Azarga Uranium Corp.

Azarga Uranium Corp.

August 04, 2015 12:30 ET

Clean Power Plan to Boost Nuclear Power in USA

GREENWOOD VILLAGE, COLORADO--(Marketwired - Aug. 4, 2015) - AZARGA URANIUM CORP. (TSX:AZZ)(OTC PINK:PWURF)(FRANKFURT:P8AA) ("Azarga" or the "Company") welcomes the recognition of the important role of nuclear in the reduction of CO2 as stated in the Clean Power Plan (the "Plan") announced on 3 August 2015 by President Obama and the Environmental Protection Agency of the USA.

A core element of the Plan allows US states to take credit for future carbon-free electricity generated by nuclear power in meeting the significant carbon dioxide emission reduction targets being set in the Plan. Such credits will apply from nuclear power plants currently under construction or that will be proposed and commence construction in the future.

The nuclear power industry, the core end user for uranium, is already in a strong growth phase. According to the World Nuclear Association, there are 67 new nuclear reactors under construction globally today, representing approximately 19% capacity growth over the existing operable nuclear power plant fleet. Of these new facilities, most are in China, Russia and India. The USA has the fourth most reactors under construction at five. Another five nuclear plants are currently proposed for the USA.

Azarga believes the unique role of nuclear power in providing carbon-free base-load power is likely to see additional growth to come.

"The Clean Power Plan for the USA is a great boost to the potential for nuclear power to grow in what is currently the largest nuclear power producing country in the world," said Alexander Molyneux, Chairman of Azarga. He went on to say "the Plan highlights the importance of future uranium supply particularly when we consider the USA has a significant domestic supply shortfall."

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.

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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. 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 the Company's belief that nuclear power will see additional growth. 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 Company's belief that nuclear power will see additional growth. 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) nuclear power does not see additional growth (2) the risk that such statements may prove to be inaccurate and (3) 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.

Contact Information

    John Mays
    Chief Operating
    +1 303 790-7528

    Mark Hollenbeck
    Dewey Burdock Project Manager
    +1 605 685-3376