AZARGA URANIUM CORP.’S (TSX: AZZ, OTCQB: AZZUF, FRA: P8AA) (“Azarga Uranium” or the “Company”) 70% controlled subsidiary, UrAsia in Kyrgyzstan, Limited Liability Company (“UrAsia”), owns a 100% interest in the non-core Kyzyl Ompul Uranium Project located in the Kyrgyz Republic. In 2018, UrAsia executed an earn-in agreement (the “Agreement”) with Central Asian Uranium Company, Limited Liability Company (“Central”), which provided Central with the option to earn a 100% interest in the Kyzyl Ompul Uranium Project.
The execution of the Agreement with Central affirmed the Company’s strategic focus on its initial development priority, the Dewey Burdock In-Situ Recovery Uranium Project in South Dakota, USA (the “Dewey Burdock Project”). Today, the Company’s strategic focus continues to remain on advancing its Dewey Burdock Project and developing its portfolio of uranium assets located in the United States of America, which also includes the Dewey Terrace and Gas Hills Projects.
The Company understands that the Kyrgyz Republic’s parliament has voted to ban uranium exploration and mining in the country. The Company further understands that before this ban can be implemented into law, a strict lawmaking process must be followed, requiring further parliamentary readings and the President’s sign-off of the proposed law. The Company has not received official notification from the State Committee on Industry, Energy and Subsoil Use or the Government of the Kyrgyz Republic that the Kyzyl Ompul Uranium Project license has been revoked; however, activities at the non-core Kyzyl Ompul Uranium Project have been suspended. The Company will continue to evaluate the situation and work with Central, as well as its other stakeholders, and if deemed appropriate, ensure that the Company’s and UrAsia’s rights are preserved.
About Azarga Uranium Corp.
Azarga Uranium is an integrated uranium exploration and development company that controls eleven uranium projects and prospects in the United States of America (“USA”) (South Dakota, Wyoming, Utah and Colorado) and the Kyrgyz Republic, with a primary focus of developing in-situ recovery uranium projects in the USA. The Dewey Burdock in-situ recovery uranium project in South Dakota (the “Dewey Burdock Project”), which is the Company’s initial development priority, has received its Nuclear Regulatory Commission License and draft Class III and Class V Underground Injection Control (“UIC”) permits from the Environmental Protection Agency (“EPA”) and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA.
Source: Azarga Uranium Corp.