TORONTO, May 22, 2015 /CNW/ - U3O8 Corp. (TSX: UWE, OTCQX: UWEFF, SSE: UWE), a Canadian-based company focused on exploration and resource expansion of uranium and associated commodities in South America, is pleased to appoint David Franklin to its Board of Directors, effective immediately.
"We are delighted to welcome David to the Board. He is well known in the institutional investor community and brings a proven record of mining investment experience that will help U3O8 Corp. expand its investor reach and position the company for further growth in a gradually strengthening global uranium market," said Mr. David Constable, U3O8 Corp's Chairman.
Mr. Franklin stated, "I see a bright future for uranium, and am excited to join U3O8 Corp's board to assist in the company's development of an exceptional portfolio of projects."
David is the Co-Founder and Managing Director of WoodsWater Capital LP., a resource-focused private equity firm. He has over 10 years' experience in the finance industry, with the last six years spent at Sprott Asset Management. David held various posts at Sprott, including Research Analyst focusing on the precious metals and materials sector, as a Market Strategist in the portfolio management team, while also co-writing the widely-followed monthly "Markets at a Glance" articles with Eric Sprott. In 2011, he was named CEO of Sprott Private Wealth where he oversaw Sprott's wealth management services to high net-worth individuals, foundations and trusts. David has an Honours Degree in Economics from Wilfrid Laurier University and holds a Chartered Investment Manager (CIM) designation.
About U3O8 Corp.
U3O8 Corp. is focused on exploration and development of uranium resources and associated commodities in South America. The company's uranium resources comprise three deposits defined in accordance with National Instrument 43-101 located in Argentina, Colombia and Guyana:
- Laguna Salada Deposit, Argentina – a recent preliminary economic assessment ("PEA") shows this near surface, free-digging uranium, vanadium deposit is potentially amenable to low-cost mining and processing methods;
- Berlin Deposit, Colombia – a PEA shows that Berlin could be a potential low-cost uranium project thanks to revenue from by-products of phosphate, vanadium, nickel, rare earths (yttrium and neodymium) and other metals occurring in the same deposit; and
- Kurupung Deposit, Guyana – an initial uranium deposit in a large emerging uranium district.
Information on U3O8 Corp., its resources and technical reports are available at www.u3o8corp.com and on SEDAR at www.sedar.com. Follow U3O8 Corp. on Facebook: www.facebook.com/u3o8corp, Twitter: www.twitter.com/u3o8corp and Youtube: www.youtube.com/u3o8corp.
Certain information in this release are forward-looking statements with respect to the development plans, economic potential and growth targets of U3O8 Corp's current projects. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions for the future, and include, but not limited to, statements with respect to: (a) the low-cost development goal of Laguna Salada, (b) the Laguna Salada and Berlin PEAs, (c) the potential of the Kurupung district in Guyana, and (d) the recovery of the uranium sector. Basis for such assumptions include that: (i) actual results of our exploration, resource goals, metallurgical testing, economic studies and development activities will continue to be positive and proceed as planned, and assumptions in the Laguna Salada and Berlin PEAs prove to be accurate, (ii) requisite regulatory and governmental approvals will be received on a timely basis on terms acceptable to U3O8 Corp., and (iii) economic, political and industry market conditions will be favourable. However, such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to: (1) that a mine will be achieved on the Laguna Salada Project in compliance with current Chubut law, (2) that a mine will be achieved on the Berlin Deposit and other exploration projects, (3) that beneficiation test work will continue to be favourable and results from small scale metallurgical testing can be duplicated on a larger scale, (4) the inherent uncertainties and speculative nature associated with exploration results, resource estimates, potential resource growth, future metallurgical test results, changes in project parameters as plans evolve, (5) volatility of commodity prices and market conditions for uranium; (6) dependence on regulatory approvals and changes in legislation, environmental compliance, community support and the political and economic climate, (7) availability of future financing, and (8) exploration risk and other factors beyond the control of U3O8 Corp. including those factors set out in the "Risk Factors" in our Annual Information Form available on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. U3O8 Corp. assumes no obligation to update such information, except as may be required by law. For more information on the above-noted PEAs, refer to the September 18, 2014 technical report titled "Preliminary Economic Assessment of the Laguna Salada Uranium-Vanadium Deposit, Chubut Province, Argentina" and the January 18, 2013 technical report titled "U3O8 Corp. Preliminary Economic Assessment on the Berlin Deposit, Colombia."
SOURCE U3O8 Corp.
For further information: U3O8 Corp. - (416) 868-1491; Richard Spencer, President & CEO, firstname.lastname@example.org; Nancy Chan-Palmateer, Vice President, Investor Relations, email@example.com