Business
Westwater Resources Provides Business Update
CENTENNIAL, Colo., Jan. 16, 2018 (GLOBE NEWSWIRE) -- Westwater Resources, Inc. (Nasdaq:WWR) (“WWR” or “Westwater”) is pleased to provide an update on its recent
About this update from Westwater Resources, Inc.
[{"type":"text","content":"CENTENNIAL, Colo., Jan. 16, 2018 (GLOBE NEWSWIRE) -- Westwater Resources, Inc. (Nasdaq:WWR) (“WWR” or “Westwater”) is pleased to provide an update on its recent business activities. Westwater is pleased to confirm receipt of $1.5 million from Laramide Resources, Ltd., which is the first of three payments to retire the loan obligation that was part of the sale of the Churchrock and Crownpoint uranium properties in New Mexico last year. Westwater received $750,000 in cash and an equivalent amount in Laramide Resources, Ltd. common stock. Westwater has successfully negotiated a reduction in the annual lease payments to La Merced del Pueblo Cebolleta from over $550,000 per year to $350,000 per year for the next three years, improved the royalty structure, and reduced the cost of certain other provisions for the duration of the uranium lease. Presidential Executive Order Westwater expects that the Presidential Executive Order on a Federal Strategy to Ensure Secure and Reliable Supplies of Critical Minerals, issued on December 20, 2017, will accelerate important energy related mineral development in the United States. In conjunction with Professional Paper 1802, published by the US Geological Service (“USGS”), where 23 minerals are identified as critical to the Country’s security and economy, WWR believes these actions are important steps in support of domestic minerals development. One of the important steps outlined in the Executive Order requires a list of critical minerals to be provided by the US Secretary of the Interior (by February 18, 2018) and a report to be delivered to the President (by August 17, 2018) that includes recommendations to streamline permitting and leasing processes, and to support domestic refining of those critical materials. The full text of the Presidential Executive Order can be found at Click Here. Westwater is strategically interested in two of the identified 23 critical minerals by the USGS: lithium and graphite. These minerals, in particular, are critical to the development of batteries and other electrical storage systems essential to the electric vehicle, solar and wind power industries. “The Executive Order affirms the increasingly positive business climate in the US while providing Presidential support for the development of green energy minerals like lithium and graphite,” said Chris Jones, Presi...