Azarga Uranium Corp.
TSX : AZZ
FRANKFURT : P8AA
OTC PINK : PWURF

Azarga Uranium Corp.

June 26, 2015 08:37 ET

ASLB Decision Review Process Makes Progress

GREENWOOD VILLAGE, COLORADO--(Marketwired - June 26, 2015) - AZARGA URANIUM CORP. (TSX:AZZ)(FRANKFURT:P8AA)(OTC PINK:PWURF) ("Azarga" or the "Company") notes that progress continues with respect to the review of various contentions decided in the 30 April 2015 decision of the United States Atomic Safety and Licensing Board ("ASLB") pertaining to the NRC Final Source and Byproduct Materials License ("NRC Final License") for the Dewey Burdock Uranium Project (as announced by the Company on 27 May 2015).

In the announcement of 27 May 2015, Azarga noted that all parties had petitioned the President-appointed Commission of the United States Nuclear Regulatory Commission ("the Commission") for a review on various contentions of the ASLB decision.

On 22 June 2015, the Company's wholly owned subsidiary, Powertech (USA) Inc. ("Powertech") filed responses to each of the petitions for review to the Commission submitted by the two intervening parties, the Consolidated Intervenors and the Oglala Sioux Tribe (together the "Intervenors"). The NRC staff filed responses supporting Powertech's petition and opposing the Intervenors' petitions, while of the Intervenors, only the Oglala Sioux Tribe filed a response to the Powertech and NRC staff petitions for review within the assigned timeframe. All parties now have until 2 July 2015 to file brief responses to the recent filings.

Azarga believes the main elements of the ASLB's partial initial decision were correct but that the ASLB was incorrect in determining that additional consultation between the NRC staff and the Oglala Sioux Tribe is needed to fulfill the requirements of the National Environmental Policy Act ("NEPA") and the National Historic Preservation Act ("NHPA").

Alexander Molyneux, Chairman and CEO of Azarga stated, "based on our legal advice we will focus on this review process to get the best and cleanest licensing outcome for our Dewey Burdock Uranium Project and in the meantime we are pleased that our NRC Final License remains in good standing." He then went on to say, "we anticipate hearing back from the Commission within two months, albeit if they haven't completed the review in that time they may notify us they need more time."

About Azarga Uranium Corp.

Azarga is a mineral development company that owns six uranium projects, deposits and prospects in the USA (South Dakota, Wyoming and Colorado) and Kyrgyzstan together with investment holdings in Anatolia Energy Limited (ASX:AEK) (12% legal ownership) and Black Range Minerals Limited (ASX:BLR) (19% legal ownership). The Dewey Burdock Project in South Dakota is the main initial development priority, which has received its Nuclear Regulatory Commission License and is in the process of completing all other major regulatory permit approvals necessary for operation of the project including those from the Environmental Protection Agency and the South Dakota Department of Natural Resources.

For more information please visit www.azargauranium.com.

Follow us on Twitter at @AzargaUranium.

AZARGA URANIUM CORP.

Alexander Molyneux, CEO

Disclaimer for Forward-Looking Information

Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding its disclosure and amendments thereto and the NRC Final License. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements may include, but are not limited to, statements with respect to expectations of management for development of the Dewey-Burdock Uranium Project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect, including the NRC Final License. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: (1) the risk that the NRC Final License remaining two contentions related to historical and cultural resources are not resolved in accordance with the Company's and the NRC's appeal (2) the risk that the Intervenors appeal overturns previous decisions made by the ASLB with respect to the Dewey Burdock license contentions (3) the risk that such statements may prove to be inaccurate and (4) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's most recent MD&A filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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