronto, Ontario – March 15, 2017 – U3O8 Corp. (TSX: UWE), (OTCQB: UWEFF) (“U3O8 Corp.” or the
“Company”) notes that Argentina produced a 7,677 giga watt-hours (“GWh”) of electricity from its two
operating nuclear reactors in 2016 (Figure 1), acco rding to CNEA (Argentine National Atomic Energy
Commission). This represents 5.6% of Argentina’s electricity production, generated by the Atucha I and
Atucha II nuclear reactors. When the Embalse power plant comes back to full production in mid-2018,
the three reactors will gener ate approximately 9% of the country’s electricity. The Embalse reactor is
currently off-line for refurbishment so that it c an operate for another 30 years at a 6% higher power
output. The Embalse reactor also produces about one third of the world’s Cobalt-60 isotope
requirements, principally for diagnostic medicine.
The growing nuclear power output will increase yellowcake demand in Argentina from approximately
310,000 pounds per year to 650,000 pounds per year. Annual production from the Laguna Salada
Deposit would start at one million pounds in year one and would average approximately 600,000 pounds
of U3O8 per year over a ten-year mine life, according to the mining schedule modeled in the preliminary
economic assessment (“PEA”)1. The latest publicly available data show that Argentina, which currently
imports its entire uranium requirement, paid an average price of US$78 per pound in 2015. The
estimated cash cost of production defined in t he PEA on Laguna Salada starts at US$11.66 per pound of
uranium in year one and averages US$21.62 per pound over the planned ten-year mine-life. (In
compliance with NI 43-101, 2.3(3) (a), readers are alerted that the PEA includes inferred mineral
resources that are considered too speculative geologically to have economic considerations applied to
them that would enable them to be categorized as mineral reserves and there is no certainty that the
results of the PEA will be realized. In addition, in compliance with NI 43-101, 3.4., readers are alerted
that the PEA includes results of an economic analysis on mineral res ources and that mi neral resources
are not mineral reserves and do not have demonstrated economic viability).
At a conference in Vienna, the Undersecretary of Nuclear Energy in Argentina commented that Argentina
plans to capture about 20% of the international sm all modular reactor (“SMR”) market with its CAREM
design. A 25 megawatt (“MW”) prototype is under cons truction in Argentina and is designed principally
for smaller, off-grid, outlying communities and for indu stries that have a high-intensity power requirement
such as desalination plants for the production of fresh water from seawater. An up-scaled model that has
a capacity of 120MW, the first of which is plan ned to be deployed in Formosa Province, Argentina, is
expected to have wide appeal in the international mark et. This is the first time the Argentine government
has publicly provided guidance on its market penetration target for Argentine SMRs. The Undersecretary
estimated that the export of SMRs could contribute US$3 billion per year to t he economy – that would
represent 0.5% of Argentina’s GDP.
U3O8 Corp.’s CEO will be making a presentation entitled “The role of the Laguna Salada Uranium-
Vanadium Deposit in further developm ent of the nuclear industry in Argentina,” at the Latin American
Nuclear Industry Summit on March 15-16, 2017, in Buenos Aires, Argentina.
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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
relating to the Laguna Salada Deposit and the related PEA.
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.