WUC provides Nuclear Fuel Working Group Update (October 17, 2019)
October 17, 2019
Western Uranium & Vanadium Corp. provides Nuclear Fuel Working Group Update
FOR IMMEDIATE RELEASE
Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp . (CSE:WUC) (OTCQX: WSTRF)
(“Western” or ”Company”) would like to provide its observations on t he United States Nuclear Fuel Working
Group (“Working Group”) that was established in response to the Section 232 uranium petition to undertake a
fuller analysis of national security considerations with respect to the domestic nuclear fuel supply chain. The
Working Group was pursuing a deadline of October 10 th to provide recommendations to the White House ,
however President Trump has granted a 30 -day deadline extension. This extension was reported by news
organizations, and the U.S. Department of Commerce Public Affairs office provided confirmation to Western
that “the P resident granted a 30 day extension on the del ivery of the Nuclear Fuel Working Group report”. Upon
receipt, unlike the Section 232 petition there is no mandated time period for the President to consider its
content and take action. This undertaking represented the deployment of a massive amount of i nteragency
resources to evaluate solutions for reestablishing the U.S. domestic uranium supply chain and U.S. nuclear fuel
cycle.
Given President Trump’s major commitment of U.S. governmental resources, foreign government sponsored
competition, and the Department of Commerce’s identification of national security issues during the Section
232 process, it is our expectation that President Trump will take action. While the United States maintains the
largest nuclear reactor fleet in the world, the other stages of the domestic nuclear fuel cycle have severely
declined. Nuclear power plants have been competing domestically against cheaper natural gas and
renewables. The mining, conversion, and enrichment stages of the nuclear fuel cycle have been increasingly
competing against foreign state sponsored companies. This has resulted in the shut-down of domestic
conversion and enrichment capabilities which can be utilized for national defense purposes. Further, owing to
uranium production shutdowns, it is projected that 2019 domestic uranium production will cover less than 1%
of 2019 domestic nuclear fuel supply needs.
We anticipate that both the Department of Commerce and Working Group reports will articulate the
difficulties of free-market companies competing against state sponsored enterprises without a profit incentive
and producing at price-insensitive production levels. This has depressed prices at all stages of the nuclear fuel
cycle and reduced competition. These state sponsored entities enjoy ongoing cost advantages and initial
capital expenditure advantages owing to their governmental relationships, and other anti-competitive
practices for which there are not capitalistic solutions. Through the Working Group process, stakeholders
across the United States nuclear fuel cycle have found common ground as public proposals show alignment
from the mining, conversion, enrichment, and nuclear reactor operators in their recommendations.
Western has participated in the Working Group process through the submission of a collaborative proposal.
This was based around the unique geology of the Uravan Mineral Belt and the co-location of uranium and
vanadium deposits. Vanadium has also been defined by the U.S. as a critical mineral and the Uravan vanadium
grades are among the highest in the world. Thus the approach is centered upon lowering cost through
conventional mining of co-products versus the ISR recovery of uranium only. As the Uravan Mineral Belt was a
prolific uranium production region, there exist previously producing mines which could produce with minimal
capital expenditures. This recommendation was designed as a value-added bolt-on proposal for
implementation in addition to the core proposals submitted by larger industry players.
The Sunday Mine Complex is a Uravan property containing a uranium/vanadium deposit which is production
ready owing to the Sunday Mine Complex Vanadium Project. Successful mine development of the
underground workings led to development drilling and ore production. Ore was mined from five locations
from each of four separate Sunday Mine Complex mines. The ore is currently being stockpiled underground
while surface requirements of the Colorado Division of Reclamation, Mining and Safety are being addressed.
The covering of the legacy low-grade uranium ore stockpile has been completed. The remaining requirements
are underway, including the upgrading and certification of storm drainage and the construction of ore
storage/loading pads. Completion of these prerequisites will allow continued mining and removal of ore from
the Sunday Mine Complex underground workings and ore shipments. As a result of this project, Western has
advanced the Sunday Mine Complex to production-ready status in preparation to meet future opportunities
for scaled-up ore production.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining
company focused on low cost near -term production of uranium and vanadium in the western United States ,
and development and application of ablation mining technology.
Cautionary Note Regarding Forward -Looking Information: Certain information contained in this news release
constitutes “forward-looking information” or a “forward-looking statements” within the meaning of applicable
securities laws (collectively, “forward -looking statements”). Statements of that nature include statements
relating to, or that are dependent upon: the Company’s expectations, estimates and projections regarding
exploration and production plans and results; the timing of planned activities; whether the Company can raise
any additional funds required to implement its plans; whether regulatory o r analogous requirements can be
satisfied to permit planned activities; and more generally to the Company’s business, and the economic and
political environment applicable to its operations, assets and plans. All such forward -looking statements are
subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control
or predict. Please refer to the Company’s most recent Management’s Discussion and Analysis, as well as its
other filings at www.sec.gov and/or www.sedar.com, for a more detailed review of those risk factors. Readers
are cautioned not to place undue reliance on the Company’s forward-looking statements, and that these
statements are made a s of the date hereof. While the Company may do so, it does not undertake any
obligation to update these forward -looking statements at any particular time, except as and to the extent
required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier
President and CEO
970-864-2125
Robert Klein
Chief Financial Officer
908-872-7686