(“UrAmerica” or “the company”)
UrAmerica Ltd signs Letter of Intent to acquire uranium assets in Rio Negro Province, Argentina.
UrAmerica Ltd (UrA), the leading Argentine uranium explorer and developer is pleased to announce that it has signed a Letter of Intent (LOI) with Blue Sky Uranium Corp. (TSX-V: BSK) to acquire Santa Barbara, Anit and Ivana properties in the Province of Rio Negro. This acquisition, if completed, will expand UrAmerica´s strategic portfolio outside of Chubut Province.
UrAmerica´s primary focus is exploration and fast track development growth of its lead project in Chubut Province where it already has a resource of 19.1M lbs eU3O8 and on which there is excellent potential to expand. These properties in Rio Negro would diversify UrAmerica the land portfolio into a neighbouring province with prospective surface uranium mineralization. We would be looking to successfully replicate in Rio Negro the resource definition success already proven in Chubut Province.
In 2013, UrAmerica completed an intensive, 24,000 meter drill program within 18 months in Chubut Province and delivered an NI 43-101 compliant Mineral Resource totaling 27.9 million tonnes at an average grade of 310 ppm containing 19.1M lbs of eU3O8 using a conservative cut-off grade of 200 ppm. On the back of this work, the company is now of the view that the Los Adobes Paleochannel has the potential to develop into a world class uranium province containing well over 100M lbs of U3O8.
UrAmerica recently strengthened its operational capabilities by acquiring a track-mounted RC drill rig and full service equipment. The company is now well positioned to deliver cost-effective and well managed exploration drilling programs with even greater efficiency. This decision to establish independent drilling capability, expand our geological team, drilling crew and strategic land position in an increasingly pro-nuclear sovereign environment demonstrates our confidence in being able to advance towards a production-ready project as quickly as possible.
UrAmerica aims to be first to deliver into Argentina’s demand for nuclear fuel from domestic resources and thus assist the country towards energy self-sufficiency. The company is focused on development of uranium production via the low cost and low impact method of in-situ recovery (ISR) in Chubut Province. Metallurgical & Hydro geological test work is in progress and will be reported on in due course.
Damien Hackett, Chairman, said: “After this success at Paso de Indios in Chubut Province, I believe UrAmerica is now best positioned to manage exploration and development of uranium projects in Argentina and as such is well positioned to fast track its twin primary corporate objectives of project delivery and shareholders returns. We have our own exploration rig with a full complement of service equipment, an experienced and entrepreneurial exploration team, strong visionary management and a strategic land position in a country which is a pro mining and supportive of autonomous energy supply.”
About UrAmerica Ltd.
UrAmerica is a private uranium exploration company incorporated in London with presence in highly prospective regions of Argentina and Paraguay. The company has focused its efforts on developing the properties and it has successfully consolidated in the Province of Chubut in Argentina. UrAmerica’s land position covers many highly prospective areas for uranium exploration directly surrounding the Cerro Solo Uranium Deposit, which is the largest and highest grade sedimentary hosted uranium deposit in Argentina. The company upholds the highest environmental, safety and hygiene standards, in compliance with local laws and regulations and global market practices and is committed to the conservation of the environment and the progress of the communities in which we operate.
For further information contact UrAmerica Limited at:
Tel: (54) 11 4804 2115 email@example.com
This press release contains forward-looking statements and information within the meaning of applicable securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that UrAmerica expects or anticipates will or may occur in the future, including statements as to the potential success of any current and future exploration, UrAmerica’s ability to discover and develop a world class uranium deposit in the Chubut Province, Argentina, the benefits to Provincial and Local communities, and the timely meeting of certain pre-determined milestones. When used in this press release, the words “potential”, “indicate”, “expect”, “intend”, “hopes”, “believe”, “may”, “will”, ”if” and similar expressions are intended to identify forward-looking statements and forward looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of UrAmerica to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, the risks and hazards associated with the business of mineral exploration, development and mining, the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits, changes in national and local government, legislation, taxation, controls or regulations and political or economic developments in Argentina, risks concerning UrAmerica’s title to properties; potential effects on UrAmerica’s operations of environmental regulations in Argentina; risks due to legal proceedings; risks relating to political and economic instability Argentina. Although UrAmerica has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, UrAmerica assumes no obligation to publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.