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MCLEAN, Va., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq:LTBR), a leading innovator of nuclear fuel designs and provider of nuclear energy consulting services, today provided a business update on the progress of its nuclear fuel technology and consulting operations and reported financial results for the quarter and nine months ended September 30, 2013.
"The third quarter was a period of exceptional activity and achievement for Lightbridge," said Seth Grae, President and Chief Executive Officer. "We began a feasibility study with Babcock & Wilcox on deployment of a pilot-scale fabrication facility for our metallic nuclear fuel, secured important new consulting work in South Korea, and raised capital that will support development of Lightbridge fuel designs."Lightbridge is developing and commercializing next generation nuclear fuel technology with benefits of improving the safety and economics of existing and new reactors. Lightbridge's advisory services are helping clients with on-time and on-budget development and regulation of nuclear power plants to expand electricity generation capabilities. "Lightbridge technology and services address the safety and economic issues facing the commercial nuclear energy industry," Grae said. Earlier in 2013, Lightbridge enhanced its fuel product offerings for currently operating pressurized water reactors (PWRs) through collaboration with the Company's Nuclear Utility Fuel Advisory Board. The board is comprised of senior fuel managers from four large U.S. nuclear utilities (Exelon, Duke, Dominion, and Southern Company). Feedback from board members resulted in an improvement to Lightbridge's metallic fuel assembly design. The outer blanket row of oxide fuel rods was eliminated, making the entire Lightbridge fuel assembly metallic. "As a result, nuclear utilities using our metallic fuel in existing PWRs can realize improved safety and operating benefits (i.e., power uprate and longer fuel cycle) without the fuel performance constraints imposed by introducing oxide fuel rods into an assembly," Grae said.