Listed (TSX:LAM; ASX:LAM)
TORONTO, May 1, 2020 /CNW/ - Laramide notes
that on April 23, 2020, the U.S
Department of Energy (DOE) released a report entitled "Restoring
America's Competitive Nuclear Energy Advantage – A strategy to
assure U.S. National Security." This Report was prepared in
response to an initial industry call for action that commenced in
early 2018 with a Section 232 Commerce Department application, and
resulted the following summer (July
2019) in President Trump establishing the U.S. Nuclear Fuel
Working Group (NFWG) to "examine the current state of domestic
nuclear fuel production to reinvigorate the entire nuclear fuel
supply chain."
The DOE report is the culmination of that examination and
includes recommendations with respect to every aspect of American
nuclear energy policy, but the most relevant points pertaining to
the U.S uranium mining industry include:
- U.S. government purchases of 17-19 million pounds of
U3O8, beginning in 2020 from domestic
producers based on a competitive bidding process;
- Streamline regulatory reform and land access for uranium
extraction;
- Fund advanced water treatment technology for uranium mining and
in situ recovery;
- Support Department of Commerce efforts to extend the Russian
Suspension Agreement to protect against future uranium dumping in
the U.S. market;
- DOE will end the uranium bartering program and reevaluate DOE's
Excess Uranium Inventory Management Policy.
In Laramide's news release of March 27,
2020, the Company had previously commented on the
possibility of constructive policy developments specific to
Laramide's U.S. domiciled assets, and the strong public position
now taken by the U.S. Administration is welcomed and applauded.
Laramide has been a long-standing member of a small industry trade
group called The Uranium Producers of America (UPA) and we thank
them for their hard work and unwavering advocacy that helped to
deliver this result. They issued a news release last week that
summarized it best, and stated, as follows:
"The Uranium Producers of America (UPA) thank President Trump
for his leadership in forming the U.S. Nuclear Fuel Working Group
(NFWG) and recognizing that the challenges facing the domestic
uranium industry are an issue of national security. We applaud the
NFWG for recommending both immediate and longer-term measures
necessary to reinvigorate the domestic uranium mining and
conversion industries. The anti-free market tactics of state-backed
uranium entities, including those in Russia and in China, threaten America's national security
and energy independence. We look forward to working with the
Administration and Congress to quickly implement these NFWG's
recommendations, prevent the collapse of the domestic uranium
industry, and put the U.S. on a path towards reclaiming its
leadership in global nuclear markets."
In an separate development, the Company now confirms that it has
released its 2019 annual financial statements and related MD&A
disclosure, and consequently insiders of Laramide are no longer
subject to the company's share trading and black-out policy.
To learn more about Laramide, please visit the Company's website
at www.laramide.com.
Follow us on Twitter @LaramideRes
About Laramide Resources:
Laramide is a Canadian-based company with diversified uranium
assets strategically positioned in the
United States and Australia
that have been chosen for their low-cost production
potential. Laramide's recently acquired Churchrock and
Crownpoint properties form a
leading In-Situ Recovery (ISR) division that benefits from
significant mineral resources and near-term development potential.
Additional U.S. assets include La Jara Mesa in Grants, New Mexico, and La Sal in the Lisbon Valley district of
Utah. The Company's Australian
advanced stage Westmoreland is one
of the largest uranium projects currently held by a junior mining
company. Laramide is listed on the TSX: LAM and ASX: LAM.
Forward-looking Statements and Cautionary Language
This News Release contains forward-looking statements that are
subject to a variety of risks and uncertainties which could cause
actual events or results to differ materially from those reflected
in the forward-looking statements. The Company does not intend to
update this information and disclaims any legal liability to the
contrary.
SOURCE Laramide Resources Ltd.