Palm Beach, FL – June 16, 2022 – FinancialNewsMedia.com News Commentary – Canada has a long record in the history of uranium mining. In Canada, uranium ores first came to public attention in the early 1930s when the Eldorado Gold Mining Company began operations at Port Radium, Northwest Territories, to recover radium. A refinery to produce radium was built the following year at Port Hope, Ontario, some 5000 km away. Canada is a country rich in uranium resources and a long history of exploration, mining and generation of nuclear power… To 2019, more uranium had been mined in Canada than any other country – 539,773 tU, about one-fifth of the world total. In 2020 it was overtaken by Kazakhstan/Uzbekistan according to a report from World-Nuclear.org. The report said that: “Production comes mainly from the McArthur River (currently suspended) and Cigar Lake mines in northern Saskatchewan province, which are the largest and highest-grade in the world. With known uranium resources of 606,600 tonnes of U3O8 (514,400 tU), as well as much continuing exploration, Canada has a significant role in meeting future world demand. The majority of Canada’s uranium resources are in high-grade deposits, some one hundred times the world average… In the early 1990s, the Saskatchewan government had considered phasing out uranium mining in the province. This policy was later reversed after a joint Federal-Saskatchewan study panel on health, safety, environment and socio-economic impact found that the jobs provided by the industry would be hard to replace and that the environmental impact of mining could be minimized. Today, the provincial government actively supports uranium mining…” Active mining companies in the markets this week include Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC), Uranium Royalty Corp. (NASDAQ: UROY) (TSXV: URC), CAMECO (NYSE: CCJ) (TSX: CCO), FISSION URANIUM CORP. (OTCQX: FCUUF) (TSX: FCU), Paladin Energy Ltd (OTCQX: PALAF).
The report discussed the non-proliferation aspect in Canada, saying: “Canada’s uranium is sold strictly for electrical power generation only, and international safeguards are in place to ensure this.. For many years Canada has been a leader in nuclear research and technology, exporting reactor systems developed in Canada as well as a high proportion of the world supply of radioisotopes used in medical diagnosis and cancer therapy. The Canadian Nuclear Association estimates that the Canadian nuclear industry employs approximately 30,000 people, and creates another 30,000 jobs indirectly through contracting. The industry generates revenues of approximately $6.6 billion and contributes $1.5 billion in federal and provincial taxes.”
Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC) BREAKING NEWS: Traction Uranium Joins the Saskatchewan Mining Association the Voice of Saskatchewan Mining and Exploration – Traction Uranium Corp. (the “Company” or “Traction”), a mineral exploration issuer focusing on the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region, is pleased to announce its membership to the Saskatchewan Mining Association (SMA), further integrating Traction Uranium into the Saskatchewan exploration and mining landscape and enabling Traction to be at the forefront of policy frameworks and regulatory changes affecting mining and exploration companies in Saskatchewan.
The SMA is an industry-driven organization representing the mining and mineral exploration industry with over 25 mining operations in the province. SMA is the voice of the exploration and mining industry in Saskatchewan. SMA advocates on behalf of members on issues related to provincial and federal regulatory changes, develops and supports educational outreach programs, organizes and hosts public outreach and membership events.
The SMA works closely with provincial counterpart associations, the Mining Association of Canada, the Prospectors and Developers Association of Canada and the Mining Industry Human Resources Council.
Lester Esteban, Chief Executive Officer, stated “The SMA has represented the exploration and mining industry to government agencies on both the provincial and federal level to advance a safe, sustainable, globally competitive exploration and mining industry that benefits all residents of the province. Through the SMA and in collaboration with our peers and fellow members, Traction has a voice to government and policy-makers to collectively respond to regulatory changes and overcome challenges we all face in the mining and exploration space. In addition, through SMA outreach programs and public events Traction Uranium has an opportunity to assist the SMA in continuing to make Saskatchewan a global critical minerals powerhouse.” CONTINUED… Read this full press release and more news for Traction Uranium at: https://www.financialnewsmedia.com/news-trac/
Other recent developments in the mining industry of note include:
Uranium Royalty Corp. (NASDAQ: UROY) (TSXV: URC) recently announced the grant of incentive stock options, on May 13, 2022, to purchase 343,750 common shares of the Company (the “Options”) to certain directors, officers, employees and consultants of the Company pursuant to the Company’s long term incentive plan, which included 270,000 Options issued to directors and officers of the Company. The Options have an exercise price of $3.31 per share, representing the market price for the common shares on May 12, 2022, and are valid for a period of five years.
The Options will vest as follows: 25% immediately, 25% on the 6 month anniversary of the grant date, 25% on the 12 month anniversary of the grant date and 25% on the 18 month anniversary of the grant date. The Option grants are subject to the acceptance of the TSX Venture Exchange.
CAMECO (NYSE: CCJ) (TSX: CCO) recently announced that the acquisition of Idemitsu Canada Resources Ltd.’s (Idemitsu) 7.875% participating interest in the Cigar Lake Joint Venture by Cameco and Orano Canada Inc. (Orano) closed today.
Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan now stands at 54.547%, 4.522 percentage points higher than it was prior to the transaction, while Orano’s interest is 40.453%, an increase of 3.353 percentage points from its previous share. TEPCO Resources Inc. retains the remaining 5% interest in the property. For more information regarding this transaction, please see Cameco’s May 10, 2022 news release announcing the acquisition.
FISSION URANIUM CORP. (OTCQX: FCUUF) (TSX: FCU) recently provided an update on the Feasibility Study work at its 100% owned PLS property in Canada’s Athabasca Basin region. The Company has achieved multiple feasibility study milestones, including completion of field work for geotechnical, hydrogeological, and metallurgical purposes. Additionally, and of particular note, detailed engineering studies and planning of the proposed mine design are now in progress and are now well advanced.
Feasibility Study Progress:
All geotechnical test work on soil and rock samples have been completed, and geotechnical assessment work on the R840W and R780E zones is in progress. Geochemical test work is in progress. Hydrogeological test work is complete and hydrogeological modelling and assessment for the decline and mine production areas is in progress. Metallurgical test work is in progress. Initial leach tests are completed, bulk leach tests and variability leach tests are in progress, comminution tests are in progress and preparation work for the solvent extraction mini pilot test is in progress.
Paladin Energy Ltd (OTCQX: PALAF) (ASX: PDN) recently announced that it has completed an institutional placement ( Placement ) of new fully paid ordinary shares in Paladin ( New Shares ). The Placement will raise approximately A$200 million (before costs) through the issue of approximately 278 million New Shares at an offer price of A$0.72 per share. The offer price represents: 8.9% discount to the last closing price of Paladin shares on ASX of $0.79 on March 30, 2022 (being the last date Paladin shares traded prior to announcement of the Placement); and 12% discount to the 5-day volume average weighted price (VWAP) up to and including March 30, 2022.
Proceeds of the Placement, in conjunction with the proposed Share Purchase Plan which seeks to raise up to an additional A$15 million (together the Equity Raise), will be applied to fund the restart of uranium mining operations at the Langer Heinrich Mine, and for working capital expenses and fees.
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