In a news release, Vancouver-based Azarga Uranium Corp. (AZZ:TSX; AZZUF:OTCQB) announced that "it has secured the capital necessary to fund the financial assurance bonds for the Company's Class III and Class V Underground Injection Control (UIC) permits at its initial development priority, the Dewey Burdock in-situ recovery uranium project in South Dakota, U.S." The firm explained that before the U.S. Environmental Protection Agency (EPA) can issue the final permits for the project, the funding of the financial assurance bonds must be fully completed.
Azarga Uranium Corp.'s President and CEO Blake Steele remarked, "We have taken another significant step towards receiving the final Permits from the EPA and continue to de-risk and move our flagship asset, Dewey Burdock, towards construction. We would like to thank our cornerstone shareholders, as their continued financial support has provided the capital necessary to fund the financial assurance bonds with the EPA and complete another milestone for the Dewey Burdock Project."
"We continue to anticipate the final EPA Permits being issued in the near-term...At a time when the uranium market remains in a structural deficit, further advancing Dewey Burdock, one of the preeminent undeveloped ISR projects in the U.S. boasting robust economics, towards the final EPA Permits is another vital step to realizing the company's ultimate aim of being the next uranium producer in the U.S.," Steele added.
The company advised that it has executed loans with its minority shareholders in order to fund the financial assurance bonds. The loans total US$1 million and are unsecured. The firm indicated that the loans carry an interest rate of 12% per annum and mature on February 5, 2021.
Azarga Uranium is primarily focused on developing in-situ recovery uranium projects and controls ten uranium projects and prospects in four U.S. states including Colorado, South Dakota, Utah and Wyoming. The firm noted that at present, the Dewey Burdock project in South Dakota is its highest priority.
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