Azarga Uranium Corp.

Azarga Uranium Corp.

May 27, 2015 17:18 ET

Azarga and NRC File for Appeal of ASLB Decision

GREENWOOD VILLAGE, COLORADO--(Marketwired - May 27, 2015) - AZARGA URANIUM CORP.'S (TSX:AZZ)(OTC PINK:PWURF)(FRANKFURT:P8AA) ("Azarga" or the "Company") wholly owned subsidiary, Powertech (USA) Inc. ("Powertech"), and the United States Nuclear Regulatory Commission ("NRC") have both filed petitions for review of the 30 April 2015 decision of the United States Atomic Safety and Licensing Board ("ASLB") who ruled on seven contentions raised by the Consolidated Intervenors and the Oglala Sioux Tribe (collectively, the "Intervenors") regarding the NRC Final Source and Byproduct Materials License ("NRC Final License") for the Dewey Burdock Uranium Project.

Both parties filed for a petition for review regarding the ASLB decision on identification and protection of historic and cultural resources, requesting to reverse the conclusion that the NRC staff did not adequately consult with the Oglala Sioux Tribe or address potential environmental impacts on the Tribe's cultural, religious and historic resources sufficient to meet the requirements of the National Environmental Policy Act ("NEPA") and the National Historic Preservation Act ("NHPA").

Azarga's position references a record including NRC effort over five years consulting with 23 Native American Tribes. All of these Tribes were provided the opportunity to identify historic properties of religious and cultural significance and invited to participate in developing mitigation measures to protect or avoid such properties under the terms of a programmatic agreement. The agreement provides ongoing opportunity for tribal participation throughout the life of the project.

Both the Consolidated Intervenors and Oglala Sioux Tribe filed petitions for review covering most of the contentions heard by the ASLB as well as contentions that were not found admissible. Azarga and the NRC will have the opportunity to respond to these filings on which extensive argument has already occurred.

All petitions from the parties will be reviewed by the five-member, Senate-appointed Commission of the NRC who will rule directly on the petitions. Each party is to provide responses to the petitions within the next 25 days.

The 30 April 2015 ASLB partial initial decision affords an opportunity to conduct additional consultation between the Oglala Sioux Tribe and the NRC while requiring monthly status reports from NRC staff until the outstanding issues are addressed. Azarga anticipates that the NRC would continue this process during review by the Commission.

Alexander Molyneux, Chairman and CEO of Azarga Uranium stated, "while we were actually happy with the main elements of the ASLB's partial initial decision, we believe the ASLB was incorrect in determining that the NRC process had not met the requirements of NEPA and NHPA with respect to the Oglala Sioux Tribe." He went on to add, "in the meantime, we will support the consultation process with the Oglala Sioux Tribe set out in the partial initial decision and are pleased that our NRC Final License remains in good standing."

About Azarga Uranium Corp.

Azarga Uranium 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.

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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 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) that 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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