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Energy Metals : Quarterly Activities Report
Energy Metals : Quarterly Activities
About this update from Energy Metals Ltd
New uranium mineralisation wireframe model constructed for the Anomaly-4 to Anomaly-9 deposits. Vanadium and uranium co-extraction test-work using a novel acid-cure method finalised but no advantage found over conventional acid leaching. Field programs in the NT suspended due to coronavirus restrictions. Corporate Mr Fei He , Deputy General Manager of CGNPC Uranium Resources Company Ltd , appointed as the Non-executive chairperson to EME's Board of Directors. FINANCIAL Energy Metals had approximately $16.86M in cash and 209.7M shares on issue at 31 March 2020 INTRODUCTION Energy Metals (EME) is a dedicated uranium company with eight exploration projects located in the Northern Territory (NT) and Western Australia covering over 2,700 km-2. Most of the projects contain uranium mineralisation discovered by major companies in the 1970s, including the advanced Bigrlyi Project (NT). Energy Metals is well placed to take advantage of the favourable outlook for uranium as nuclear power continues to play an increasing role in reducing global carbon emissions. Importantly Energy Metals is one of only five companies that currently hold all the required permits and authorities to export Uranium Oxide Concentrates (UOC) from Australia . The Company has completed its first shipment of UOC and is negotiating with Australian uranium producers to enable further shipments from Australia for resale, primarily to major Chinese utility China General Nuclear Power Group (CGN), ultimately Energy Metals' largest shareholder. China Uranium Development Company Limited , Energy Metals' largest shareholder (with 66.45% of issued capital), is a wholly owned subsidiary of CGN. As of 31 December 2019 , the installed capacity of CGN's operating nuclear generating plants was 27,140MWe from 24 nuclear power units with five other power units of 5,780MWe capacity under construction in various locations across China . Additionally, CGN is one of only two companies authorised by the Chinese government to import and export uranium. This unique relationship with CGN gives Energy Metals direct market exposure as well as access to significant capital and places the Company in a very strong position going forward. Contact: Shuqing Xiao Tel: 61 8 9322 6904 Email:[email protected] (C) 2020 Electronic News Publishing, source ENP Newswire