Business
Westwater Resources Reports 2017 Results
CENTENNIAL, Colo., March 02, 2018 (GLOBE NEWSWIRE) -- Westwater Resources, Inc. (Nasdaq:WWR) (the “Company”), an energy minerals exploration and development com
About this update from Westwater Resources, Inc.
[{"type":"text","content":" CENTENNIAL, Colo., March 02, 2018 (GLOBE NEWSWIRE) -- Westwater Resources, Inc. (Nasdaq:WWR) (the “Company”), an energy minerals exploration and development company, announced today its results for fiscal year 2017 ending December 31, 2017, and also discussed its business outlook and its energy minerals business development for 2018. “2017 was a pivotal year for the Company with the strategic move to increase our exposure to the growing battery materials sector through the pending acquisition of Alabama Graphite Corp. In addition, we have eliminated all of our debt, we conducted exploration drilling at our lithium properties, and we continue to leverage the nuclear power sector,” said Christopher M. Jones, President and Chief Executive Officer. “All of our work has been justified by the United States government’s report, issued on February 16, 2018, designating all three of our mineral property portfolio opportunities – uranium, lithium, and soon to be graphite – as materials critical to the security of the country.” Highlights for 2017 and to Date Proposed Graphite Acquisition. On December 13, 2017, Westwater announced a binding agreement with Alabama Graphite Corp. (“AGC”), under which Westwater will acquire all outstanding shares of AGC. This transaction is expected to close in the second quarter of 2018, and it will position WWR as a near term producer of advanced battery graphite materials. Lithium Exploration Projects. The Company expanded its lithium property holdings by obtaining an option to purchase a 3,000-acre block of unpatented placer mining claims in the Columbus Basin Project area and in June 2017 the Company acquired its third lithium exploration project through the staking of 9,270 acres of federal placer mining claims within the Railroad Valley of central Nevada. In the fall of 2017, Westwater completed Phase 1 exploration drilling and acquired water rights at the Columbus Basin lithium brine project in Nevada, and announced positive lithium results at the Sal Rica Project in Utah. Name Change. The Company changed its name from Uranium Resources to Westwater Resources on August 21, 2017 in order to better reflect our strategic energy minerals focus. Uranium Projects. The Company continued to maintain its uranium properties on standby, awaiting improved uranium p...