U3O8 Corp. is a Canadian-based company advancing sequential development of uranium and associated battery commodity deposits in South America with a focus on low-cost production. U3O8 Corp. has uranium resources in Colombia, Argentina and Guyana including positive metallurgical results from each of these projects. Preliminary Economic Assessments (PEA) on the Argentine and Colombian deposits show low production cost potential.
U3O8 Corp. is focused on exploration and development of deposits of uranium and associated battery commodities in South America. Potential by-products from uranium production include commodities used in the energy storage industry – in the manufacture of batteries – such as nickel, vanadium and phosphate. The Company’s mineral resources estimates were made in accordance with National Instrument 43-101, and are contained in three deposits:
Laguna Salada Project, Chubut Province, Argentina
The Preliminary Economic Assessment established an average annual production of 0.6 million pounds of uranium (U3O8) and 1 million pounds of vanadium (V2O5). Argentina’s requirement for fuel for its reactors is 0.4 million pounds of uranium per year.
Exploration adjacent to Laguna Salada has defined areas of similar mineralization. U3O8 Corp.’s management team believes that these areas are extensions to the deposit with indications that the deposit could at least double in size.
Berlin Project, Central Colombia
Berlin Should be One of the Lowest-Cost Producers in the Uranium Industry
The Preliminary Economic Assessment on Berlin estimates that the deposit would generate revenue of US$2.8 billion over the 15-year mine life. Estimated revenue from by-products alone would be US$1.8 billion, which would cover the estimated operating cost of US$1.6 billion. In other words, estimated by-product revenue completely pay for the mining and extraction uranium – and so uranium can be considered to be extracted at no cost.
U3O8 Corp. NI 43-101 Resources
Dr. Richard Spencer, B.Sc.(Hons), Ph.D., C.Geol., P.Geo., President and Chief Executive Officer, Director
Led the exploration teams that:
Discovered the 3.3 million ounce Quimsacocha / Loma Larga gold deposit in Ecuador (also contains 23 million ounces of silver);
Increased the gold reserve at the Las Cristinas deposit in Venezuela by 65% from 10.2 million ounces to 16.8 million ounces;
Discovered a belt of porphyry copper deposits in Ecuador.
John Ross, CPA, CA, Chief Financial Officer
Hugo Bastias, BSc, PhD, Executive VP – based in Argentina
Elpidio Reis, BSc, MSc, MBA, Chief Operating Officer – based in Brazil
Gabriel Bastias, BSc, MSc, VP Exploration – based in Argentina
Board of Directors
David W. Constable, B.Sc., MBA, P.Geo., FGAC, ICD.D, Chairman, Director
Please refer to U3O8 Corp.'s website www.u3o8corp.com for complete biographies.
On August 3, 2017, U3O8 Corp. provided an update on activities since its annual and special meeting (ASM) held on June 22, 2017, that includes the closing of the $119,353 financing.
On June 7, 2017, U3O8 Corp. announced that it has reached agreement with a shareholder to reprice and accelerate an aggregate total of 19.3 million previously issued common share purchase warrants. In addition, Dr. Keith Barron, founder and director of U3O8, has offered to exercise out-of-the-money warrants as a means of providing the company with working capital that is not dilutive to U3O8 shareholders.
On May 25, 2017, U3O8 Corp. announced that David Marsh, a metallurgist with extensive experience in the design, construction and operation of uranium extraction plants, has agreed to stand for election as a director of the company at its annual and special meeting scheduled to be held at 11 a.m. on Thursday, June 22, at 20 Toronto St., second floor, Toronto, Ont., M5C 2B8.
On May 23, 2017, U3O8 Corp. announced that it will seek shareholder approval to undertake a restructuring of its common shares at its annual and special meeting scheduled to be held at 11 a.m. on Thursday, June 22, at 20 Toronto St., second floor, Toronto, Ont., M5C 2B8.
On May 02, 2017, U3O8 Corp. has provided an update on recent developments in the Argentine nuclear industry and their relevance to the company's Laguna Salada uranium-vanadium deposit, which is located in Argentina.
U3O8's presentation at the Nuclear Industry Summit Latin America 2017 held in Buenos Aires, Argentina, is available on the company's website. U3O8 will also be making a presentation at the Investing in LatAm Mining Cumbre to be held in Santiago, Chile, on July 11 and July 12, 2017.
On March 30, 2017, U3O8 Corp. announced that it has staked the old La Niquelina mine, a past small producer of uranium, cobalt and nickel, in Salta province, Argentina.
On March 23, 2017, U3O8 Corp. U3O8 Corp. provided an update on the progress achieved in the quarter toward driving down production cost estimates on its priority project, the Laguna Salada deposit in Argentina. The Company has also decided, under IFRS (international financial reporting standards) rules, to take an impairment charge of $7.7-million on its Berlin project in Colombia in its year-end financial statements for 2016.
This is an accounting measure that reflects the limited work undertaken in Colombia under the difficult conditions in the uranium resource sector over the last three years, while available funds have been focused on advancing the Laguna Salada deposit in Argentina. The Berlin deposit in Colombia remains in good standing and will be reactivated by the Company as soon as adequate financing becomes available.
On March 15, 2017, U3O8 Corp. reported that Argentina produced 7,677 gigawatt-hours of electricity from its two operating nuclear reactors in 2016. This represents 5.6 per cent of Argentina's electricity production, generated by the Atucha I and Atucha II nuclear reactors. When the Embalse power plant comes back to full production in mid-2018, the three reactors will generate approximately 9 per cent of the country's electricity in 2019.