Azarga Receives Final EPA Permits for Flagship Dewey Burdock Project; Another Substantial Milestone Achieved

Rhea-AI Summary

AZARGA URANIUM CORP. has received final EPA permits for its Dewey Burdock uranium project in South Dakota, a significant step towards production. This milestone, endorsed by both the EPA and NRC, enhances project viability amidst a favorable uranium market. The company is poised to advance the state permitting process following the EPA approval, with the South Dakota DENR staff recommending key state permits. The U.S. government’s bipartisan support further bolsters prospects, including a proposed $150 million U.S. uranium reserve funding.

Positive

• Final EPA permits enhance the viability of the Dewey Burdock Project.
• NRC has already issued the Source and Byproduct Materials License.
• Strong position to finalize state permitting process after federal approvals.
• Bipartisan U.S. government support shows optimism for uranium sector.

Negative

• Risks remain regarding potential appeals of EPA permits.
• Uncertainty over final issuance of key state permits by South Dakota DENR.

VANCOUVER, BC / ACCESSWIRE / November 25, 2020 / AZARGA URANIUM CORP. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) ("Azarga Uranium" or the "Company") is pleased to announce that the United States Environmental Protection Agency (the "EPA") has issued the final permits for the Company's Class III and Class V Underground Injection Control activities (the "EPA Permits") at its primary development project, the Dewey Burdock in-situ recovery uranium project in South Dakota, USA (the "Dewey Burdock Project").

Blake Steele, President and CEO stated: "This critical milestone significantly de-risks our flagship asset, the advanced stage, low-cost Dewey Burdock Project, and moves the Company substantially closer to becoming the next uranium producer in the USA. Issuance of the EPA Permits follows the agency's extensive review of the Dewey Burdock Project and reaffirms the findings of the United States Nuclear Regulatory Commission (the "NRC") that the project is both technically and environmentally sound. With pivotal federal permits now issued by both the EPA and NRC, the Company is in a strong position to finalize the state permitting process, where the South Dakota Department of Environment and Natural Resources (the "DENR") staff have already recommended approval of the key state permits."

Steele further noted: "At a time when the uranium market remains in a structural deficit and the United States government has shown historic bi-partisan support for the uranium sector, as evidenced by the Senate Committee on Appropriations draft fiscal year 2021 funding measures and subcommittee allocations' inclusion of US$150 million for a United States uranium reserve, Azarga Uranium continues to unlock the value of one of the preeminent undeveloped in-situ recovery uranium projects in the USA."

The EPA Permits represent the second of three major regulatory agency approvals, and the final key federal agency approval, required for the Dewey Burdock Project. The NRC has already issued the Company's Source and Byproduct Materials License. The third and remaining major regulatory agency approval is required by the South Dakota DENR, whose staff have already recommended the approval of the key state permits. Board hearings to finalize the key state permits were deferred until the federal permits, namely those pertaining to the NRC and EPA, were issued. With both the NRC and EPA Permits now issued, the Company will recommence the state permitting process imminently.

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America ("USA") (South Dakota, Wyoming, Utah and Colorado), with a primary focus of developing in-situ recovery uranium projects.

For more information please visit www.azargauranium.com.

Follow us on Twitter at @AzargaUranium.

For further information, please contact:

Blake Steele, President and CEO
+1 303 790-7528
E-mail: info@azargauranium.com

Disclaimer for Forward-Looking Information

Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to the EPA Permits moving the Company substantially closer to becoming the next uranium producer in the USA, the Company being in a strong position to finalize the state permitting process with the pivotal federal permits now issued by both the EPA and NRC, the United States government showing historic bi-partisan support for the uranium sector, as evidenced by the Senate Committee on Appropriations draft fiscal year 2021 funding measures and subcommittee allocations' inclusion of US$150 million for a United States uranium reserve, Azarga Uranium continuing to unlock the value of one of the preeminent undeveloped in-situ recovery uranium projects in the USA, the third and remaining major regulatory agency approval is required by the South Dakota DENR, whose staff have already recommended the approval of the key state permits and the Company anticipating recommencing the state permitting process imminently. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Azarga Uranium will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: the risk that the Company does not become the next uranium producer in the USA, the risk that the Company is not in a strong position to finalize the state permitting process with the pivotal federal permits now issued by both the EPA and NRC, the risk that the final EPA Permits are appealed, the risk that the final EPA Permits are appealed and this delays the state permitting process, the risk that the United States government does not approve the Senate Committee on Appropriations draft fiscal year 2021 funding measures and subcommittee allocations' inclusion of US$150 million for a United States uranium reserve, the risk that Azarga Uranium does not continue to unlock the value of the Dewey Burdock Project, the risk that the third and remaining major regulatory agency approval required by the South Dakota DENR is not issued for the key state permits, the risk that the Company does not recommence the state permitting process imminently or at all, the risk that such statements may prove to be inaccurate and other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Azarga Uranium assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the most recent AIF filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

SOURCE: Azarga Uranium Corp.

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https://www.accesswire.com/618322/Azarga-Receives-Final-EPA-Permits-for-Flagship-Dewey-Burdock-Project-Another-Substantial-Milestone-Achieved

FAQ

What recent permits did Azarga Uranium receive for the Dewey Burdock Project?

Azarga Uranium received final EPA permits for its Dewey Burdock uranium project.

How do the new EPA permits affect Azarga Uranium's position in the market?

The permits enhance the project's viability and move the company closer to production.

What is the significance of bipartisan support for the uranium market?

Bipartisan support indicates strong governmental backing, including funding for a U.S. uranium reserve.

What are the next steps for Azarga Uranium after receiving EPA permits?

The company will advance the state permitting process with the South Dakota DENR.

What potential risks does Azarga Uranium face after the EPA permit approval?

Risks include possible appeals of the EPA permits and uncertainty regarding state permit approvals.