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Western Uranium & Vanadium Corp. Corporate Update
Toronto, Ontario and Nucla, Colorado, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) (“Western” or ”Company”) would
About this update from Western Uranium & Vanadium Corp.
[{"type":"text","content":" Toronto, Ontario and Nucla, Colorado, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) (“Western” or ”Company”) would like to provide the following update: Mine Standby: The Company’s temporary cessation (standby) request for the five mine permits comprising the Sunday Mine Complex (SMC) was approved by the Mined Land Reclamation Board (MLRB) in a unanimous vote. Under Colorado Rules and Regulations, an operator is required to apply for temporary cessation after a lapse of mining activities for a period of 180 days. Western had hoped to restart the SMC prior to the end of the 180-day window; however, the direct and indirect impacts of the COVID pandemic have prevented that from happening. The SMC Mines can be started on short notice when COVID restrictions are lifted and market conditions improve. With respect to market conditions, the Company continues to closely follow a number of potential key catalysts driving improvements in the vanadium and uranium markets including: Vanadium Section 232: United States Department of Commerce (“DOC”) is reviewing a petition by industry participants that requests a 40% tariff on vanadium imports from all sources and the establishment of a stockpiling program. Separate tariff rate quotas were requested for refined vanadium products. Western has submitted survey data and continues to support this investigation and remedies that level the playing field for U.S. domestic producers versus foreign state sponsored competitors. Uranium – Nuclear Fuel Working Group and related Industry Developments: The American nuclear industry had its best month in decades during October. The United States Department of Energy gave awards to TerraPower and X-energy to build demonstration models of their advanced reactor designs and NuScale to deploy the first U.S. small modular reactor plant (12 modules) at the Idaho National Laboratory. The U.S. International Development Finance Corp. signed a letter of intent to finance NuScale’s development of 2,500 megawatts of electricity generation in South Africa (42 modules). The DOC finalized a 20-year extension to the Russian Suspension Agreement to reduce U.S. imports of uranium from Russia. The measure offering the greatest support for U.S. uranium miners and the U.S. uranium converter is the annual $150 million strategic u...