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Western Uranium Corporation Announces Signing Letter of Intent for Ablation Production at the Pinon Ridge Mill Site; NRC Issues Advisory Opinion Regarding Use of Ablation Mining Technology
TORONTO, ONTARIO and NUCLA, COLORADO--(Marketwired - Nov. 3, 2016) - Western Uranium Corporation (CSE:WUC)(CSE:WUC.CN)(OTCQX:WSTRF) ("Western" or the "Company")
About this update from Western Uranium & Vanadium Corp.
[{"type":"text","content":"TORONTO, ONTARIO and NUCLA, COLORADO--(Marketwired - Nov. 3, 2016) - Western Uranium Corporation (CSE:WUC)(CSE:WUC.CN)(OTCQX:WSTRF) (\"Western\" or the \"Company\") announces that it has entered into a letter of intent (\"LOI\") with Pinon Ridge Corporation for use of its ablation mining technology at the permitted uranium recovery facilities at the Pinon Ridge Mill site. The LOI provides for the processing of all of Western's ore produced by its mines in the region at the mill site to produce U308 and vanadium utilizing both the application of ablation mining technology and traditional milling techniques. The Pinon Ridge Mill license is held by Pinon Ridge Resources Corporation, a wholly owned subsidiary of Pinon Ridge Corporation. The LOI is subject to the signing of a definitive agreement between the parties which is contemplated to be completed on or before March 1, 2017. Pinon Ridge Corporation is a Colorado corporation which was founded and is controlled by George Glasier, the President and CEO and a director of Western, and Baobab Asset Management LLC. Recently, a letter was received by the Colorado Department of Public Health and the Environment (\"CDPHE\") dated October 16, 2016 from the United States Nuclear Regulatory Commission (the \"NRC\"). The NRC letter purports to address the CDPHE's June 20, 2016 request for the NRC's opinion as to whether waste produced from the ablation process is considered by-product material if the waste does not contain hazardous materials or radioactive materials at concentrations above background and whether the CDPHE can enact new regulations for uranium ablation technology and remain compatible with the NRC's regulatory program. Western assumes that the NRC has reviewed the latest detailed technical and regulatory analysis provided to CDPHE by Black Range Minerals (\"Black Range\"), a wholly owned subsidiary of Western, and other information related to uranium ablation previously provided to the NRC. Apparently as a result of this process, the NRC has now provided an unsupported advisory opinion (the \"Advisory Opinion\") on the requested matters relating to the production of U308 utilizing ablation mining technology - an Advisory Opinion with which Western's expert regulatory counsel do not agree. NRC's unsupported advisory opinion recommends that ablation technology, when used at a ...