European Uranium Resources Ltd. (EUU: TSX-V; TGP: Frankfurt) (formerly Tournigan Energy Ltd.) began trading as EUU this morning. The company is well placed to become the key uranium exploration and development company in Europe. Europe is the world’s largest per capita consumer of uranium with 160 operating reactors and more under construction or planned but with only one currently operating uranium mine, located in the Czech Republic.
The company has assembled a portfolio of outstanding uranium projects in Slovakia, Sweden and Finland at all stages of the exploration / development pipeline. The flagship property is the high-grade Kuriskova project in Slovakia. A recently completed prefeasibility study demonstrates that Kuriskova could be one of the lowest cost uranium producers in the world. European Uranium Resources Ltd. has a strong base of supportive shareholders, including AREVA, ranked first in the global nuclear power industry and a key player in uranium mining. The company is well-funded, with $8.5 million cash at December 31, 2011.
Over the next twelve to eighteen months the Company expects to:
- Advance the feasibility study and associated environmental impact studies at the Kuriskova project;
- Based on the outstanding results of the Kuriskova prefeasibility study, explore the possibility of arranging a production off-take agreement or joint venture to fund completion of the feasibility study;
- Define the structure which allows uranium production from Kuriskova to be developed for the benefit of Slovakia’s energy future. This could be a production off-take arrangement with Slovakia or a partnership with a Slovak entity;
- Conduct exploration drilling on the Kuriskova project;
- Conduct exploration programs on the other Slovak uranium prospects; and
- Advance exploration on the newly acquired Swedish and Finland prospects.
The development of the Kuriskova project can potentially provide Slovakia, which is among the world’s highest per capita consumers of nuclear power, a secure source of uranium for thirty years. There are multiple exploration targets within the Kuriskova license area which have the potential to expand the resource. In addition to Kuriskova, European Uranium also has the Novoveska Huta deposit on which a resource has been defined plus several exploration targets on other licenses in Slovakia.