2013-08-22 17:49:40 -
Vancouver, British Columbia CANADA, August 22, 2013 /FSC/ - European Uranium Resources Ltd. (EUU - TSX Venture, EUUNF - OTCQB, TGPN - FWB), reports that following an appeal from anti-uranium mining activists in Slovakia, the General Prosecutor of Slovakia has challenged the renewal of the exploration license on which the Kuriskova uranium deposit is located (the "Kuriskova Licence"). The Kuriskova License was renewed by the Geology Division of the Ministry of Environment (the "Ministry") until April 19, 2015. The Ministry originally refused to consider the appeal but has now agreed to review its decision to renew the licence.
The issue being reviewed is whether the renewal was simply a renewal of the existing Kuriskova License, which can be done by
the Ministry without public comment, or whether it was a modified or new license, in which case renewal would require input and approval from local municipalities and the Regional Government as stakeholders.
The renewed Kuriskova License is for the same area (31.75 square kilometres) and for the same commodities (uranium, molybdenum and copper) as the previous license. As there were no modifications to the Kuriskova License when the renewal application was made, the Company believes there is no basis for the contention that its renewal represents a modification.
The Company is filing an appeal against this review. During the appeal and review period, which can take up to 2 months, the Kuriskova Licence will remain valid. In the event that the Ministry concludes that the license renewal does in fact represent a modified or new license, the Company can either agree to reinstate the renewal application, with involvement by local municipalities and the Regional Government, or can appeal the decision to the courts, a decision from which would likely take at least a year. The Kuriskova License would remain valid during this period.
During meetings with the City Council of Kosice (the city closest to the Kuriskova project) last April, the Minister of Environment was quoted as saying that there are no legal reasons to refuse renewal of an exploration license if all legal requirements have been met by the Company, and that terminating the Kuriskova Licence without cause would require reimbursement to the Company of its exploration expenses.
The Company is confident that the renewal of the Kuriskova Exploration License will be confirmed.
About European Uranium Resources Ltd.
European Uranium Resources Ltd. is a dedicated European uranium exploration and development company that has built a portfolio of outstanding projects in Slovakia, Sweden and Finland at all stages of the exploration / development pipeline. European Uranium is well placed to become the key uranium exploration and development company in Europe. Europe is the world's largest per capita consumer of uranium with 160 reactors and more under construction or planned, but with only one currently operating uranium mine. The Company's Kuriskova Project in Slovakia could be one of the world's lowest cost uranium producers. European Uranium has a strong base of supportive shareholders including AREVA, ranked first in the global nuclear power industry and a key player in uranium mining and nuclear operations on a world-wide basis.
EUROPEAN URANIUM RESOURCES LTD.
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Doris Meyer, at (604) 536-2711, or visit www.euresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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Source: European Uranium Resources Ltd. (EUU - TSX-V) (TGPN - FWB) (OTCQB - EUUNF) www.euuranium.com
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