European Uranium Signs Memorandum of Understanding with Slovak Ministry of Economy


European Uranium Signs Memorandum of Understanding with Slovak Ministry of Economy

WHITE ROCK, British Columbia--(BUSINESS WIRE)-- European Uranium Resources Ltd. (EUU) reports that it has signed a Memorandum of Understanding (MoU) with the Ministry of Economy of the Slovak Republic. The MoU defines the parameters by which EUU and the Ministry of Economy (the Ministry) will cooperate in advancing the Kuriskova uranium deposit (the Project), on which EUU holds the exploration license, through ongoing feasibility and environmental studies. A Preliminary Feasibility Study completed by Tetra Tech, Inc. (see news release dated January 30, 2012) indicates that the Kuriskova uranium deposit can be developed as an underground mine using Best Available Technologies with minimal environmental impact and that it could be one of the lowest cost uranium producers in the world.

Slovakia is the world's third largest per capita user of nuclear energy, with nuclear power providing over 50% of its electricity. Four nuclear reactors are currently operating at two plants, with two additional reactors under construction. Slovakia's Prime Minister Robert Fico, elected in March 2012, continues to publicly reinforce the message that nuclear power will be the main energy source in Slovakia in the future. Slovakia does not currently produce any uranium; Europe's only producing uranium mine is in the Czech Republic.

Key points of the MoU include:

  • Recognition of the importance of the Kuriskova uranium deposit to future Slovak energy independence.

  • EUU's ongoing Feasibility Study and Environmental Impact Assessment will focus on demonstrating that the Kuriskova deposit can be developed as an environmentally sustainable and commercially viable project.

  • EUU and the Ministry agree that if the Feasibility Study and Environmental Impact Assessment are positive, then the Project will be able to advance in conformance with the Slovak Republic's National Energy Strategy.

  • EUU and the Ministry agree that the Ministry will support reasonable use of domestic energy minerals with the aim to reduce Slovakia's current dependence on import of such raw materials.

  • EUU and the Ministry will endeavor to find a mechanism for collaboration that will allow uranium production from Kuriskova to be developed for the benefit of Slovakia's energy future. This could be a production off-take arrangement, a partnership with a Slovak entity or other mutually agreed arrangements.

  • If the Kuriskova project enters the mining phase, it should be developed in a way which demonstrably increases energy independence of the Slovak Republic, will have positive effects on economic interests of the Slovak Republic and will create new jobs in eastern Slovakia.

Dorian L. (Dusty) Nicol, EUU's President and CEO said, "The signing of this Memorandum of Understanding with the Slovak Ministry of Economy represents a significant milestone in our advancement of the Kuriskova project. We are confident that our ongoing Feasibility Study and Environmental Impact Assessment will demonstrate that the project can be permitted and developed in a sustainable way for the benefit of Slovakia's energy security and the economy of the Kosice region in eastern Slovakia. We will continue to advance the project in a way that aligns the interests of EUU's shareholders with those of the Slovak Republic and of eastern Slovakia".

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.


"Dusty Nicol"

Dorian L. (Dusty) Nicol, President and CEO

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.

Cautionary Statement:

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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European Uranium Resources Ltd.
Doris Meyer, 604-536-2711

KEYWORDS: Europe North America Canada Slovakia


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