Slovak Geology Act Amended to Clarify Exploration License Renewals
Slovak Geology Act Amended to Clarify Exploration
VANCOUVER, British Columbia--(BUSINESS WIRE)-- European Uranium Resources Ltd. (EUU: TSX-V; EUUNF: OTCQX; TGPN: Frankfurt) reports that the Slovak Republic has amended its Geology Act to address possible uncertainties in interpretation of the previous Geology Act. Among topics addressed, the amended legislation states clearly that the renewal of an existing exploration license is not a modification or change to the license unless the size of the license is changed.
The amended Act also confirms that if the renewal does not involve a change in size of the license, it can be renewed by the Ministry of Environment without requiring the input and approval of municipalities and regional governments. This is the issue that is currently being reviewed as part of the Ministry of Environment's review of the Kuriskova Exploration License renewal (see EUU news release dated August 22, 2013).
Earlier this year, the Kuriskova License was renewed by the Geology Division of the Ministry of Environment until April 2015. The renewed Kuriskova License is for the same size and for the same commodities (uranium, molybdenum and copper) as the previous license.
Dorian L. (Dusty) Nicol, EUU's President and CEO, commented, "This amendment to the Geology Act of the Slovak Republic clarifies beyond question that the renewal of the Kuriskova Exploration License earlier this year was valid. The renewal was done in compliance with the Geology Act and this amendment clarifies that the renewal did not represent a modification or change to the License. We are confident that the Minister of Environment will reach the same conclusion and confirm the validity of the renewal."
The amendment was approved by the Slovak Parliament on September 13, 2013 and signed into law by President of the Slovak Republic Ivan Gašparovič on October 4, 2013. This amendment to the legislation is valid effective November 1, 2013.
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. 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.
EUROPEAN URANIUM RESOURCES LTD.
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Dorian (Dusty) Nicol, at (604) 536-2711, or visit www.euresources.com.
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.
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.
European Uranium Resources Ltd.
Dorian (Dusty) Nicol, (604) 536-2711
KEYWORDS: Europe North America Canada Slovakia
The article Slovak Geology Act Amended to Clarify Exploration License Renewals originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.