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Westwater Resources: Republic of Turkey Revokes Temrezli and Sefaatli Licenses and Offers Compensation
CENTENNIAL, Colo., June 22, 2018 (GLOBE NEWSWIRE) -- Westwater Resources, Inc. (“Westwater,” or the “Company”) (Nasdaq:WWR), an energy materials development com
About this update from Westwater Resources, Inc.
[{"type":"text","content":" CENTENNIAL, Colo., June 22, 2018 (GLOBE NEWSWIRE) -- Westwater Resources, Inc. (“Westwater,” or the “Company”) (Nasdaq:WWR), an energy materials development company, announced today that it received notification from the Generate Directorate of Mining Affairs, a department of the Turkish Ministry of Energy and Natural Resources, that the mining and exploration licenses for WWR’s Temrezli and Sefaatli projects have been revoked and potential compensation has been proffered. Westwater is investigating the legality of this action and what remedies, including compensation, might be available to the Company. The Company has 60 days to respond under Turkish law. Christopher M. Jones, President and Chief Executive Officer of Westwater Resources, said, “We are investigating this action in order to protect our investment in the projects in view of applicable Turkish and international law. We plan to work with the relevant authorities to define a proper path forward over the coming weeks. The Republic of Turkey has been a supporter of both the Temrezli and Sefaatli projects for quite some time, and we therefore can expect a fair result.” WWR and its predecessor companies have been working for years to develop the Temrezli and Sefaatli projects in central Turkey, and while currently low uranium prices have delayed construction, higher prices forecasted in the intermediate term make these projects important investments. About Westwater Resources WWR is focused on developing energy-related materials. The Company’s battery materials projects include the Coosa Graphite Project and the associated Coosa Graphite Mine located across 41,900 acres in east-central Alabama. In addition, the Company maintains lithium mineral properties in three prospective lithium brine basins in Nevada and Utah. WWR’s uranium projects are located in Texas, New Mexico and the Republic of Turkey. In Texas, the Company has two licensed and currently idled uranium processing facilities and approximately 11,000 acres (4,400 ha) of prospective in-situ recovery uranium projects. In New Mexico, the Company controls mineral rights encompassing approximately 188,700 acres (76,394 ha) in the prolific Grants Mineral Belt, which is one of the largest concentrations of sandstone-hosted uranium deposits in the...