A copy of the PEA technical report: "U3O8 Corp. Preliminary Economic Assessment on the Berlin Deposit, Colombia" is available on the company's web site at www.u3o8corp.com or SEDAR at www.sedar.com.
Focus Areas for Further Enhancement of Project Economics:
Optimization in the following areas should help to increase revenue while reducing operating costs to further enhance the project's economics:
-- Rhenium, a valuable potential by-product, is excluded from the financial model in the PEA. Due to the extremely good correlation of rhenium grades with molybdenum, rhenium is assumed to be associated with the molybdenite. Further work is required to prove this assumption before rhenium is included in the financial model;-- The current plant is designed to recover manganese that is added as a reagent in the process as well as manganese contained in the mineralized material. Revenue from manganese is excluded from the financial model as there is no resource estimate for this metal. Manganese will be included in the next resource update on Berlin;-- The ferric leach process is only moderately efficient at extracting nickel (66%), molybdenum (51%), rhenium (33%) and silver (25%) from the mineralized material. Ongoing test work indicates that flotation may be far more efficient in extracting these metal into a sulphide concentrate from which higher recoveries could be achieved. Results of this test work will be reported shortly;-- Due to the high carbonate content of the mineralized material, acid costs form the largest component of operating costs. Progress is being made using flotation as a means of reducing the carbonate content of the material that subsequently undergoes ferric leach. Results of ongoing test work will be released shortly; and-- The PEA includes a conservative estimate of the amount of electricity that can be generated from heat from the acid plant. More detailed design should result in a larger credit to operating costs from plant- generated electricity.
Dr. Richard Spencer, P. Geo., President & CEO of U3O8 Corp. and a Qualified Person as defined by NI 43-101, has supervised the preparation of, and verified the technical information contained in this press release relating to the Berlin Project and the PEA.
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. From 2010 to 2012, U3O8 Corp's uranium resources grew 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 - Map Shows the NI 43-101 Resource Area on the Berlin Project," please visit the following link: http://media3.marketwire.com/docs/853149FIG.pdf.
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