Mr. Pedro Pino Veliz, President of P&K Projetos e Consultoria LTDA ("P&K"), was responsible for the mine design in the PEA. Mr. Veliz is a Civil Mining Engineer (P.E.), Eng. Dr. (IT) SME with over 35 years of mining operations experience. P&K has extensive experience serving its Brazilian and international clientele with rock mechanics, rock characterization, underground stability and hydrological studies. This has included detailed design of tunnels and stations, methods of excavation and specifications for support methods in the expansion of the Rio de Janeiro subway system in preparation for the 2014 World Cup and 2016 Olympic Games. Mr. Veliz also planned and undertook initial underground development of Colossus Minerals Inc's Serra Pelada precious metal deposit in Brazil.
TMM was responsible for the PEA design of the communition, extraction and recovery parts of the plant, as well as for the operational expenditure and capital expenditure estimates thereof. Pricing of reagents was done by TMM and U3O8 Corp. Product price assumptions were made by U3O8 Corp. Sulphur was assumed to be sourced within Colombia at international prices. The value of parts of the heating systems was estimated conservatively and the power consumption values thereof are qualified at this stage of the plant design. Further detail in the design of the heating and energy balance could deliver additional savings to operating costs. The price for power was provided by U3O8 Corp. from a pro-forma quote from the national power distributor in Colombia. Credits for power from a plant driven by steam produced from the sulfuric acid plant are based on the price of the commercial source of electricity. The economic model was constructed by U3O8 Corp. using capital and operating cost estimates from TMM for the plant and from P&K for the mine plan. The economic model was reviewed by both TMM and P&K.
Dr. Paul Miller, Managing Director of Sulphide Resource Processing Pty Ltd., has overseen the metallurgical test work carried out by SGS Lakefield OreTest in Perth, Australia. Dr. Miller is a metallurgist specializing in hydrometallurgy with over 30 years' experience in the commercial application of processes for the treatment of sulphide-bearing ore. He has a doctorate in Chemical Engineering, is a member of the Institute of Mining and Metallurgy, London, and is a Chartered Engineer.
Each of the individuals named above are qualified persons as defined in NI 43-101 of the Canadian Securities Administrators ("QP"), are independent of U3O8 Corp. and has verified their related technical disclosure presented in this press release.
The PEA has relied on the NI 43-101 resource prepared by Mr. Neil Inwood, a Fellow of The Australian Institute of Mining and Metallurgy and a QP, who was employed by Coffey Mining Pty Ltd ("Coffey Mining") at the time of the writing of the report. Mr. Inwood is independent of U3O8 Corp. As Mr. Inwood is no longer with Coffey Mining, Coffey Mining has reviewed the information related to the mineral resources as derived from the original report and consent to its inclusion, form and context in this press release.
Dr. Richard Spencer, P. Geo., President & CEO of U3O8 Corp. and a QP, has supervised the preparation of, and verified the technical information contained in this press release relating to the Berlin Project.
About U3O8 Corp.
U3O8 Corp. is an advanced exploration company focused on exploration and resource expansion of uranium and associated commodities in South America - a promising new frontier for uranium exploration and development. In just one year, U3O8 Corp's uranium resources have grown 7-fold with deposits now in Colombia, Argentina and Guyana comprising of:
-- Berlin Project, Colombia - its flagship property contains a uranium deposit supported by a high-value suite of by-products including phosphate, vanadium, rare earths (yttrium and neodymium) and other metals;-- Laguna Salada Project, Argentina - a near surface, free-digging uranium, vanadium deposit that is potentially amenable to low-cost mining and processing methods; and-- Kurupung Project, Guyana - an initial uranium deposit in a large emerging uranium district.
Additional information on U3O8 Corp. and its mineral resources are available at www.u3o8corp.com.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the future results of metallurgical test work, whether results of metallurgical test work on a smaller scale to date can be duplicated on a larger scale, the impact of general economic conditions, industry conditions, the timing of laboratory results and preparation of technical reports and PEAs, the actual results of independent scoping studies and subsequent metallurgical testing, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential and PEA will be achieved on the Berlin Project and other exploration projects, currency fluctuations, legislative change, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. 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.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/uweff1213fig1.pdf.
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