home Equities T.AZZ Achieves Major Milestone; Final Dewey Burdock NRC License Contention Resolved in Favour of the Company

T.AZZ Achieves Major Milestone; Final Dewey Burdock NRC License Contention Resolved in Favour of the Company

AZARGA URANIUM CORP. (TSX:AZZ, OTCQB:AZZUF, FRA:P8AA) (“Azarga Uranium” or the “Company”) is pleased to announce that the Atomic Safety and Licensing Board (the “ASLB”) has issued its Final Initial Decision and has resolved the final remaining contention for the Company’s flagship Dewey Burdock In-Situ Recovery Uranium Project (the “Dewey Burdock Project”) Nuclear Regulatory Commission (“NRC”) License in favor of the Company and NRC Staff.

Blake Steele, the Company’s President and CEO commented: “We are extremely pleased with the ASLB’s decision, which removes the last contention from the Company’s flagship Dewey Burdock Project NRC License. Resolution of the last remaining contention comes more than four years after the ASLB issued its Partial Initial Decision for the Dewey Burdock Project and marks a monumental achievement for the Company. The ASLB proceeding is now terminated and the Dewey Burdock Project NRC License is contention free for the first time since this proceeding commenced. This decision represents a key risk reduction event and a significant step towards realizing the full value of the Dewey Burdock Project.”

Steele further noted: “As announced on 4 December 2019, the results of the Preliminary Economic Assessment (“PEA”) for the Dewey Burdock Project cemented it as one of the preeminent undeveloped in-situ recovery uranium projects in the United States. The estimated cost profile and modest initial capital expenditures leave the Dewey Burdock Project well positioned to capitalize on the anticipated recovery in the uranium price. The robust PEA economics along with the ASLB decision continue to pave the way towards construction and further de-risk the Dewey Burdock Project.”

The final Dewey Burdock Project NRC License contention pertained to the identification and protection of historic and cultural resources for the purposes of compliance with the National Environmental Policy Act.

With the NRC License in good standing and now contention free, the Company remains focused on working with the Environmental Protection Agency (“EPA”) to obtain the final Class III and Class V underground injection control permits in the near-term. In August 2019, the EPA issued revised draft permits that addressed the majority of the comments submitted by the Company. The comment period for the revised draft EPA permits is now closed.

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America (“USA”) (South Dakota, Wyoming, Utah and Colorado), with a primary focus of developing in-situ recovery uranium projects. The Dewey Burdock in-situ recovery uranium project in South Dakota, USA (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 (the “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.